Changing your bank account details is easy in the Yoco App (mobile or web). Simply select the correct link below to start the process.
The new bank account must be South African and transactional – it must be able to make and take payments, e.g. a cheque/current account or a transactional savings account.
Your payouts will be deposited into your current bank account until your new bank account details are verified.
You’ll need to resubmit relevant documents to verify the new account – find out more here.
All Finbond bank accounts need proof by bank letter for any updates or changes.
1. Changing your bank account
Log in to the Yoco App (mobile or web).
Go to your Business settings by selecting your business name in the top right corner of your screen (mobile app) or from the menu on the left of your screen (web app).
Select the Bank details tile.
Click the Change button next to your current bank details.
Enter the Bank, Account type (cheque or savings), and Account number for the new bank account. The Account holder details will stay the same as the business type isn’t changing.
Click the blue Request change button.
After updating your bank details and selecting Request change, you'll receive an email or SMS with a verification link. Please click the link and confirm the changes to your banking details so that the new account can be verified.
Once you've confirmed your new bank account details via the email confirmation link, return to the Yoco App and select Review request in the red block.
Select the Confirm button in the pop-up window.
A message will appear on screen confirming that the changes you requested to your bank details have been made.
Need to cancel your bank account update?
Select the Cancel request button next to the New bank details heading and follow the prompts.
2. Changing your bank account and business type
If you’ve recently changed from a sole proprietor to a registered business, you can change your business type and bank details in the Yoco App (and keep your existing Yoco profile), as long as the new bank account:
Has been set up with the business' CIPC registration number.
Is existing, open, and able to accept debits and credits.
✨ Please note: If you're changing your existing business to any other business type (e.g. NPO or Trust), you’ll need to:
Sign up with Yoco and complete a new Yoco profile in line with the requirements for your updated business type.
Transfer ownership of your Yoco devices to your new profile. Click here for a step-by-step guide.
Log in to the Yoco App (mobile or web).
Go to your Business settings by selecting your business name in the top right corner of your screen (mobile app) or from the menu on the left of your screen (web app).
Select the Bank details tile.
Click the Change button next to your current bank details.
Enter the Bank, Account type (cheque or savings), Account number, and Account holder (the name of the business) for the new bank account. When you select the dropdown for the account holder, a list of the registered businesses linked to your ID number will appear on screen. If your business doesn’t appear (this can happen because of an error with the CIPC’s database), please contact the CIPC directly.
Click the blue Request change button.
After updating your bank details and selecting Request change, you'll receive an email or SMS with a verification link. Please click the link and confirm the changes to your banking details so that the new account can be verified.
Once you've confirmed your new bank account details via the email confirmation link, return to the Yoco App and select Review request in the red block.
Select the Confirm button in the pop-up window.
A message will appear on screen confirming that your requested changes have been made.
✨ Your Yoco payouts will be made into your new bank account as soon as it has been verified, and all transactions will be accepted on behalf on your registered business.
Need to cancel your bank account update?
Select the Cancel request button next to the New bank details heading and follow the prompts.
🏦 Verification requirements for bank account updates
Sole proprietor/trader: The bank account must be in your name. No other banking proof required.
Private company (Pty) Ltd: You must be one of the directors, and the bank account must be in the name of the registered company. You’ll also need to supply your CIPC number and confirmation of shareholding. No other banking proof is required.
Partnership: You must be one of the partners, and the bank account must be in the name of the partnership. You’ll also need to supply a copy of your Partnership Agreement, and a Bank Letter or Statement as proof. The Bank Letter/Statement must be an official document (not a screenshot) and may not be more than three months old.
Close Corporation (CC): You must be one of the directors or members, and the bank account must be in the name of the registered CC. You’ll also need to supply your CIPC number. No other banking proof is required.
Non-Profit Organisation: You must be one of the directors or members, and the bank account must be in the name of the organisation (whether registered or otherwise). You’ll also need to supply a Board Resolution granting you permission, and a Bank Letter or Statement as proof. If the NPO is registered with the Dept of Social Development or the CIPC, you’ll also need to provide those registration details.
Trust: You must be one of the trustees, and the bank account must be in the name of the Trust. You’ll also need to supply a copy of the Trust Deed and a stamped Letter of Authority from the Master of the High Court, as well as a Bank Letter or Statement as proof. The Bank Letter/Statement must be an official document (not a screenshot) and may not be more than three months old.
Click here to read through our full list of verification requirements for individuals and businesses.