Dolby
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One more thing - what is the physical difference with this, and a FNB Cash Passport ?
They seem very similar ?
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FNB Global Account Card
- Thread starter Visser
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One more thing - what is the physical difference with this, and a FNB Cash Passport ?
They seem very similar ?
I've never looked into a Cash Passport. I got the Global Account almost by default just for Lounge Key because they were doing away with Priority Pass. I then realised how handy it is and tuck a little bit away now and again as a way of saving.
Cash passport doesn't have lounge access. But you can fund cash passports from your global account as you cannot have secondary global account cards.
Dolby
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So I've opened it up and going to transfer ...
Why would I need to specify the currency, as I opened a Euro account? :/
Single Discretionary is default yes?
And after this screen, do I get a quote?
I can also select Forex rates which is sitting at R15.97 right now - so almost 2% premium?
Why would I need to specify the currency, as I opened a Euro account? :/
Single Discretionary is default yes?
And after this screen, do I get a quote?
I can also select Forex rates which is sitting at R15.97 right now - so almost 2% premium?
You need to specify the currency to show what kind of quote you want. If you want 500 euros then specify euros and they will tell you how much it will cost in Rands on the next screen. If you want to send R10,000 rather, they will tell you how many euros you will get put into the Global Account.
I did it yesterday on the app and iirc, the next screen will give you the quote and you will also need your SARS tax number.
Oh, and I have xe.com open and it gives you the mid price so you know how much they are making over and above.
AchmatK
Honorary Master
You can specify either the rand or euro amount you want to transfer.
So if you want to only transfer ZAR10k then specify ZAR as the amount and they'll quote you how much will clear in your euro account or if you want to transfer €1k then they will quote the ZAR amount that will be debited from your cheque account.
If I read everything correctly then The Global Card linked to my US$ Global Account will be the best option for spending money while visiting USA. No ATM withdrawal fees and no conversion fees. I will in effect be using my dollars and not rands.
Yep. FNB make money out of you when you put money into the account by converting your Rands to dollars, not when you withdraw them.
You might of course be subject to a withdrawal fee, but that will be for the bank you use overseas, not FNB.
Thanks, really been a great help, reading through all the comments.
No you do pay to withdraw from an ATM, its a fixed rate though. I think for the euro side it is Euro 2 or 3.
So draw money once if possible and swipe as much as possible.
deweyzeph
Honorary Master
Another thing the FNB Global Account is useful for is transferring money from South Africa to the UK using TransferWise without having to do a Swift transaction through FNB. I've successfully transferred money from my FNB GBP Global Account to my UK bank account by just using the debit card option in Transferwise. In other words the transfer came off my FNB Global Account debit card as a normal debit card transaction and then arrived in my UK bank account minus a small transaction fee.
I've heard reports that TransferWise doesn't normally allow you to use a SA debit card to transfer money from SA to another country, but the FNB Global Account debit card works with TransferWise without any problems. My guess is because when you transfer money from your FNB rand account to your FNB Global Account it has already cleared exchange control.
I've heard reports that TransferWise doesn't normally allow you to use a SA debit card to transfer money from SA to another country, but the FNB Global Account debit card works with TransferWise without any problems. My guess is because when you transfer money from your FNB rand account to your FNB Global Account it has already cleared exchange control.
AchmatK
Honorary Master
That is good to know. I'm expecting to make a few transfers to my wife's UK bank account over the next few months. Was going to just do a normal global payment but will try this first.
deweyzeph
Honorary Master
Transferwise is definitely much cheaper than FNB's global payments (Swift). These local currency accounts that FNB offer seem to be the best way of moving money offshore. Much easier than transferring money directly from your Rand-based account.
If you can wait a couple of months, GBP/ZAR could go as low as 13.
AchmatK
Honorary Master
Trying to hold off as long as I can but will need to transfer R300k for a deposit for a UK property purchase within the next 2 months.
I don't think it will go that low though.
Fair enough. For that amount I'd use one of the specialist forex companies who will give a much better rate than FNB.
Dolby
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I think FNB are kinda expensive on this.
My mom has a Shyft cash passport with Standard Bank and we tried to buy at the same time, but she's around 0.9% cheaper.
It gets slower with larger amounts (FNB reduces as the amount transferred increases) - but still 0.5 to 0.9% cheaper.
But I do get eBucks and Lounge Key, so I'm sticking with this product.
deweyzeph
Honorary Master
The key thing with the Global Account is to use it as a sort of local foreign currency holding account for your foreign currency before you push it offshore. Do regular transfers from your FNB rand-based account to your FNB Global Account, and then once you've accumulated a bit of USD or GBP then transfer it offshore using Transferwise (cheap) or a Swift transaction (expensive). All the exchange control formalities are handled when you do the transfer from your rand account to the Global Account which means when you actually move the money offshore you do not have to go through any exchange control formalities again. That's why you're not allowed to use the Global Account Debit card inside South Africa, because the money has already been cleared as foreign exchange to be used outside South Africa.