Do you know how FNB South AFrica Global Account work? We have all the details in this guide for you.
If you are a traveler, the chances are that you have heard about the benefits FNB global account.
It is an account that accommodates foreign currency; thus, no worries, no matter where you go.
But do you know how this account works?
You‘ll find this article useful as I explain how the FNB Global account Works.
FNB global account more so is the right type of account you need if you do international business.
With the account, you can accommodate the currency you would like hence make easy to do the business.
What You Must Know About FNB Global Account
The FNB Global Account is a type of account meant for the customer who needs to accommodate foreign currency into their account.
The bank charges a fee of 2.75% while converting the currency from Rand to foreign currency of your choice.
Besides, you get up to a 5.25 % interest rate with the account but depending on the currency and the amount held in your account.
FNB Global Account helps South Africans overcome their foreign exchange issues.
FNB helps customers with check accounts to open Global Accounts.
FNBB cheque account holders are also included, as they can open an RMB Global Account to take advantage of foreign exchange.
With an FNB South Africa Global account, some of the currency available in your account includes US Dollar, Euro, Australia Dollar, British Pound, Indian Rupee, Renminbi, Swiss France, Dirham UAE, and Canadian Dollar.
How Does FNB South Africa Global Account Work
An FNB Global Account is intended for foreign money savings and transactions onshore or onshore.
You have fast access to foreign currency and can use FNB digital platforms to manage the account on a one-way basis.
You can use the account, make transfers, receive money and occasionally make international payments.
The card account functions like other cards but allows you to hold various currencies.
The account, however, has strict rules that you must follow, unlike other FNB accounts.
The South African Reserve Bank lays down these rules (SARB).
When more than R1 million are to be invested, rules apply.
You have to provide the FNB with a valid foreign investment tax clearance to qualify for a foreign investment allowance (FIA).
In a calendar year, you can invest up to R10 million in foreign countries if you approve.
You don’t have to provide the abolition of SARS taxes for foreign investment for investments below R1 million.
However, you must provide FNB with your tax number.
Taking advantage of FNB Global is an intelligent way of using, buying, and transacting foreign currency speculation in foreign countries.
Ensure you have all the documents necessary for this account, such as the SARS Foreign Investment tax certificate.
That is how FNB South Africa Global Account Work.