Bidvest Bank Limited review 2024

Bidvest Bank is a commercial bank in South Africa, with headquarters in Sandton. The bank is licensed as a locally […]

Bidvest Bank
Bidvest Bank Limited
Type Private
Owner Bidvest Group Limited
Founded 1998
Sector Financials
Industry Banking
Products Persoal and business loans, Foreign exchange, Savings, investments, savings, debit cards
Address 1 Park Lane,
Wierda Valley,
South Africa
Phone 227 11 407 3102

Bidvest Bank is a commercial bank in South Africa, with headquarters in Sandton. The bank is licensed as a locally controlled bank by the South African Reserve Bank. Bidvest Bank is a wholly-owned subsidiary of the Bidvest Group Limited. The bank services include savings, personal and business loans, investments, insurance, debit cards and foreign exchange.

Bidvest Bank strategy is to diversify a historic foreign exchange and fleet management customer base to one business and personal banking services. The bank has a rating of A1, rated by Moody’s financial services.

A brief history of Bidvest Bank Limited

The story began in 1998 when the Bidvest Group Limited acquired full ownership of the Rennies Group. One of Rennies Group Limited’s key assets was its foreign exchange business, which caught Bidvest Group’s attention. By 2000, Bidvest Group had obtained a banking license, rebranding the operation as Rennies Bank and incorporating its foreign exchange services.

That same year, Rennies introduced an international money transfer platform in partnership with MoneyGram. In 2007, Bidvest Group opted to rename Rennies Bank as Bidvest Bank, capitalizing on the stronger recognition of the Bidvest name. This strategic move attracted skilled professionals to the bank and marked a period of revitalization. The bank bolstered its capabilities in credit and lending, further enhancing its services.

Bidvest bank products and services

Bidvest Bank offers a wide range of products and services to businesses and employees. Other services include pension fund administration, insurance, finance, fleet finance and management services.

Personal banking services

Bidvest has one personal bank account option. The account is called Grow account, which allows account holders to save, transact and invest with one account. Grow Account has two billing options with the pay as you transact and all in one. Pay as you transact charges an admin fee of R6 plus transaction costs. While all in one charges a flat rate of R175.

The bank offers savings and investment options for individuals and is flexible depending on customer needs. Bidvest promises high-interest rate on savings and Investment accounts with no monthly service fees charged. Savings and Investment accounts to choose from include call account, notice account, fixed deposit and foreign currency account.

Travel foreign exchange account is a versatile account that allows the withdrawal of cash notes in other currencies. Withdrawal is limited to 30 currencies, which can be ordered via the Bidvest Bank online banking platform or by visiting a branch.

Bidvest Bank has an international transacting platform that offers secure international payments. There is also a customer foreign currency account that allows you to manage global currencies by transacting and saving.

Financial Emigration Services help with moving wealth offshore while maintaining your SA citizenship. Funds that can be moved offshore include proceeds of retirement, inheritance from a SA source, proceeds from assets, passive income and salaries (including directors’ fees). This is made possible through a collaborative agreement between Bidvest Bank and FinGlobal.

Business banking services

The business account from Bidvest Bank offers competitive interest rates and no monthly fees, however, transaction fees are charged. Interest rate is offered on a positive balance. The bank account gives you access to the Bidvest Bank online banking platform, making banking easy around the world. You can apply for an overdraft facility should you need it.

Business Payment Card is a pre-funded Visa card that replaces petty cash. The card can be used to purchase at any point of sale machine locally and internationally. You can withdraw cash at Bidvest ATMs and other bank ATMs locally and abroad for a fee. The drawback is that the card can only be funded using the business account.

Savings and Investment from Bidvest come with competitive interest rates and no monthly fees. It offers three types of savings and investment accounts which are Call account, Notice account and Fixed deposit account. Interest rates can go as high as 5.9% on a fixed deposit account.

World currency card offers businesses with a multi-currency account that can load up to 17 currencies in one account. You can manage the card via the Bidvest bank online platforms for timely transactions and balance inquiries.

The bank offers loans to businesses. Lending for commercial property, equipment and vehicle finance. Repayment on loans is subject to the type of asset financed and the affordability by the business.

Bidvest Bank offers international trade support services to businesses. Services include but not limited to letters of credit, trade finance and guarantees. There are no set up costs and no non-utilization fees involved.

The bank offer merchant services and Products that use technology which is able to make fast transactions. These are Point of sale machines that accept Visa, Mastercard, Diners Club and American Express cards.

Fleet finance and management services

Fleet financing is available to qualifying businesses. Financing includes finance for lease, operating rentals, instalment sale and leaseback.

The bank offers fleet maintenance services by offering a plan that covers maintenance costs and repairs, by paying a monthly or upfront premium.

Money transfer services

Bidvest Bank provides a platform for sending and receiving money from anywhere around the world. The bank works with MoneyGram and WesternUnion to efficiently make transactions around the world. All that is you need to receive or send money is an Identity Document, Proof of address and when receiving money, collection details.

Bidvest Bank Executives

Name Position
Japie Van Niekerk Chief Executive Officer
Jodi Raviv Chief Marketing Officer
Lauren Berrington Chief Audit Executive


Since buying Rennies Group Limited in 1998 and re-branding the company to Bidvest Bank, the bank has added a handful of products and services. The bank now provides banking solutions for personal and businesses as well as fleet management and finance solutions to companies.

Though the bank is growing slowly but surely, it is in the company’s DNA to introduce products that add value to the brand. The bank has grown from having no branch to 140 branches nationwide. It is growing in an industry where there are great players as well such as Sanlam and Discovery

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