FNB Global Account - Saving ?

Dolby

Dolby

Honorary Master
Joined
Jan 31, 2005
Messages
39,122
Reaction score
6,138
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
 
Dolby said:
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
Click to expand...
Transfers- Global Transfers
 
Dolby said:
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
Click to expand...

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
 
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...
 
Thanks guys - will check again !
 
rvZA said:
Yes, you could have used it to save, you would simply do a normal transfer between your accounts. No use of the Forex services.
Click to expand...
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...
 
Mike Hoxbig said:
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...
Click to expand...
Mines is a simple transfer, I just tick discretionary allowance and accept the quote.

The first time I went through what you mentioned.
 
Mike Hoxbig said:
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...
Click to expand...

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.
 
What is Single Discretionary Allowance ?
Default is yes ?
 
Sayf777 said:
Mines is a simple transfer, I just tick discretionary allowance and accept the quote.

The first time I went through what you mentioned.
Click to expand...
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...
 
Mike Hoxbig said:
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...
Click to expand...

I am still referencing it though.
 
Mike Hoxbig said:
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...
Click to expand...

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.
 
Dolby said:
What is Single Discretionary Allowance ?
Default is yes ?
Click to expand...

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.
 
3WA said:
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.
Click to expand...

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.
 
  • Like
Reactions: 3WA
deweyzeph said:
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.
Click to expand...

Yeah, true, I didn’t think about my wording very carefully.
 
So saving 50.00 Euro per month and I'm safe :)

PS - Seems the card is now active and the 50.00 reflects
 
rvZA said:
So they deactivated the account?
Click to expand...

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
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X