Reviews

FNB Global Account Review 2022

Published by
Lethabo Ntsoane

If you travel frequently, having an account like the FNB Global Account that can satisfy your foreign currency needs is a must. Even those who transact in foreign currency on a regular basis may need an account that can accommodate their frequent currency expenditures. The FNB Global Account is a savings account designed to help South Africans with foreign exchange issues. FNB allows customers with check accounts to open Global Accounts. RMB cheque account holders are also included, as they can open an RMB Global Account to take advantage of foreign exchange.

FNB Global Account Summary

The FNB Global Account is a foreign currency bank account with a 2.75% per transaction currency conversion rate. For a cost of US$20.00 per card, account holders can access 9 foreign currencies through the FNB Global Account. Depending on the currency and amount in your Global account, the interest rate on the FNB Global Account can be as high as 5.25%.

The US dollar, Euro, Australian dollar, British pound, Indian rupee, Chinese renminbi, Swiss Franc, UAE Dirham, and Canadian dollar will all be available to you. Through Lounge Key, the FNB Global Account grants you access to over 1000 airport lounges across the world.

How does an FNB Global Account Work?

An FNB Global Account is designed for foreign currency savings and transactions, whether you are onshore or offshore. You can use the account to have rapid access to foreign money and manage it on the go using FNB’s digital platforms. You can use the account to transact, make transfers, receive money, and occasionally make foreign payments. The card account functions similarly to any other card, but it allows you to store multiple currencies. Unlike other FNB accounts, however, this one has rigorous requirements that must be followed.

The South African Reserve Bank establishes these guidelines (SARB). When you have to invest more than R1 million, there are rules to follow. You must supply FNB with a valid tax clearance for overseas investment to be eligible for a foreign investment allowance (FIA). If accepted, you would be able to make foreign investments of up to R10 million in a calendar year. You do not need to give a SARS tax clearance for overseas investment for investments under R1 million, but you must supply FNB with your tax number.

FNB Global Account Interest rates 2022

#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 2022

#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 2022

# 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

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.

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 lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
Tags: FNB