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Best Foreign Exchange Provider in Africa 2024

FNB has been awarded as the Best Foreign Exchange Provider in South Africa for the eighth year in a row in the annual World's Best Foreign Exchange Provider awards hosted by the Global Finance Awards.

The winners were selected from 87 countries globally using a criteria which included, but not limited to, transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance magazine also considered input from industry analysts, corporate executives and technology specialists.

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What is a SWIFT code?

The Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) is an electronic communication method used by banks all over the world to correspond with each other in a secure and standardised way. SWIFT transfers are secure, standardised, relatively inexpensive and extremely quick.

If you are unsure of the SWIFT code, simply select Foreign Bank Search while capturing your Global Payment application.

FNB's SWIFT code is FIRNZAJJ

When entering the SWIFT code, please make sure that all the letters are in uppercase.

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South African Exchange Control Requirements

All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.

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Rules for South African residents travelling abroad

  • Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
  • Travel allowance covers a calendar year (1 January - 31 December)
  • Any unutilised portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
  • A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
  • Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
  • The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
  • In addition, each traveller may take R25 000 in South African Reserve Bank bank notes when visiting abroad.
  • Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

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Manage your Global Account

How do I open a Global Account online?

  • Login to your Online Banking profile
  • Select 'Apply Online Now'
  • Select 'For Me'
  • Select 'Global Account'
  • Accept the Terms and Conditions
  • Select the required currency
  • Complete the fields and new account details will be emailed to you

How do I transfer funds from my FNB Cheque account into my Global Account?

Have your personal income tax number with you

  • Login to your Online Banking profile
  • Select the 'Transfer' tab
  • Select the Global Transfer icon
  • Complete the details and select the following as the Reason for Transaction: 512-04: Deposit into a foreign currency account

Important Note:If you transferring less than R1million and you are within your Single Discretionary Allowance, leave the following fields blank:

  • Tax Clearance Certificate Reference
  • SARB Authorisation Application Number
  • SARB Authorisation Reference Number

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Currencies

CURRENCY BALANCE TIERS* US Dollar Great
British
Pound 		Australian
Dollar 		Euro Indian
Rupee 		Chinese
Renminbi 		Canadian
Dollar 		Swiss
Franc 		United Arab
Emirates Dirham
0 5,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
5,001 10,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
10,001 15,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
15,001 25,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
25,001 50,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
50,001 100,000 0.30% 0.15% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
100,001 250,000 0.35% 0.20% 1.20% 0.00% 3.75% 0.00% 0.00% 0.00% 0.00%
250,001 Greater 0.40% 0.25% 1.20% 0.00% 5.75% 0.00% 0.00% 0.00% 0.00%

* Interest rates are calculated per annum and are subject to change without prior notification.

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View the interest rates

Published at 2024-11-27

CURRENCY BALANCE TIERS* US Dollar Great
British
Pound 		Australian
Dollar 		Euro Indian
Rupee 		Chinese
Renminbi 		Canadian
Dollar 		Swiss
Franc 		United Arab
Emirates Dirham
0 - 5,000 0.90% 0.45% 0.60% 0.40% 3.00% 0.00% 0.00% 0.00% 0.00%
5,000 - 10,000 1.00% 0.50% 0.65% 0.45% 3.00% 0.00% 0.00% 0.00% 0.00%
10,000 - 25,000 1.00% 0.50% 0.85% 0.45% 3.00% 0.00% 0.00% 0.00% 0.00%
25,000 - 50,000 1.00% 0.50% 0.85% 0.50% 3.00% 0.00% 0.00% 0.00% 0.00%
50,000 - 100,000 1.05% 0.50% 0.85% 0.50% 3.50% 0.00% 0.00% 0.00% 0.00%
100,000 - 250,000 1.25% 0.60% 0.95% 0.60% 3.60% 0.00% 0.00% 0.00% 0.00%
250,000 - Greater 1.85% 0.75% 1.05% 0.60% 3.75% 0.00% 0.00% 0.00% 0.00%

* Interest rates are calculated per annum and are subject to change without prior notification.

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Travel insurance benefit

  • Your account comes with an insurance benefit for emergency medical and repatriation.
  • Purchases made with your Global Debit or Virtual Card also receive coverage for accidental damage and theft and have no excess.

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Manage your Global Account

How do I open a Global Account online?

  • Log in to your Online Banking profile
  • select 'My Accounts'
  • Scroll down to the 'Global Account' section
  • Click on the icon on the left of 'Add global account'
  • Select 'Global Account'
  • Select the required currency
  • Accept terms and conditions
  • New account opened and account details emailed to you

How do I transfer funds from my FNB Cheque Account into my Global Account?

Have your personal income tax number with you

  • Log in to your Online Banking profile
  • Select the 'Transfer' tab
  • Select the Global Transfer icon
  • Complete the details and select the following as the 'Reason for Transaction': 512-04: Deposit into a foreign currency account

Important note: If you transfer less than R1 million and you are within your single discretionary allowance, leave the following blank:

  • Tax Clearance Certificate Reference
  • SARB Authorisation Application Number
  • SARB Authorisation Reference Number

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Find out more about Visa Airport Companion

Go to the VAC site, Visa.co.za

  • VAC link needs to be updated
  • View the VAC terms and conditions

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All account holders must be over the age of 18 years.

SA Resident Global Account

  • A South African resident or naturalized Foreign National with a valid South African identification (ID) number
  • A valid tax number
  • A holder of a qualifying FNB Current Account or have a qualifying transactional product

Foreign National

  • Global Account Application Form
  • Work Contract
  • Foreign National Declaration
  • Passport
  • Work Permit

Non-Resident

  • Global Account Application Form
  • Passport
  • Work Contract
  • Work Permit

FNB Global Account

Save, spend and swipe internationally - seamlessly.

With the FNB Global Account, you can save for your next international trip, get quick access to manage currency risk and make and receive international payments.

This account is the ultimate travel companion giving you access to a US Dollar, Euro and British Pound global debit or virtual card making
transacting offshore, in-store or online, even more secure and convenient. The global debit card offers travel benefits, including access
to over 1200 international airport lounges through DragonPass, embedded travel, medical insurance, discounts on car rental and hotel bookings.

Global Finance World's Best FX Providers 2017 - 2024

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Find out more
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What you get

Open + manage your currency account online

The Global Account offers you the means to save and transact in foreign currency; whether you are saving for offshore travel, require quick access to manage currency risk or are receiving and making international payments.

  • Open a Global Account via your Online Banking profile in less than three minutes and then simply fund it via Online Banking, the FNB Banking App or the RMB Private Bank App
  • No minimum balance required
  • Transfers between your cheque account and Global Account are free
  • Order USD, GBP, and/or EUR Debit Cards to spend directly from your Global Account when you travel abroad
  • Move up a rewards level by collecting points for funding and maintaining the required minimum balance in your Global Account
  • Make payments abroad and transfers between your accounts via Online Banking, in line with the South African Reserve Bank (SARB) requirements
  • Earnings from abroad can be paid directly into your Global Account when working abroad, in line with the South African Reserve Bank (SARB) requirements
  • You can also order Cash Passports for your partner and children, which can be funded from your Global Account
Added value

Added value

Simplify your international travel experience with a Global Debit Card

 
  • Access foreign currency savings via the Global Debit Card when traveling internationally.
  • Use the Global Debit Card to pay for international purchases and to make foreign currency cash withdrawals at ATMs abroad.
  • Travel in comfort and style with the Global Card, with access to over 1 200 DragonPass lounges outside South Africa.
  • Global Account debit cardholders are entitled to 10 free DragonPass lounges visits, customers may bring 1 guest per visit (deductible from, and dependent on, their available free lounge visits). The Global Debit card is required to be registered on the Visa Airport Companion (VAC) App.
  • For more information, please visit: Visa.co.za
 
How it works

How it works

Manage your Global Account

Invest funds abroad making use of the R1 million single discretionary allowance, or the foreign investment allowance for investments of up to R10 million.

More about Travel insurance

View more

How to open and fund a Global Account

Read more

Find out more about Visa Airport Companion

Read more

Interest rates

Interest rates

Earn interest on your Global Accounts

 
Applying made easy

Applying made easy

Global Account

Qualifying criteria

  1. A South African resident
  2. A tax payer
  3. 18 years or older
  4. The holder of a qualifying FNB Cheque Account in good standing

Ways to apply

Apply now!

Other ways to apply

Complete the call me back form

Documents needed

  • If you simply want to start investing your funds abroad every month, you can make use of your R1million single discretionary allowance; without having to provide a Tax Clearance Certificate! (Remember, when managing your limit this allowance covers travel, gifts and a number of other types of transactions including investment)
  • Should the R1million not be sufficient, you can also make use of your R10million foreign investment allowance; with the relevant tax clearance certificate

Original supporting documentation to be delivered to your local FNB branch, Private Advisor, or couriered to the FNB Forex offices.

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Terms, conditions, rules and pricing

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First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).