That minimum balance is just so that you don't pay the fee.
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Fnb Global Account
- Thread starter piranha786
- Start date
That minimum balance is just so that you don't pay the fee.
I took 75% of my life savings and bought USD in June. 40% return, but you can't really consider it real gains IMO as the Rand and the economy as a whole is too banana.
I now make monthly transfer to my USD account versus investing locally. There is just too much risk out there.
That was brave. But I guess it's also relative on what size that savings is I guess.
FNB is R60 + the exchange rate that they are giving you. (Which they will also price in their favour, lets say 1.5% of the total amount)
Just be careful, the reserve bank is sure to raise the interest rates and the Rand might just swing the other way. I agree it makes financial sense to have some foreign currency. Never put all eggs in the same basket
Just be careful, the reserve bank is sure to raise the interest rates and the Rand might just swing the other way. I agree it makes financial sense to have some foreign currency. Never put all eggs in the same basket
Nocturnity
Expert Member
Nope. The account needs to be funded with a minimum balance for them to consider opening it.
At least, that's how my investment banker explained it.
DrJohnZoidberg
Honorary Master
Opened up an FNB USD account now, does anyone know if the SWIFT fees are exactly the same for this account as my normal account when receiving funds from abroad?
To answer part of your question: Swift Commission 0.52% (minimum R 145.00 maximum R 680.00)
https://www.fnb.co.za/downloads/pricing-guide/products/FNB_PricingGuide_Forex.pdf
Seems like the Rand made a comeback and has once again beaten toilet paper. I am now considering opening one of these FNB Global Accounts. Does anyone have some experiences to share?
Once you request a deposit, it can take up to a few days for them to call you to confirm the transaction. The interest on a USD account is extremely low. The account only makes sense to me as a Rand hedge, plus it boosts your Ebucks points by 2k
I would not use it otherwise.
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Once you request a deposit, it can take up to a few days for them to call you to confirm the transaction. The interest on a USD account is extremely low. The account only makes sense to me as a Rand hedge, plus it boosts your Ebucks points by 2k
With "request a deposit" do you mean that you selected to transfer money from your cheque account to the global account?
Or are you referring to a deposit from a foreign account?
I am planning on visiting a friend overseas and would rather have some certainty as to the amount of Dollars I could spend
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DrJohnZoidberg
Honorary Master
The post I made was specifically for the the Swfit commission on a global account, so it would seem they are the same then.
I get the distinct feeling that all banks simply screw you over when it comes to handling money.
Maybe the better option would be to buy some bitcoin
Jola
Honorary Master
Would also like to know - anyone ?
supersunbird
Honorary Master
And now is a much better time to put money there than it was in Jan...
Yes you can. I don't think there are any fees to transfer in/out, but if you're changing currency I'd recommend E4F as they'll give you a much better rate than the bank.
Thanks for this advice, check out there website and would certainly give them a try.
desperatedan2
Member
I have an FNB global account with some Australian $. My daughter is going on a working holiday in Oz and they require you to make a deposit into an account in Oz. Trying to find out how to make this transaction, phoned FNB this morning, but gave up waiting ... have to keep trying.
If you have the SWIFT/IBAN details for the Oz account:
- Log into online banking.
- Select Forex -> Global Payments
- Select your Aus $ Global Account as the "Pay from" account if you are doing a once-off payment, or ensure that is is selected as the "From account" when adding the Oz account as a beneficiary
- Follow the steps as necessary