Fnb Global Account

[desperatedan2]

If you have the SWIFT/IBAN details for the Oz account:

1. Log into online banking.
2. Select Forex -> Global Payments
3. 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
4. Follow the steps as necessary

Thank you MattRoy.
That was easy.

 

[MattRoy]

Thank you MattRoy.
That was easy.

I am glad that you got it sorted!

 

[Prince_A_Pill]

I am glad that you got it sorted!

Matt, you seem to be considerably knowledgeable in terms of these accounts - do you know if you can transfer $ from a PayPal account straight into the Global account as $ without affecting any exchange charges?

 

[Visser]

Matt, you seem to be considerably knowledgeable in terms of these accounts - do you know if you can transfer $ from a PayPal account straight into the Global account as $ without affecting any exchange charges?

No, you can't. The Paypal will go to your cheque account and from there you must make a transfer to your Global Account, using FNB's global transfer function.

 

[deweyzeph]

Does anyone know if there are any tax implications with FNB's global accounts? For example, if I open a GBP account and deposit rands from my FNB cheque account into it, could I be liable for any capital gains tax or income tax if the rand depreciates significantly and the value of my global account increases correspondingly? Or does SARS not consider currency gains as income or capital gain?

 

[Visser]

Does anyone know if there are any tax implications with FNB's global accounts? For example, if I open a GBP account and deposit rands from my FNB cheque account into it, could I be liable for any capital gains tax or income tax if the rand depreciates significantly and the value of my global account increases correspondingly? Or does SARS not consider currency gains as income or capital gain?

As far as I know there is tax implications. When you transfer funds to your account, it is reported as an investment.

 

[JayM]

Does anyone know if there are any tax implications with FNB's global accounts? For example, if I open a GBP account and deposit rands from my FNB cheque account into it, could I be liable for any capital gains tax or income tax if the rand depreciates significantly and the value of my global account increases correspondingly? Or does SARS not consider currency gains as income or capital gain?

https://www.thesait.org.za/news/309...rrency-Gains-made-on-Foreign-Investments-.htm

 

[deweyzeph]

https://www.thesait.org.za/news/309...rrency-Gains-made-on-Foreign-Investments-.htm

Thanks for that, however it does raise more questions than it answers. One the key questions in my mind is would an FNB Global Account be classed as an investment account? As far as I can see no interest is earned on the account, so the only gains or losses you could possibly make are through currency appreciation or depreciation. Does anyone here have the ability to unpack the quoted article above as it would relate to an FNB Global account?

 

[Visser]

Thanks for that, however it does raise more questions than it answers. One the key questions in my mind is would an FNB Global Account be classed as an investment account? As far as I can see no interest is earned on the account, so the only gains or losses you could possibly make are through currency appreciation or depreciation. Does anyone here have the ability to unpack the quoted article above as it would relate to an FNB Global account?

In fact, you do earn interest on the funds in your USD account.



In addition to this, changes in currency will probably be another issue when you withdraw funds, as you could make additional profits or losses which will need to be declared.

 

[deweyzeph]

In fact, you do earn interest on the funds in your USD account.

View attachment 578504

In addition to this, changes in currency will probably be another issue when you withdraw funds, as you could make additional profits or losses which will need to be declared.

In fact, you do earn interest on the funds in your USD account.

View attachment 578504

In addition to this, changes in currency will probably be another issue when you withdraw funds, as you could make additional profits or losses which will need to be declared.

Ok, the interest is easy to understand. That can be accounted for easily. Do you reckon you would only be liable for capital gains tax if you converted your foreign currency back into rands? But what if you never converted it back into rands, but used it to pay for foreign services or goods? In a way you've benefited from the currency gain, but you've never realised it in rands.

 

[JayM]

Thanks for that, however it does raise more questions than it answers. One the key questions in my mind is would an FNB Global Account be classed as an investment account? As far as I can see no interest is earned on the account, so the only gains or losses you could possibly make are through currency appreciation or depreciation. Does anyone here have the ability to unpack the quoted article above as it would relate to an FNB Global account?

I believe it would count as an investment account. You could definitely use it to pay for goods and services to reduce the amount, but if you buy any assets their value would be included in any CGT calculation (e.g. disposal event caused by becoming non-tax resident).