- Jan 31, 2005
Does that mean it's one way transfer ?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.
If I come back from holiday, I can't transfer back easily ?