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.
You will require one of the below before you can send funds:
An IBAN (International Bank Account Number). This is used in most European countries, the Middle East and Caribbean. It is 34 alphanumerical characters which consist of the following:
Account number and branch code. This is the beneficiary account number. The account number and branch code of the selected bank would need to be completed.
For USD remittances please use the Branch code for the Beneficiary Bank
This is the beneficiary branch code that is required for all payments to the USA.
The relevant supporting documents, as required in terms of Exchange Control Regulations, where applicable
Please contact the Foreign Exchange Advisory Team for assistance on 0860 1 FOREX (36739) or email forex@fnb.co.za .
A charge option lets you choose which party will be paying for the banking transaction charges on your Global Payment. Bank charges can be paid or settled as follows:
Use the Foreign Bank Search tool to search for the beneficiary bank.
If you still cannot find the specific branch or city required, simply select the example that displays xxx in the last 3 characters of that SWIFT code and the payment will be sent to the beneficiary's bank. (e.g. CHASUS33XXX, BARCGB22XXX, COBADEFFXXX, BNPAFRPPXXX).
If an error message 'Invalid SWIFT code' appears; please check the amount of characters in the SWIFT code is 8 or alternatively 11. If the SWIFT code is 8 characters, simply add xxx at the end of the code to ensure it meets the 11 character criteria.
If all regulatory compliance requirements are met and if all is in order with your payment it should take 2-3 business days.
Remember, you can earn up to 50% back in eBucks on the transaction charges when sending or receiving foreign currency via Online Banking or the FNB Banking App on your smartphone (for individuals).
Should you require further information regarding required documentation, Exchange Control requirements or banking details:
If you require further information regarding required documents, regulation or banking details; simply contact the Forex Advisory Team on 0860 1 FOREX (36739) or email forex@fnb.co.za
The SWIFT code for FNB is FIRNZAJJ. Should a sort code be requested, your 6-digit branch code can be used.
When sending your details to the sender, please include the following:
| Currency that will be sent | Corresponding bank details |
|---|---|
| US Dollar (USD) |
Bank Name: JP Morgan Chase Bank - New York SWIFT code: CHASUS33 |
| British Pound (GBP) |
Bank Name: Lloyds TSB Bank PLC - London SWIFT code: LOYDGB2L |
| Australian Dollar (AUD) |
Bank Name: Australia and New Zealand Banking Group Ltd - Melbourne SWIFT code: ANZBAU3M |
| Euro (EUR) |
Bank Name: Deutsche Bank Ag - Frankfurt SWIFT code: DEUTDEFF |
| Swiss Franc (CHF) |
Bank Name: Union Bank of Switzerland - Zurich SWIFT code: UBSWCHZH80A |
If you will be receiving these funds on a regular basis, you can provide FNB with direct authorisation to convert these funds on your behalf at a competitive rate immediately; this is known as a Standing Instruction.
In addition, you will earn eBucks back on the transaction charges for a standing instruction payment received in foreign currency.
You can send and receive a MoneyGram transfer from any FNB Branch, ATM or via Cellphone Banking.
Before sending money for the first time to your beneficiary/ies you will need to visit an FNB Branch to load your beneficiary/ies once, thereafter you will be able to send cash to them anytime using Cellphone Banking and ATMs.
A customer can send a maximum of R25 000 per transaction and R50 000 per month via MoneyGram
MoneyGram transactions can only be used for cross-border transfers. MoneyGram can only be used to send a 'Gift' or 'Salary' (depending on your residential status). Transfers done within South Africa and within the Common Monetary Area (CMA) should be done via a normal EFT from the sender's account.
Do not send money to someone you do not know or for any of the following reasons
No. A MoneyGramTM reference number may only be used by the original sender or the intended receiver. If a customer wants to cancel or amend a transaction, or if a recipient wants to collect funds, it is important to validate that the FNB customer submitting the reference number is the original sender or the intended beneficiary.
No. MoneyGram transactions can only be used for cross-border transfers. Transfers in South Africa (and within the CMA) should be done via a normal EFT from the sender's account.
No. Residents may only use MoneyGram to send Gifts (BoP category 401) to somebody in another country. Only Foreign Nationals can send a portion of their salary cross-border (BoP category 417). This is most often used by migrant workers who send a portion of their salary to family in their country of origin.
No. MoneyGram may only be used to send money from one individual to another individual.
Tips when sending funds via MoneyGram to eliminate fraud
Note: *If you have done any of the above and want to stop your transfer, visit your nearest branch as soon as possible to assist in cancelling your transfer.
MoneyGram transaction exceptions
ATM/ADT and Cellphone transactions cannot be done to
Sending transactions to these destinations must be done via an FNB branch.
Transactions done to Nigeria can be done via an FNB branch and ATM, but Cellphone transactions cannot be done to Nigeria.
MoneyGram cannot be used to receive money from India.
When cancelling the transaction on the same day that it was processed, the system is able to automatically reverse the charges. If not cancelled the same day, the transaction charges are not systematically reversed and client will be liable for these charges. Remember that even if the charges are reversed on a same day transaction, there will still be differences in the exchange rates used (buy rate and sell rate) and the customer may be refunded less than the amount they were sending. Contact the FNB Forex Advisory on 08601 FOREX (36739) with any queries.
The documents required when transferring from your Cheque Account to your Global Account (via Online Banking) are dependent on the type of allowance you wish to use:
* You may not exceed the limits set by the SARB. This includes the Foreign Investment Allowance and Single Discretionary Limit specified by SARB from time to time. If using the Single Discretionary Allowance (for investment purposes) to fund your FNB Global Account, please note the Single Discretionary Allowance also covers matters such as travel, gifts, etc. and you may not exceed your Single Discretionary Allowance Limit specified by SARB. We may require your green bar coded ID document or Smart Card ID if we do not have the document on our records.
Before you start, ensure you have your personal income tax number with you.
This account provides the convenience of opening the account as well as viewing the account, balances and transaction history via FNB Online Banking. Offshore beneficiaries can be created and paid via FNB Online Banking. Funding of the accounts, transfers between the accounts, and payments from the accounts can be done via FNB Online Banking.*
*All transfers are subject to the normal Exchange Control requirements
From South Africa:
From abroad:
Complete the details and select the following as the 'Reason for Transaction (Disinvestment of capital by a resident individual - Deposits with a foreign bank)': BOP 511-04: Deposit into a foreign currency account.
When sending your details to the sender, please include the following:
| Currency that will be sent | Corresponding bank details |
|---|---|
| US Dollar (USD) |
Bank Name: JP Morgan Chase Bank - New York SWIFT code: CHASUS33 |
| British Pound (GBP) |
Bank Name: Lloyds TSB Bank PLC - London SWIFT code: LOYDGB2L |
| Australian Dollar (AUD) |
Bank Name: Australia and New Zealand Banking Group Ltd - Melbourne SWIFT code: ANZBAU3M |
| Euro (EUR) |
Bank Name: Deutsche Bank Ag - Frankfurt SWIFT code: DEUTDEFF |
| Swiss Franc (CHF) |
Bank Name: Union Bank of Switzerland - Zurich SWIFT code: UBSWCHZH80A |
Remember, you can earn up to 50% back in eBucks on the transaction charges when sending or receiving foreign currency via Online Banking or the FNB Banking App on your smartphone (for individuals).
If you are receiving these funds on a regular basis, you can provide FNB with direct authorisation to convert these funds on your behalf at a competitive rate immediately; this is known as a Standing Instruction. This functionality is restricted to certain Balance of Payments codes. However, should you elect to put a Standing Instruction into effect for payments that are not eligible, you will receive an error message when attempting to complete the transaction.
Should you experience this error, contact:
Remember, you can earn up to 50% back in eBucks on the transaction charges when receiving foreign currency regularly by authorising us to convert these funds on your behalf with a Standing Instruction.
A PayPal account is not a bank account. It is a virtual wallet that can be used to securely and conveniently pay for goods and services online.
FNB's Top Up and Withdraw service with PayPal allows you to transfer funds between your PayPal account and your qualifying FNB account similar to how you would make a payment to a beneficiary. Although your PayPal account is listed as an 'account' on your FNB Online Banking profile, you will not be able to view your PayPal account balance.
To view your PayPal account balance, you will need to login to your PayPal account at www.paypal.com. For more information on how to shop securely with PayPal, visit www.paypal.com.
Unlike an FNB bank account, you do not earn interest on a PayPal account balance. If you would like to earn interest on your funds, rather transfer them out of your PayPal account into your qualifying FNB account. Remember that according to South African Reserve Bank exchange control regulations, all funds received into your PayPal account must be withdrawn within 30 days using the FNB Withdraw service.
Then you're losing out, as FNB customers with qualifying accounts and access to Online Banking have exclusive access to Top up and withdraw with PayPal.
FNB also offers a selection of financial service products to suit your needs.
Ready to join?
Yes. All you need is a South African PayPal wallet, a qualifying FNB bank account and access to FNB Online Banking.
Note: FNB Top Up and Withdraw with PayPal is only available to personal and business users with qualifying FNB accounts and access to FNB Online Banking. The service is not available to Online Banking Enterprise™ users. All FNB Top Up and Withdraw with PayPal transactions are subject to terms and conditions.
PayPal offers the ability to send funds and make payments in many currencies. At this stage South African Rand (ZAR) is not a PayPal currency so as an interim solution the FNB 'Top Up' service with PayPal will only facilitate the conversion of the funds from South African Rand into US dollars. The US dollars in your PayPal account can used to make purchases in any PayPal currency, with PayPal merchants worldwide.
PayPal offers the ability to receive payments in many currencies. At this stage South African Rand (ZAR) is not a PayPal currency so as an interim solution the FNB 'Withdraw' service with PayPal will only facilitate the conversion of the funds from US dollars to South African Rand when withdrawing funds from your PayPal wallet.
If you have non-US Dollars (e.g. Euro) in your PayPal wallet, it will be converted into US Dollars when you withdraw to a qualifying FNB account. If you have multiple non-US Dollar currencies in your PayPal wallet, funds will be withdrawn and converted into US Dollars in order of the primary currency held.
A Top Up can take between one and four days to reflect in your PayPal wallet. This excludes weekends and public holidays in South Africa and the United States of America.
A withdrawal can take between three and six days to reflect in your FNB account. This excludes weekends and public holidays in South Africa and the United States of America.
Unfortunately the Top Up and Withdraw service with PayPal is only available on FNB Online Banking. The service is not available on FNB Cell Phone Banking or via the FNB PayPal Services Contact Centre.
FNB Top Up and Withdraw with PayPal is only available to personal and business users with qualifying FNB accounts and access to FNB Online Banking. The service is not available to Online Banking EnterpriseTM users. All FNB Top Up and Withdraw with PayPal transactions are subject to terms and conditions.
Not registered yet?
Your PayPal account balance and transaction history can be tracked by logging onto your PayPal account at www.paypal.com
In addition, FNB Online Banking will provide you with a history of all your Top Up and Withdraw transactions.
All FNB Top Up and Withdraw with PayPal transactions are subject to terms and conditions.
Once you have completed a Top Up or Withdraw transaction, you will receive a unique reference number that can be used to monitor the progress of your transaction.
A progress update is provided on FNB Online Banking or you can call the FNB Top Up and Withdraw contact centre on 0861 PAYPAL(729725) and speak to a consultant.
Please remember that if you have a PayPal specific transaction query, you will need to visit www.paypal.com .
There is no daily limit on either Top Up or Withdraw transactions, however you annual Reserve Bank discretionary allowance applies.
All FNB Top Up and Withdraw with PayPal transactions are subject to terms and conditions.
Yes, you can use your FNB credit card when shopping with a PayPal merchant. All you need to do is link your credit card to your PayPal account and shop with the added benefit of not exposing your credit card details and you can earn eBucks if you are shopping with a FNB credit card.
Alternatively, make a purchase with PayPal by transferring funds ('topping up') into your PayPal account from a qualifying FNB account.
Please note that you cannot use a credit card account for Top Up or Withdraw transactions.
To comply with the South African Reserve Bank (SARB) Regulations, each request for foreign currency for travel purposes will need to be furnished with proof of travel documents (e.g air ticket) and a copy of a valid passport for each traveller purchasing foreign exchange. The proof of travel documents must indicate that the journey commences from South Africa.
Foreign currency may be purchased up to 60 days before date of departure.
A South African resident over the age of 18 years is entitled to a discretionary allowance of up to R1 million per individual per calendar year (1 January - 31 December). This allowance can be utilised for any of the following: travel, gifts, study, donations, alimony, maintenance and investment. Children under the age of 18 years qualify for a travel allowance not exceeding R200 000 per calendar year.
The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in Rands.
Any unutilised portion of a travel allowance must be resold to an Authorised Dealer within 30 days of your return to South Africa.
If you encounter a problem uploading your documents via FNB Online Banking, simply email the documents with the application reference number to one of the following email addresses:
Individual: fxtravel@fnb.co.za
Business: bustravel@fnb.co.za
Any resident who has departed from South Africa to any country outside the Common Monetary Area, with no intention of taking up permanent residence in another country.
An FNB consultant will take care of all aspects relating to the banking needs. This ranges from opening resident accounts, cross border transactions as well as any exchange control compliance issues. We can open accounts for you prior to your return to South Africa. When applying for an FNB account, a Consultant will send you full application forms which you will need to complete and send back.
You will need to include the following documents:
The process
* Qualifying Criteria and Terms and Conditions apply
As a South African who is temporarily abroad, you qualify for the following products:
An FNB Homecomer consultant will take care of all aspects relating to the banking needs of a Homecomer. This ranges from opening resident accounts, cross border transactions as well as any exchange control compliance issues. We can open accounts for you prior to your return to South Africa.
When applying for an FNB account, an FNB Homecomer Consultant will send you full application forms which you will need to complete and send back.
You will need to include the following documents:
The process
* Qualifying Criteria and Terms and Conditions apply
The Homecoming Revolution is an independent non-profit organisation sponsored by First National Bank. It encourages and helps South Africans around the world to return home. Read more about the Homecoming Revolution on their helpful website.
A Foreign National is a natural person who is a temporary resident in South Africa or the Common Monetary Area with a work or study permit, (it excludes those purely on holiday and on business visits).
The norm applied by Exchange Control is that contract workers should, while they are in South Africa, be treated like residents for banking purposes. That means, for example, that a Foreign National can keep bank accounts or obtain funds from financial institutions for the purchase of a house in the same way as a resident.
When a Foreign National takes up temporary residence in South Africa, you will be required to declare to your bankers whether you are in possession of any foreign assets and if so, provide an undertaking to the effect that you will not place such assets at the disposal of a third party normally resident in South Africa. You will also need to declare that you have not applied for similar facilities through another bank.
You will also be required to provide the bank with an original and valid South African temporary residence permit issued by the Department of Home Affairs.
As a Foreign National you are entitled to deal with your foreign assets in any manner and transfer abroad accumulated funds during your stay in South Africa.*
* Provided you are able to substantiate the source of such funds and that the value of such funds is reasonable in relation to your income generating activities while in South Africa.
A natural person who has changed residency from a country outside South Africa or the Common Monetary Area and has taken up permanent residency in South Africa or the Common Monetary Area.
Once you are a permanent resident of South Africa or the Common Monetary Area you will be entitled to resident banking products.
If you are interested in Foreign Banking and the ins and outs of South African regulations and rules, that pertain to this sector(including tax laws), or seek more information on returning to South Africa after having left our shores, have a look at the following websites:
These helpful guidelines will assist you in understanding the South African Reserve Bank (SARB) Exchange Control Rules and Regulations to move money in and out of the country.
How to take money in and out
Non-residents and emigrants only:
Non-resident accounts may only be funded from the following:
Withdrawals
The process
To formalise emigration you will be required to complete form M.P.336(b) at your local FNB branch.
You will be interviewed by one of our consultants who will help you with the completion of the form and inform you of any required documentation.
Please bring the following with you:
Any liabilities (borrowings) need to be expunged (paid off) before you leave South Africa
Prior to departure all issue access mechanisms must be cancelled and destroyed, such as:
Please update any contact details abroad (if available) with your FNB branch, such as:
Foreign capital allowance
Within South Africa there are certain limitations on the amount of foreign exchange allowed to be taken out of the country for vacation or business purposes. These limits, also called the Exchange Control Rules and Regulations are stipulated and managed by the South African Reserve Bank.
Have alook at the following link: https://www.resbank.co.za/pages/default.aspx
Any resident who has departed from South Africa to any country outside the Common Monetary Area, with no intention of taking up permanent residence in another country.
An FNB consultant will take care of all aspects relating to the banking needs. This ranges from opening resident accounts, cross border transactions as well as any exchange control compliance issues. We can open accounts for you prior to your return to South Africa. When applying for an FNB account, a Consultant will send you full application forms which you will need to complete and send back.
You will need to include the following documents:
The process
* Qualifying Criteria and Terms and Conditions apply
As a South African who is temporarily abroad, you qualify for the following products:
An FNB Homecomer consultant will take care of all aspects relating to the banking needs of a Homecomer. This ranges from opening resident accounts, cross border transactions as well as any exchange control compliance issues. We can open accounts for you prior to your return to South Africa.
When applying for an FNB account, an FNB Homecomer Consultant will send you full application forms which you will need to complete and send back.
You will need to include the following documents:
The process
* Qualifying Criteria and Terms and Conditions apply
Homecoming Revolution:
The Homecoming Revolution is an independent non-profit organisation sponsored by First National Bank. It encourages and helps South Africans around the world to return home. Read more about the Homecoming Revolution on their helpful website.
A Foreign National is a natural person who is a temporary resident in South Africa or the Common Monetary Area with a work or study permit, (it excludes those purely on holiday and on business visits).
The norm applied by Exchange Control is that contract workers should, while they are in South Africa, be treated like residents for banking purposes. That means, for example, that a Foreign National can keep bank accounts or obtain funds from financial institutions for the purchase of a house in the same way as a resident.
When a Foreign National takes up temporary residence in South Africa, you will be required to declare to your bankers whether you are in possession of any foreign assets and if so, provide an undertaking to the effect that you will not place such assets at the disposal of a third party normally resident in South Africa. You will also need to declare that you have not applied for similar facilities through another bank.
You will also be required to provide the bank with an original and valid South African temporary residence permit issued by the Department of Home Affairs.
As a Foreign National you are entitled to deal with your foreign assets in any manner and transfer abroad accumulated funds during your stay in South Africa.*
* Provided you are able to substantiate the source of such funds and that the value of such funds is reasonable in relation to your income generating activities while in South Africa.
A natural person who has changed residency from a country outside South Africa or the Common Monetary Area and has taken up permanent residency in South Africa or the Common Monetary Area.
Once you are a permanent resident of South Africa or the Common Monetary Area you will be entitled to resident banking products.
These helpful guidelines will assist you in understanding the South African Reserve Bank (SARB) Exchange Control Rules and Regulations to move money in and out of the country.
How to take money in and out
Non-Residents and emigrants only:
Non-Resident accounts may only be funded from the following:
Withdrawals
The process
To formalise emigration you will be required to complete form M.P.336(b) at your local FNB branch.
You will be interviewed by one of our consultants who will help you with the completion of the form and inform you of any required documentation.
Please bring the following with you:
Any liabilities (borrowings) need to be expunged (paid off) before you leave South Africa
Prior to departure all issue access mechanisms must be cancelled and destroyed, such as:
Please update any contact details abroad (if available) with your FNB branch, such as:
Foreign capital allowance
Within South Africa there are certain limitations on the amount of foreign exchange allowed to be taken out of the country for vacation or business purposes. These limits, also called the Exchange Control Rules and Regulations are stipulated and managed by the South African Reserve Bank.
Have alook at the following link: https://www.resbank.co.za/pages/default.aspx
Important information and websites to support you when visiting South Africa, emigrating, returning home or whilst in South Africa on a temporary basis.
If you are interested in Foreign Banking and the ins and outs of South African regulations and rules, that pertain to this sector(including tax laws), or seek more information on returning to South Africa after having left our shores, have a look at the following websites:
If you don't use the IBAN when it is available on the invoice or banking details I have for the beneficiary, your transfer could be delayed or refused - and you might have to pay an extra fee.
A CCN is an 8-digit Customs Client Number. Clients need to apply for a CCN from SARS Customs and Excise. With older CCN's, the number might only be 5 digits in length. When this occurs, simply add zeros at the beginning of the number to make up the 8-digits required.
This is a written, irrevocable undertaking by the Importer's Bank that the Exporter will receive payment against documentary evidence, provided that the T&Cs stipulated in the L/C were met.
Some of the documentary credit types that FNB offers.
If I use an L/C, is payment guaranteed?
Payment is only guaranteed if all the terms and conditions of the L/C are met. If there are any discrepancies, the guarantee of payment falls away, and all parties will need to accept the discrepancy/ies, before payment can take place.
Can an L/C be cancelled?
An L/C can only be cancelled if all parties, including the banks involved, agree to cancel the instrument.
If the beneficiary is not comfortable with the perceived risk associated with the issuing bank or the country in which the issuing bank is situated - they may ask for the L/C to be confirmed by the advising bank, in their country or another bank that has the required risk appetite. The L/C will then be confirmed / guaranteed by their bank. There is a confirmation fee that is charged for this. Confirmation will, however, fall away if drawings against the L/C are discrepant.
A discrepancy can take the form of a document not being timeously presented or if any term or condition of an L/C cannot be met. This means that one of the parties was not able to perform as called for under the L/C. This results in the guarantee of payment falling away. All parties must accept the discrepancy for payment to be negotiated.
Banks cannot guarantee the quality or quantity of goods. Banks deal in documentation only, so, if the documents presented are in order, payment will take place. An importer can always request that the shipment be inspected (pre/post shipment inspection) by an independent third party, prior to shipment, to ensure that the goods are of the required quality/quantity. This pre/post shipment inspection should be a condition of payment in the L/C.
A MRN is the Movement Reference Number issued by Customs once goods have been cleared. This number is provided by Customs (a division of SARS) and is a required field for all payments for imports into South Africa.
UCR stands for Unique Consignment Reference Number which is required by the South African exporter. This number will identify the export transaction and must be used on all export documents that are presented to customs in order to be able to clear the goods out of South Africa.
The exporter will also need to provide this number to FNB on receipt of the proceeds. This will ensure that the proceeds are correctly linked to the actual goods that where exported.
The South African Reserve Bank (SARB) is the central bank of the Republic of South Africa. The Financial Surveillance Department of the SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.
For more information, refer to the SARB's website: www.resbank.co.za > Financial Surveillance
In accordance with our mandate as an Authorised Dealer, we are required to provide true and accurate information when processing cross-border transactions. The onus is on the client to provide the bank with the correct information and by agreeing to the Terms and Conditions clients declare that the information they provide is true and accurate.
BoP category codes are codes that categorise the type or purpose of the cross-border transaction. i.e. goods, services, imports, etc. Categorising cross-border transactions is a requirement of the International Monetary Fund (IMF) as well as the South African Reserve Bank (SARB).
As an Authorised Dealer in foreign exchange, FirstRand Bank (including its divisions) are required to report cross-border transactions to the South African Reserve Bank. This system of reporting is called Balance of Payments Reporting, or BoP Reporting for short. From August 2013 SARB implemented changes to the cross-border reporting system to stay in line with international standards. This is called BoPCUS 3.
The Common Monetary Area countries include South Africa, Namibia, eSwatini and Lesotho which have their own currencies, however they also accept South African Rands. There is no limit to the amount in Rand you can take while travelling amongst the CMA countries.
Balance of Payments data is most important for national and international policy formulation. SARB uses the information to understand the factors that influence the balance of payments of South Africa. In addition, as a Bank we require this data to be in compliance with the International Monetary Fund (IMF) standards and to comply with the local FICA requirements.
The data submitted is intended to satisfy regulatory SARB, SARS and FICA requirements. Data will not be divulged to other third parties, unless the information is requested through due legal process.
In cases where a cross-border payment falls outside exchange control policy or cannot be dealt with in terms of the rules set out in the Currency and Exchanges Manual, a SARB application number and SARB authority reference number will be issued by the Financial Surveillance Department of the SARB in response to the application submitted via the Bank who is authorised by the Financial Surveillance Department to deal in foreign exchange. The SARB application number will be the number as provided by the AD who facilitated the exchange control approval. The SARB authority reference number, also referred to as the SARB e-Docs number, is in the format CCYY-nnnnnnnn where CC is the Century, YY is the year and nnnnnnnn is the e-docs number or any other SARB authorization number allocated by the SARB in reply to the application. Add zeros in front of the number to make up the 8 digit number, if necessary.
To find out if your payment will require a SARB application and authority reference number, refer to the rules published by the SARB which is freely available on the SARB's website or contact:
A Tax Clearance Certificate is a document issued by SARS certifying that you are tax compliant and that your tax affairs are in order.
You must approach SARS directly with a SARS Tax Compliance Request (TCR01) form. On receipt of this form, SARS will change your status to that of a 'Non-Tax Resident (NTR)' and provide you with a Tax Compliance Status (TCS) Pin letter. The TCS Pin Letter allows the Bank to view your tax compliance status online via eFiling.
The Bank will need the TCS Pin letter as part of the required documentation prior to the transfer of the permissible allowances and/or capital and income related transfers abroad.
Please give us a call on 0860 1 FOREX (0860 1 36739) for advice and assistance.
South African resident individuals (not companies) are allowed to invest in offshore property up to the value of R 10 million per calendar year. We can facilitate the transferring of these funds abroad. Should you wish to purchase property with a value of more than R 10 million, we can assist you with an application to SARB.
This is the rate at which customers can buy foreign currency from the Bank. This rate will vary depending on whether the customer is making foreign currency payments, purchasing foreign currency travel products or utilising other types of foreign exchange products.
This is the rate at which the Bank will buy foreign notes from customers who wish to sell their unused foreign notes back to the bank on return from an overseas trip, excluding CMA countries. (To adhere to the SARB exchange control regulations, this needs to be done within 30 days of the customers return). This rate would also be used to buy foreign notes from other banks customers.
This is the rate at which the bank will buy foreign currency from a customer who receives funds from overseas via the SWIFT network and wishes to deposit the funds into a local Rand account.
This rate is an indication of the rate the customer can expect to receive but may vary to the rate at the actual time of getting a quote due to changes in market rates. The bank is not obligated to give the customer the indicative rate when the customers transacts.
A spot transaction is an exchange of one currency for another at a specific rate, settlement of which takes place 2 business days later.
Our Global Business Accounts are selected currency denominated accounts which can be used to mitigate exchange rate risk. It is used by exporters and importers to hold foreign currency for payment of goods or receipt of funds for products supplied or services rendered.
Get the best out of our Business Global Account by managing your foreign currency flows. This account suits businesses involved in import and export transactions, such as ships agents, freight forwarders, marine insurers, stockbrokers and other similar businesses.
South African based businesses: - Standard FICA documentation will be required to open this account. Once we have received and validated your documentation, you will be able to activate your new account by making a transfer.
Not a South African based business: - We have a Non-Resident Business Global Account for you! Simply email us on foreigncurrencyacc@fnb.co.za or ask to your Business Banker for more information.
We offer 40 currencies, of which, 9 can be opened online. To open our other currency accounts, complete the "Call me back" form on Online Banking. Alternatively, contact your Business Banker.
South African based businesses: Simply go to fnb.co.za and click "For My Business" and scroll down to "Business Global Account"
Non-Resident business: Simply email foreigncurrencyacc@fnb.co.za
For more information on all our Foreign Exchange solutions; and expert advice on all cross-border transactions, contact us:
Frequently asked questions and answers to all your forex transactions.
FNB offers a range of foreign exchange solutions to suit your individual and business needs; whether for travelling, sending or receiving money globally or managing imports and exports. Foreign Exchange is a simple and convenient way to transact around the world. We make use of the SWIFT method of transferring your funds which guarantees a secure and fast transfer service.
When receiving funds from abroad you will receive an inContact SMS and the transaction will be available on your profile via Online Banking or the FNB Banking App on your smartphone (for individuals). You have 30 days in which to convert the funds at your convenience.
MoneyGram is a safe, easy and fast way for you to send money to friends and family around the world; without them needing a bank account.
A Global Account is an account in foreign currency that lets you invest your foreign investment allowance, as determined by the South African Reserve Bank (SARB). You can open a Global Account instantly, for free via Online Banking and start transacting in a limited number of foreign currencies. To qualify, South African residents require a qualifying FNB cheque account, must be 18+ years old and have a valid SA ID number as well as a SARS income tax number.
Our Global Business Account (CFC account) is specifically designed for South African businesses which handle import and export transactions or are service providers receiving and making regular foreign currency payments. This account also offers hedging capabilities, which can help businesses manage currency risk.
At FNB we understand planning a trip abroad takes time and effort, therefore we have changed the way you order foreign exchange.
Whether you want foreign notes, a Multi-Currency Cash Passport™ (travel card) or both, you can now order it via Online Banking and get it delivered to your door.
You can also earn
50% back in eBucks
on your transaction charges when you pay for travel arrangements such as accommodation, car hire or tours and other arrangements in advance via Online Banking or the FNB Banking App.
With the import and export solutions available from FNB, we help you unlock international markets, and not only cater for your specific needs, but also help protect you from the risks associated with global transacting.
We can provide you with quality assistance from an exchange control point of view to facilitate your cross-border transactions and make them as hassle-free as possible. Whether you have simple or complex transactions that need to be completed, we can help you with the expert advice and services that you require.
All you need to know about Foreign Exchange Rates and Pricing.
