FNB Global Account Review 2024

The FNB Global Account is a foreign exchange (forex) account that operates in major base currencies such as USD, GBP, […]

FNB Global Account

The FNB Global Account is a foreign exchange (forex) account that operates in major base currencies such as USD, GBP, and EUR. The monthly maintenance fees for these accounts are £20 for pound accounts, €23 for euro accounts, and $25 for dollar accounts.
For frequent travelers and individuals regularly dealing with foreign currencies, having a dedicated account like the FNB Global Account is essential. This account caters to those who often transact in foreign currencies, providing a convenient solution for managing their currency needs.

The FNB Global Account is specifically designed to address the foreign exchange requirements of South Africans. Customers with checking accounts at FNB can easily open Global Accounts, while RMB checking account holders can also access foreign exchange services by opening an RMB Global Account.

FNB Global Account Summary 

The FNB Global Account is a foreign currency bank account featuring a 1% cross-currency conversion rate. Annual fees for this account are US$25.00 for USD accounts, €23.00 for Euro accounts, and £20.00 for British pound accounts. Account holders can access a total of 9 foreign currencies through this account. The interest rate on the FNB Global Account can reach up to 3.75%, varying based on the currency and amount held in the account.

The FNB Global Account provides access to various currencies including the US dollar, Euro, Australian dollar, British pound, Indian rupee, Chinese renminbi, Swiss Franc, UAE Dirham, and Canadian dollar. Additionally, account holders can enjoy access to over 1000 airport lounges worldwide through Lounge Key..

How does an FNB Global Account Work? 


The FNB Global Account is tailored for both onshore and offshore foreign currency savings and transactions. It offers convenient access to foreign currency and seamless management through FNB’s digital platforms. With this account, you can conduct transactions, transfers, receive funds, and make occasional foreign payments.

Unlike standard accounts, the FNB Global Account allows you to hold and manage multiple currencies within a single account. However, it comes with strict requirements established by the South African Reserve Bank (SARB) that must be met.

For investments exceeding R1 million, adherence to SARB guidelines is mandatory. This includes providing FNB with a valid tax clearance for overseas investment to qualify for a Foreign Investment Allowance (FIA). If approved, you can invest up to R10 million in foreign assets annually. On the other hand, investments below R1 million do not require a SARS tax clearance but necessitate supplying FNB with your tax identification number.

Overall, the FNB Global Account offers unparalleled flexibility and accessibility for managing foreign currency transactions, provided all regulatory requirements are met.

FNB Global Account Interest rates 2024

#Balance tiersUSDGBPAUDEURINRFenCADCHfAED
10 – 50000.10%0.05%0.60%0%3%0%0%0%0%
25001 – 100000.10%0.05%0.60%0%3%0%0%0%0%
310001 – 250000.20%0.10%0.80%0%3.00%0%0%0%0%
425001 – 500000.35%0.25%0.80%0%3.00%0%0%0%0%
550001 – 1000000.80%0.45%0.80%0%3.50%0%0%0%0%
6100001 – 2500001.20%0.55%0.90%0%3.60%0%0%0%0%
7250001+1.80%0.65%1%0%3.75%0%0%0%0%
FNB Global account interest rates table

RMB Global Account Interest rates 2024

#Balance tiersUSDGBPAUDEURINRFenCADCHfAED
 
10 – 50000.10%0.05%0.60%0%3%0%0%0%0%
25001 – 100000.10%0.05%0.60%0%3%0%0%0%0%
310001 – 250000.20%0.10%0.80%0%3%0%0%0%0%
425001 – 500000.35%0.25%0.80%0%3%0%0%0%0%
550001 – 1000000.80%0.45%0.80%0%3.50%0%0%0%0%
6100001 – 2500001.20%0.55%0.90%0%3.60%0%0%0%0%
7250001+1.80%0.65%1%0%3.75%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 2024

# FeeGBPUSDEUR
Annual card fee£20.00$25.00€23.00
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 conversion1% cross currency1% cross currency1% cross currency
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.

FNB Global Account Requirements

  • Must reside in South Africa,
  • Be over the age of 18 at the time of application,
  • Must be a tax payer, and
  • Have a qualifying FNB cheque account in good standing.

Conclusion

One of the clever methods to take advantage of foreign currency speculation, purchasing, and dealing in foreign currency is to use the FNB Global account. Make sure you have all of the required paperwork, such as a SARS tax certificate for overseas investment or a tax number, when applying for this account.

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