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Open a foreign currency account from South Africa
Easily buy and sell up to 8 currencies with a foreign currency account.
You can open a foreign currency account (FCA) from South Africa easily online. Are you wondering why you’d need one? Well, for starters, you can use an FCA to buy foreign currencies like US Dollars and British Pound Sterling as an investment.
Investing in foreign currencies is considered a sound way to diversify your investment portfolio, but there are several added benefits that come with opening a Nedbank Foreign Currency Account:
1. Invest in currency locally
Open with only R1,500
Transfer funds between you FCA and your transaction account easily.
You may receive interest depending on market conditions and pricing considerations.
You pay no monthly maintenance fees for an FCA
2. Make payments in another country with less hassle
You might be sending money to your child studying abroad, for example. You can use your FCA to pay for tuition fees in that country without having to spend South African rands from your local bank account. It’s also easier to pay for goods in other countries using the local currency.
3. Hedge currency fluctuations to your advantage
The value of the rand fluctuates constantly, but you can use your FCA to secure foreign currencies you need when the rand is strong, so you’re protected if the value of the rand drops.
How does a Nedbank FCA work?
To open a Nedbank FCA, you need a minimum of R1,500. You can buy foreign currency in rands up to a maximum of R1 million a year, or up to R10 million a year with a Tax Compliance Status PIN letter from SARS. Once a year, Nedbank will send you an electronic IT3(b) tax certificate to keep on record for SARS. You pay no monthly maintenance fees for an FCA. However, there are commission fees per transaction.
To invest, make payments, deposit into and withdraw from your FCA, simply email your requirements to the bank at FCA@Nedbank.co.za.
A Nedbank FCA allows you to invest in the following 8 international currencies: US Dollar (USD), British Pound Sterling (GBP), Euro (EUR), Australian Dollars (AUD), Canadian Dollars (CAD), Hong Kong Dollars (HKD), Japanese Yen (JPY) and Israeli Shekels (ILS).
How do you qualify for a Nedbank FCA?
To qualify for a Nedbank FCA, you must:
- be 18 years or older,
- be a South African citizen with a valid South African ID, or
- be a foreign national with a valid work permit and the relevant documents, or
- be a non-resident with a passport and the relevant documents, and
- have a Nedbank transactional account.
How do you apply for your Nedbank FCA?
You can apply online or come into a Nedbank branch to open an FCA. Remember to bring your valid South African identity document or card and SARS tax number to apply. Learn more.
