FNB Global Account - Saving ?

[Dolby]

I've got one and it went dormant as I didn't travel during Covid .

When it's active again , can I use it for saving ?
Tranter like 50 Euro per month to keep it active ?

If so, how ? I went to the Forex tab and they asked me for departure date etc . I can't remember how I used to fill it up previously

 

[Sayf777]

I've got one and it went dormant as I didn't travel during Covid .

When it's active again , can I use it for saving ?
Tranter like 50 Euro per month to keep it active ?

If so, how ? I went to the Forex tab and they asked me for departure date etc . I can't remember how I used to fill it up previously

Transfers- Global Transfers

 

[rvZA]

I've got one and it went dormant as I didn't travel during Covid .

When it's active again , can I use it for saving ?
Tranter like 50 Euro per month to keep it active ?

If so, how ? I went to the Forex tab and they asked me for departure date etc . I can't remember how I used to fill it up previously

I have not used mine in a while and I think FNB deactivated it.

Yes, you could have used it to save, you would simply do a normal transfer between your accounts. No use of the Forex services.

Just check if your Global account is still active. They may need to activate it for you again

 

[Mike Hoxbig]

Under Forex, you need to go to Global Transfers. Select no when asked if you pre-booked a deal. Add your BoP code, I think it's "foreign investments by locals" or something like that. Enter your tax number and you should be done...

 

[Dolby]

Thanks guys - will check again !

 

[Mike Hoxbig]

Yes, you could have used it to save, you would simply do a normal transfer between your accounts. No use of the Forex services.

It's not a simple transfer between accounts. Reason being tax implications - you're limited to R1m p.a for your single discretionary allowance. Has to be done via Forex -> Global Transfers...

 

[Sayf777]

It's not a simple transfer between accounts. Reason being tax implications - you're limited to R1m p.a for your single discretionary allowance. Has to be done via Forex -> Global Transfers...

Mines is a simple transfer, I just tick discretionary allowance and accept the quote.

The first time I went through what you mentioned.

 

[rvZA]

It's not a simple transfer between accounts. Reason being tax implications - you're limited to R1m p.a for your single discretionary allowance. Has to be done via Forex -> Global Transfers...

Like I said, I transferred some funds about a year ago. My Global Account appeared as a normal account when doing transfers and that was how I always transferred funds between the accounts. I never had to use Global Transfers before. But, it may have changed.

 

[Dolby]

What is Single Discretionary Allowance ?
Default is yes ?

 

[Pineapple Smurf]

/ping @Sinbad
Our money laundry specialist

 

[Mike Hoxbig]

Mines is a simple transfer, I just tick discretionary allowance and accept the quote.

The first time I went through what you mentioned.

Yeah that's the correct process - you need to do the transfer from within the global transfers section.

He was referencing a normal account to account transfer from your account list section...

 

[rvZA]

Yeah that's the correct process - you need to do the transfer from within the global transfers section.

He was referencing a normal account to account transfer from your account list section...

I am still referencing it though.

 

[deweyzeph]

It's not a simple transfer between accounts. Reason being tax implications - you're limited to R1m p.a for your single discretionary allowance. Has to be done via Forex -> Global Transfers...

Technically it's because of exchange control regulations, not really tax implications. But yes, even though the Global Account is a locally domiciled account, any exchange from ZAR to a foreign currency has to go through the exchange control reporting process.

Personally I use my FNB Global Account (GBP) as a holding account to save pounds, and then when I have a sufficient amount to justify the SWIFT costs, I then transfer the money to my offshore GBP account.

 

[3WA]

What is Single Discretionary Allowance ?
Default is yes ?

It's the limit SARS puts on people moving money out. If you're transferring much less than one million ZAR out a year, you can safely click yes and move on.

If you’re transferring close to or more than one million ZAR out per year, you'll have to pay me before I provide any further information.

 

[deweyzeph]

It's the limit SARS puts on people moving money out. If you're transferring much less than one million ZAR out a year, you can safely click yes and move on.

If you’re transferring close to or more than one million ZAR out per year, you'll have to pay me before I provide any further information.

It's actually a limit of how much rand you can convert into foreign currency, regardless of whether or not you're moving it out of the country. For example, with the Global Account, your foreign currency never actually leaves the country, but it still counts against your annual SDA limit.

 

[3WA]

It's actually a limit of how much rand you can convert into foreign currency, regardless of whether or not you're moving it out of the country. For example, with the Global Account, your foreign currency never actually leaves the country, but it still counts against your annual SDA limit.

Yeah, true, I didn’t think about my wording very carefully.

 

[Mike Hoxbig]

Yeah, true, I didn’t think about my wording very carefully.

Made the same mistake, you get thrown off when asked for your tax number...

 

[Dolby]

So saving 50.00 Euro per month and I'm safe

PS - Seems the card is now active and the 50.00 reflects

 

[rvZA]

So saving 50.00 Euro per month and I'm safe

PS - Seems the card is now active and the 50.00 reflects

So they deactivated the account?

 

[Dolby]

So they deactivated the account?

I planned to go overseas once a year and that was the main reasoning .

I did the 1st year (September 2019) and then with Covid, didn't do anything else. I think at 20 months I got a text to say it was deactivated because of lack of transactions - but after I asked to reactivate, seems it was done . This last 50.00 Euro went through