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Financial planning

Overview


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.

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.

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

Find a branch


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 an 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


  1. FNB Online Banking
  2. FNB qualifying account

Documents needed


  • Depending on the reason for your global payment, you may be required to supply us with additional documents. You will be prompted during your application, should we require documents; alternatively contact the Forex Advisory Team and we will assist you.
  • The banking details and personal information of the beneficiary as well as the reason for your payment.

What you get


With our global payments solution you can transfer your spending money for your next trip abroad - directly into your offshore bank account. We will simplify the process to make sure you have more time to plan your trip abroad. The travel allowance may be transferred abroad to the traveler's own bank account, but not to an account of a third party.

When making a direct payment to your offshore bank account, you can earn up to 50% back in eBucks* on the transaction charges when sending foreign currency online or via the FNB Banking App (smartphone).

We make use of the SWIFT method of transferring funds and guarantee a secure, fast, standardised transfer service to suit your needs.

  • Personalised exchange rates
  • Competitive fees
  • Available 24/7/365 via Online Banking or the FNB Banking App on your smartphone
  • Simplify the process with the ability to upload documents, as well as save your beneficiaries online
  • Payments are securely processed on the FNB electronic banking platform
  • Up to 50% back in eBucks* on the transaction charges when making payments in foreign currency via Online Banking or the FNB Banking App
  • Confirmation of your payment will be emailed to you upon completion

*Standard eBucks rules apply. Please refer to www.eBucks.com for more information.

Multi-currency Cash Passport™


Transfer your travel allowance offshore


If you have an offshore bank account, we can transfer your travel allowance directly offshore within 60 days of your travelling with our secure Global Payments solution.

Global Finance World's Best FX Providers 2017 - 2024

What you get


Fund your offshore account


With our global payments solution; you will be able to transfer your spending money for your next trip abroad; directly into your offshore bank account.

How it works


Direct payment option

Getting it made easy


Qualifying criteria

Documents needed

 

FNB Online Banking

FNB Banking App