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Financial planning

Overview

Best Foreign Exchange
Provider in South Africa

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

The winners were selected from 122 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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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.

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.

Qualifying criteria

FNB Online Banking
FNB qualifying account

Documents needed

Depending on the reason for your transaction you may be required to supply us with supporting documentation.

What you get

FNB Forex Regulatory Services helps smooth the way by being on the ground to assist with everything from simple forex transactions to complicated ones; quickly, easily and securely. When you are working in one country, it can be challenging to manage your money and make payments in another. We'll make the process as hassle-free as possible. We also offer assistance from an exchange control point of view on how to best navigate the intricacies of emigrating, immigrating and sending funds abroad when starting a business in a foreign country. For anything that you need that involves forex or the transferring of funds across the globe, think Forex from FNB.

We can help if you are

Ceasing to be a resident for tax purposes in the Republic of South Africa (RSA)
Going to live and work abroad on a temporary basis and need to access your South African funds

Receiving an inheritance from abroad or making inheritance payments to beneficiaries who are living abroad
Receiving a foreign loan from abroad

A foreign national working temporarily in South Africa and need to know how to send funds home
Setting up a business/investing abroad

What we offer

We offer services relating to

Emigration/immigration
Foreign national transfers
International trade imports and exports
Investment and disinvestment by non-residents
Foreign direct investments by South African individuals or companies
Dividend distributions
Foreign loan applications
Foreign currency accounts for individuals
Foreign currency accounts for companies
Inheritance transfers or testamentary trusts
Inter vivos trusts
Contractual agreements
Exchange control aspects relating to cross-border transactions

Multi-currency Cash Passport™