Don't do it, especially not through a local bank. It is a mechanism for losing money fast. Firstly, cash is trash - and your money earns absolutely no interest. Second, it will cost you at least R200 each time you want to deposit money into the account. Standard Bank used to charge me GBP 20 each time I wanted to withdraw again! Crazy. Third, they will absolutely shaft you on the exchange rate used for transfering money one way or the other. If you are earning foreign exchane, then sure (but don't do it via a local bank). But if you want to save for investment purposes - rather use a mechanism that earns interest - like a unit trust, etf or something. At this stage, a foreign ETF is probably a pretty safe bet - you will be buying into recovering markets at rock bottom rand prices. If overseas markets tank, it is a pretty even money bet that the rand will tank as well, effectively hedging your investment.