Absa Dollar Account

Absa Dollar Account, 2023, Trade With Dollar At Competitive Rate

Do you know about the Absa dollar account in South Africa? If not, then check out this article to learn.

We will start by briefly explaining what a dollar account is.

What Is A Dollar Account

This type of foreign currency account allows you to enjoy the most dollar exchange rates in the market.

You can also easily convert your funds to dollars at preferential and negotiated rates.

Now that you understand what the account entails, we will show the requirements to qualify for the account.

Requirements For This Account

Below are the basic requirements to open an Absa dollar account in South Africa:

  • You should be 18 years or older
  • Valid ID or smart card
  • South African tax number
  • Absa transactional account

These are the requirements to qualify for an Absa dollar account in South Africa.

We will now show you how the account works.

Absa Dollar Account

The account allows you to trade with dollars at the most competitive rate.

The account is governed by South African exchange control rules and regulations.

The Rand equivalent of the foreign currency amount deposited in the account cant b guaranteed because the exchange rate fluctuates daily.

There is no monthly service fee (charges) with this account.

Interest earned is paid in arrears in the currency of the principal invested.

The interest can be paid every month or can be capitalized over and above the maximum permissible limit.

You cannot deposit or withdraw funds from this account using stop orders.

The account is not overdrawn, and the income earned is taxable in South Africa.

This is all you need to know about the dollar account in South Africa.

Now that you understand how the account works, we will go ahead and show you how you can apply for the account through online banking.

How To Apply For The Account

Please follow the steps below to apply for an Absa dollar account:

  1. First login to Absa online banking
  2. Select apply
  3. Next, expand the international banking solutions taps
  4. Click Open account now
  5. Accept the sure check 2.0 pop-up message on your mobile phone
  6. After that, complete the fields and click next
  7. Confirm all the details and click to open a dollar account
  8. You will receive an SMS (message) with your account details.

This is how you open an Absa dollar account in South Africa.

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