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.
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..
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.
# | Balance tiers | USD | GBP | AUD | EUR | INR | Fen | CAD | CHf | AED |
---|---|---|---|---|---|---|---|---|---|---|
1 | 0 – 5000 | 0.10% | 0.05% | 0.60% | 0% | 3% | 0% | 0% | 0% | 0% |
2 | 5001 – 10000 | 0.10% | 0.05% | 0.60% | 0% | 3% | 0% | 0% | 0% | 0% |
3 | 10001 – 25000 | 0.20% | 0.10% | 0.80% | 0% | 3.00% | 0% | 0% | 0% | 0% |
4 | 25001 – 50000 | 0.35% | 0.25% | 0.80% | 0% | 3.00% | 0% | 0% | 0% | 0% |
5 | 50001 – 100000 | 0.80% | 0.45% | 0.80% | 0% | 3.50% | 0% | 0% | 0% | 0% |
6 | 100001 – 250000 | 1.20% | 0.55% | 0.90% | 0% | 3.60% | 0% | 0% | 0% | 0% |
7 | 250001+ | 1.80% | 0.65% | 1% | 0% | 3.75% | 0% | 0% | 0% | 0% |
# | Balance tiers | USD | GBP | AUD | EUR | INR | Fen | CAD | CHf | AED |
---|---|---|---|---|---|---|---|---|---|---|
1 | 0 – 5000 | 0.10% | 0.05% | 0.60% | 0% | 3% | 0% | 0% | 0% | 0% |
2 | 5001 – 10000 | 0.10% | 0.05% | 0.60% | 0% | 3% | 0% | 0% | 0% | 0% |
3 | 10001 – 25000 | 0.20% | 0.10% | 0.80% | 0% | 3% | 0% | 0% | 0% | 0% |
4 | 25001 – 50000 | 0.35% | 0.25% | 0.80% | 0% | 3% | 0% | 0% | 0% | 0% |
5 | 50001 – 100000 | 0.80% | 0.45% | 0.80% | 0% | 3.50% | 0% | 0% | 0% | 0% |
6 | 100001 – 250000 | 1.20% | 0.55% | 0.90% | 0% | 3.60% | 0% | 0% | 0% | 0% |
7 | 250001+ | 1.80% | 0.65% | 1% | 0% | 3.75% | 0% | 0% | 0% | 0% |
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.
# Fee | GBP | USD | EUR |
---|---|---|---|
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 | Free | Free | Free |
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 conversion | 1% cross currency | 1% cross currency | 1% cross currency |
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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