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Can the payout of my life insurance policy be deposited into a foreign account?
If your wife still has a local bank account, the proceeds can be transferred to the SA account then sent offshore.
By Michael Haldane
21 Jul 2021 00:47
My wife is my nominated beneficiary on my life insurance policies. We live outside of South Africa, and she has a bank account at a local European bank. In the event of my death, can the payout of the policy be deposited into a foreign account?
In order to answer your question, we had to make some assumptions and came up with a few possible scenarios: