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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.

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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


  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


A Global Account is an account in a foreign currency that allows you to invest your foreign investment allowance. Open and manage an account online in the currency of your choice and earn interest. To transfer funds from your FNB Cheque Account into your Global Account simply login, select Transfer and complete the relevant details.

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

  • Earn interest
  • No monthly fees
  • No minimum balance required
  • Make payments to offshore beneficiaries
  • Earnings from abroad can be paid into your Global Account
  • View balances and transaction history online or via the FNB Banking App
  • Do transfers between your Global Accounts
  • Keep funds relating to your authorised offshore assets in foreign currency
  • Convert from a foreign currency into rand or other Global Account currencies
  • Transfer your savings from your Global Account to your Multi-currency Cash Passport™ before you travel

Making offshore payments from your Global Account is now as simple as 1,2...

  1. Set up your beneficiary using the 'Forex' tab on your FNB Online Banking profile
  2. Capture all payments details and make the payment from your Global Account



Secure all your bookings abroad

Pay in advance for your travel
arrangements such as hotel reservations,
cruises or car hire with our Global
Payments solution available via Online
Banking or the FNB App.

 

What you get


Pay now + get rewarded

With our global payments solution; you will be able to pay for your travel arrangements in advance to secure your bookings abroad.

How it works


Pay in advance

Getting it made easy


Qualifying criteria

Documents needed

 

FNB Online Banking
FNB Banking App