Forex

At Private Wealth, we offer a diverse range of foreign exchange products and services to help you manage your unique foreign exchange requirements efficiently. We provide expert assistance and comprehensive advice on all foreign exchange and exchange control matters.

Secure and convenient travel solutions

For your next trip abroad, select a combination of our solutions to make your travels hassle-free.

Foreign Notes

Order foreign notes or cash

Multi-currency Cash Passport™

Convenience and flexibility of a debit card

Pay in advance

Pay for travel arrangements in advance via online banking or the FNB App

Exchange control requirements

Exchange control requirements as per the South African Reserve Bank

Global payments made simple and rewarding

Take the complexity out of global transactions with access to reliable, safe and convenient Global Payments via online banking or the FNB App. Whether you’re sending or receiving money internationally, we’ll simplify the process, help ensure your funds reach their destination and reward you with eBucks.

Global Payments features

Make global payments for a host of reasons; including gifts, tuition or investments, and benefit from the following features.

Save beneficiaries online

Save beneficiaries and upload documents online, making it easier for you and your business to transact anywhere, anytime

Personalised exchange rates

Enjoy personalised exchange rates tailored to your foreign exchange needs

Secure SWIFT payments

Payments are completed via SWIFT and can guarantee a secure and internationally standardised way to transfer money to bank accounts of individuals and entities around the world

Payment confirmation

Confirmation of your payment will be emailed to you upon completion

Earn eBucks Rewards

Earn up to 50% back in eBucks on the transaction charges when you send and receive foreign currency payments via online banking or the FNB App.

Regulatory services

When you are working in one country, it can be challenging to manage your money and make payments in another. FNB Forex offers the following solutions. FNB Forex Regulatory Services assists with everything from simple Forex transactions to complicated ones; quickly, easily and securely. It also offers assistance from an exchange control point of view on how to best navigate the intricacies of emigrating, immigrating and sending funds abroad when starting a business in a foreign country.

South African exchange control requirements

When can I buy foreign currency for travel?

Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller. Travel allowance covers a calendar year (1 January - 31 December).

What is my travel allowance?

A South African resident over the age of 18 is entitled to a discretionary allowance of up to R1 million per calendar year
This discretionary allowance can be utilised for travel, gifts, study, donations, alimony, maintenance and investment
Children under the age of 18 years qualify for a travel allowance of R200,000 per calendar year
Each traveller may take R25,000 in South African Reserve bank notes when visiting abroad

What about unutilised allowance?

Any unutilised portion of a travel allowance must be resold to an Authorised Dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.

What are the costs deductible from a travel allowance?

The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.

What about personal belongings insurance?

Where the insurance value of your personal belongings not for sale, exceeds R50,000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

Qualifying criteria

•FNB qualifying account

Required documents

•For travel: Your passport and proof of travel, e.g. air ticket

•You'll need to ensure that you comply with all South African Reserve Bank regulations as this is a cross-border payment

•You will need the banking details and personal information of the beneficiary as well as the reason for your payment

•Depending on the nature of the transaction when sending funds abroad; you may be required to supply additional information

Get in touch

Speak to our Foreign Exchange Advisory Team for expert assistance.

How to get in touch

Service Suite 087 730 6000

Email servicesuite@fnbprivatewealth.co.za

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