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FNB Global Account Review 2021


Being a frequent traveller can somewhat require you to have an account like the FNB Global Account that can accommodate your foreign currency needs. Even those who transact frequently using foreign currency may require an account that accommodates their frequent currency expenditure. 

The FNB Global Account is an account that is meant to solve foreign exchange problems for South Africans. FNB allows its cheque account holders to open Global Accounts. Also included are RMB cheque account holders as they can also open the RMB Global Account to take advantage of foreign exchange. 

FNB Global Account Summary 

The FNB Global Account is a foreign currency bank account that charges a currency conversion rate of 2.75% per transaction. The FNB Global Account gives account holders access to 9 foreign currencies at an annual fee of US$20.00 per card. The interest rate on the FNB Global Account can be as high as 5.25%, depending on the currency and amount that you hold in your Global account. 

You will have access to the US dollar, Euro, Australia Dollar, British Pound, Indian Rupee, Chinese Renminbi, Swiss France, UAE Dirham, and Canadian dollar. The FNB Global Account gives you access to over 1000 airport lounges around the world through Lounge Key. 

How does an FNB Global Account Work? 

An FNB Global Account is meant for saving and transacting in foreign currency whether you are offshore or onshore. The account helps you to have quick access to foreign currency and you can manage the account at a go using the FNB digital platforms. 

You can transact using the account, make transfers, receive money and make international payments occasionally. The card account works like any other card but lets you hold different currencies. 

The account, however, unlike the other FNB accounts, has strict rules that you need to adhere to. These rules are set by the South African Reserve Bank (SARB). Rules apply when you have to invest more than R1 million. 

To qualify for a foreign investment allowance (FIA) you need to provide FNB a valid tax clearance for foreign investment. This will allow you to make foreign investments of up to R10 Million in a calendar year if approved. For any investment that is below R1 million, you don’t need to provide a SARS tax clearance for foreign investment, however, you will need to furnish FNB with your tax number.

FNB Global Account Interest rates 2021

#Balance tiersUSDGBPAUDEURINRFenCADCHfAED
10 – 50000%0%0.60%0%3%0%0%0%0%
25001 – 100000%0%0.60%0%3%0%0%0%0%
310001 – 250000%0%0.60%0%3.50%0%0%0%0%
425001 – 500000%0%0.60%0%3.50%0%0%0%0%
550001 – 1000000.05%0.05%0.80%0%3.75%0%0%0%0%
6100001 – 2500000.10%0.10%0.90%0%4.00%0%0%0%0%
7250001+0.15%0.15%1%0%4.25%0%0%0%0%
FNB Global account interest rates table

RMB Global Account Interest rates 2021

#Balance tiersUSDGBPAUDEURINRFenCADCHfAED
 
10 – 50000.30%0.15%1.75%0%375%0%0%0%0%
25001 – 100000.30%0.15%1.75%0%3.75%0%0%0%0%
310001 – 250000.30%0.15%1.75%0%3.75%0%0%0%0%
425001 – 500000.30%0.15%1.75%0%3.75%0%0%0%0%
550001 – 1000000.30%0.15%1.75%0%3.75%0%0%0%0%
6100001 – 2500000.30%0.20%1.75%0%3.75%0%0%0%0%
7250001+0.40%0.20%2.25%0%5.75%0%0%0%0%
RMB Global account interest rates table

FNB and RMB Private Banking offer similar interest rates for their global accounts, however, the RMB Global Account has accelerated interest rates on selected currencies. 

FNB Global Account Benefits

  1. The account has no minimum balance, so you can keep it at $0.00 if you want. 
  2. You can order USD, GBP, and/or EUR debit cards to spend directly from your Global Account when you travel. 
  3. You can use your global account to withdraw foreign currency in cash at ATMs abroad. 
  4. Transfers from a cheque account to the` Global Account is free, giving you the opportunity to make as many transfers as you want. 
  5. You can open an FNB Global Account in less than 5 minutes using your FNB online banking App. 
  6. You can make local and international payments online using this account
  7. Offers a savings platform to save foreign currency and earn interest. 
  8. You can receive your earnings from abroad which can be paid directly to your Global account in accordance with the SARB requirements. 
  9. The account gives you access to over 1000 international airport lounges outside South Africa. 

FNB Global Account Fees 2021

# FeeGBPUSDEUR
Annual card fee£15.00$20.00€17.00
International ATM withdrawal fee£3.00$5.00€4.00
Card swipes and international online card payments FreeFreeFree
Card replacement fee£7.00$10.00€8.00
Balance enquiry fee£0.35$0.50€0.40
Insufficient funds fee£0.50$0.80€0.60
Currency conversion2.75%2.75%2.75%
FNB Global account fees

Competitive Advantages of the FNB Global Account

  • It is affordable as it comes with an account fee of $20.00.
  • Comes with a number of freebies such as using the FNB digital platforms for free or unlimited transfers.
  • Offers multi-currency for savings and transacting purposes.
  • You can use the card anywhere around the world.
  • You can receive international deposits on your account with a currency of your choice.

Competitive Disadvantages of the FNB Global Account

  • Offer low interest in savings.
  • Has only 11 currencies to choose from.
  • Every currency has its card for usage purposes.

Conclusion

Making use of the FNB Global account is one of the smart ways to take advantage of foreign currency speculation, purchasing and transacting in foreign currency. When applying for this account make sure that you have all the necessary documents such as the SARS tax certificate for foreign investment or tax number.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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