In this article, I’ll share with you the FNB South Africa Global account review. Precisely, I’ll share with you several details, including how the account works, qualifying requirements, and benefits of the account.
What is FNB Global Account?
FNB global account is a savings and transacting account meant for South Africans who travel occasionally or make international payments or receive money occasionally.
The account gives access to nine foreign currencies, including US Dollar, Euro, and British.
With the account, it is easy to make payments internationally and save on fluctuating exchange rates.
The account also works like a savings account, and you get to save and earn interest on the savings of up to 5.95, depending on the currency and the amount in the account.
After opening the account, FNB issues the card at $20 and can use it to make payments to over 1000 airport lounges in different places across the world through Lounge Key.
With an FNB global account, you save more money out of depreciating foreign exchange rates.
FNB South Africa Global Account qualifying criteria
If you would like to open an FNB global account, it is important to have all the required documents by FNB.
The account, unlike the other FNB accounts, has strict rules that you need to be followed.
More so, the rules set by the South African Reserve Bank apply when you invest more than R1 million.
The South African Reserve Bank requires you to qualify for foreign investment allowance, and you need to provide FNB a valid tax clearance for foreign investment.
After approval, you are allowed to carry out foreign investments of up to R10 Million per year.
If the foreign transactions you carry are less than R 1 million, there is no need to get SARS tax clearance, but FNB will require you to present your tax number.
Global Account Benefits
There are several benefits of opening an FNB global account. These benefits include;
1. There is no minimum balance requirement; it can remain zero and still be active.
2. You can use a card associated with your FNB global account and withdraw foreign currency.
3. Free transfer between cheque account and FNB global account
4. Easy to access the account no matter where you are, whether onshore or offshore.
5. Make payments directly from the account, whether internationally or locally.
6. You can get paid directly to your account from abroad.
7. With the account, you can make payments to more than 100 international airports across the world.
That was the FNB South Africa Global Account Review.