| Q |
How do I open a Global Account online? |
| A |
- Login to your Online Banking profile via www.fnb.co.za.
- Select the ACCOUNTS tab on the top menu bar.
- On the left menu bar, select the NEW ACCOUNT APPLY ONLINE option.
- Then Select option ‘For Myself’.
- On the ‘Bank Accounts’ tab, scroll down to ‘Global Accounts’.
- Select the currencies required.
- Complete the required fields.
- On completion a confirmation e-mail will be sent once the account has been opened.
|
| Q |
What currencies are available? |
| A |
US Dollar (USD), Euro (EUR), British Pound (GBP), Australian Dollar (AUD), Indian Rupee (INR) Accounts. |
| Q |
How does the Global Account differ to the ‘old’ Foreign Currency Accounts? |
| A |
This account provides the convenience of opening the account as well as viewing the account, balances and transaction history via FNB Online Banking. Offshore beneficiaries can be created and paid via FNB Online Banking. Funding of the accounts, transfers between the accounts, and payments from the accounts can be done via FNB Online Banking.
All transfers are subject to the normal Exchange Control requirements |
| Q |
If I am unhappy with the prevailing rate quoted online, can this be negotiated? |
| A |
This functionality has not been finalised yet; you would need to select “Quote later”. |
| Q |
Why can I not hold a joint Global Account and do transfers? |
| A |
Only the primary account holder can affect these transfers in terms of their individual allowances as all transactions are reported to the South African Reserve Bank against the ID number of the account holder. |
| Q |
Can this account be used for travel? |
| A |
Currently this account can only be used for Foreign Investment purposes as well as repatriation (transfer) of authorised capital from abroad. |
| Q |
What documentation would be required? |
| A |
R1m documentation (Discretionary Allowance for Investment Purposes)
- Up to R1 million can be invested – subject to the completion of a Reserve Bank declaration form (MP1423).
- The amount invested will reduce the allowance available for travel, gifts, maintenance, alimony and donations.
R4m documentation (Investment Allowance).
- Please note that before you can transfer Rands into the Global Account, we require the following original documentation (as per South African Reserve Bank requirements):
- Your valid SARS Tax Clearance Certificate for Foreign Investment Allowance (referred to as FIA-001). This can be obtained by clicking on the allowance link: FIA-001 or from the SARS website or from a SARS office.
- An MP1423 form is also required when you transact. This form contains information about your transactions (such as the amount and the purpose of the transaction) and can be obtained by clicking on the following link: MP1423.
Note: If you have not yet provided us with either of the abovementioned documents or if your Tax Clearance Certificate has expired, please contact us on 0860 1 Forex (36739) or Forex@fnb.co.za for more information and how to submit them. |
| Q |
Where can I get the documents for a Tax Clearance Certificate? |
| A |
Contact our Forex Advisory Desk on 0860 1 FOREX (36739) and they will provide guidance. |
| Q |
Is there a charge for the facilitation of a Tax Clearance Certificate? |
| A |
Contact our Forex Advisory Desk on 0860 1 FOREX (36739) for more information. |
| Q |
Can this account be funded from an offshore account? |
| A |
Yes, however below are the only approved categories:
Foreign earned income including:
401 - Dividends
402 - Interest
405 - Brokerage/Commissions
406 - Rental
602 - Capital Repatriation/ Transfer (Foreign Investments & Foreign Earned Income).
Note: For more information on 602 please contact our Forex Advisory Team.
(These categories apply only to individuals.) |
| Q |
What is FNB’s SWIFT code for inward payments and do we use a sort code? |
| A |
The SWIFT code is FIRNZAJJ. Should a sort code be requested, the 6-digit branch code can be used. |
| Q |
For payments into the account, from abroad, what details must I give the payer or paying bank? |
| A |
- The SWIFT code: FIRNZAJJ.
- Your Global Account number.
- Your branch number .
|
| Q |
Once documents have been verified by Exchange Control, how long will I have to go online and effect the payment? |
| A |
You will have a maximum of 3 months, provided that the supporting documentation is still valid |
| Q |
Where is the funding tab on FNB Online Banking? |
| A |
- Login to your Online Banking profile via www.fnb.co.za.
- Select the TRANSFER tab on the top menu bar.
- Complete the required fields and complete transfer.
- The functionality is within the standard FNB Online Banking TRANSFER tab. You are not able to do this transfer from the FOREX tab.
|
| Q |
What are the charges related to inward and outward payments and transfers from Global Accounts |
| A |
Visit our webpage for the latest fees and charges
Note: When funding the account from a ZAR cheque account in terms of foreign investment allowance, the following documentation is required. If funding, using investment allowance, MP1423 and Tax Clearance Certificate for Foreign Investment Allowance are required. |
| Q |
What funds may go into the account |
| A |
From South Africa:
- Foreign Investment Allowance (R4M)or Discretionary Allowance (R1m) for Investment Purposes.
From abroad:
- Income
- Salary earned abroad.
- Rental income from property abroad.
- Interest earned abroad.
|
| Q |
Details on how to fund the account: |
| A |
From South Africa
- Only by means of your investment allowances (foreign investment- up to R4m per annum & discretionary allowance- up to R1m per annum)
- Go via the transfers tab and transfer from your cheque account to Global account.
- Provide the relevant documentation after each transfer (MP1423 for each transaction, Tax Clearance Certificate for Foreign Investment Allowance once every 12 months).
From Abroad
Remitter to use the following details
- FirstRand SWIFT address- FIRNZAJJ.
- Global Account number.
- FNB/ RMB Branch Code.
|
| Q |
Do I qualify? |
| A |
- Have a SARS tax number.
- Have a RMB/ FNB Cheque Account (Gold Cheque Account, Platinum Cheque Account, Encore Cheque Account, Private Banking or Private Client Cheque Account).
- Have a Green Bar Coded South African I.D.
- Must be over the age of 18.
|
| Q |
Required documentation |
| A |
MP1423
Original Tax Clearance Certificate required |
| Q |
How do the fees work?
There are 4 different pay as you use fees: |
| A |
Rand to currency account R50
Currency account to Rand - R50
From currency account abroad into MCA (SWIFT) Inward swift charges (ad valorem of 0.45% with min R125 max R660).
From Global Account to currency account abroad (SWIFT) Outward swift charges (swift fee plus ad valorem of 0.5% (min R125 and max R660)). |
| Q |
Monthly fees: |
| A |
Currently there is no monthly fee. Once introduced, there will be a low monthly service fee. |
| Q |
Is there a card linked to the account? |
| A |
Not at this stage. |
| Q |
Does the customer get a cheque book attached to the account? |
| A |
No. |
| Q |
Can I transfer my travel allowance into the account? |
| A |
No, but Discretionary Allowance for Investment Purposes can be transferred into the account. An MP1423 form is required. Maximum of R1mil per year |
| Q |
Can family abroad pay money into the account (Gifts)? |
| A |
No. |
| Q |
Do I need to provide the form MP1423 each time I transfer from my Rand account and why do you need the original |
| A |
MP1423 form is for each time money is transferred from ZAR to foreign currency. This is a SARB requirement. Should you receive queries thst relates to 602 please refer this to the Forex Advisory Team. |
| Q |
Where do I take the MP1423 if I transfer the funds Online? |
| A |
Send it Forex or give to the Forex Desk at the branch to have delivered to Retail Forex. |
| Q |
When must I provide this to the bank? |
| A |
When the transaction of ZAR to foreign currency is requested in FNB Online Banking. If the form is not supplied, the transaction will not be finalized and the ZAR will remain in the ZAR cheque account. |
| Q |
How long does it take for the money to reflect in my Global Account? |
| A |
Up to 2 days. |
| Q |
If I want to negotiate the rate, who do I contact? |
| A |
Reject the quote and submit a new request when you are ready, and you will obtain an updated quote. Alternatively, contact Retail Forex for deals above the value of R100k to negotiate the rate. |
| Q |
Will you be adding more currencies? |
| A |
Yes. We will communicate the additional currencies as soon as it becomes available. |
