FNB Global Account

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JayM

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Anyone here using one of these?

If you have funds outside the country already (in for e.g. EUR), can you transfer to the FNB Global account directly, or does it have to go via the reserve bank?
 
Yes, you can transfer directly into your Global Account. I have a Dollar account which is linked to my cheque account. When I receive cash from a company abroad, it goes directly into that account.
 
Emjay said:
Yes, you can transfer directly into your Global Account. I have a Dollar account which is linked to my cheque account. When I receive cash from a company abroad, it goes directly into that account.
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I assume you can also transfer it back out again without exchange control too?
 
Pakka said:
How would tax work on that?
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As on any other account. Nothing funny. In the end a ZAR taxpayer has to report her revenues/sales and income in ZAR. The only thing to keep an eye on is that you use the right Buy or Sell rates when converting from/to Rand. My business does this almost daily.
 
Arthur said:
As on any other account. Nothing funny. In the end a ZAR taxpayer has to report her revenues/sales and income in ZAR. The only thing to keep an eye on is that you use the right Buy or Sell rates when converting from/to Rand. My business does this almost daily.
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What is the difference between the rates, there's the "buying notes" and "buying TT." When I want to sell, what rate applies?
 
Sell Rate: Sell Rand to buy a foreign currency (convert Rand into eg USD or Euro)
Buy Rate: Buy Rand using a foreign currency (convert from eg USD or EUR to Rand).

The rates are different. Speak to your bank about the rates you'll get. FNB rates are here.

Right now, using TT/wire (SWIFT), it'll cost you R14.9361 to buy one USD. However, to convert $1 into Rand, you'll get back R14.4361. There's a R0.50c spread as you can see. If you use credit card, notes, or TCs, the rates are quite a lot higher/worse.
 
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Arthur said:
Sell Rate: Sell Rand to buy a foreign currency (convert Rand into eg USD or Euro)
Buy Rate: Buy Rand using a foreign currency (convert from eg USD or EUR to Rand).

The rates are different. Speak to your bank about the rates you'll get. FNB rates are here.

Right now, using TT/wire (SWIFT), it'll cost you R14.9361 to buy one USD. However, to convert $1 into Rand, you'll get back R14.4361. There's a R0.50c spread as you can see. If you use credit card, notes, or TCs, the rates are quite a lot higher/worse.
Click to expand...

Apologies if I missed the point, but say I have $1000 I want to change back to ZAR (purely explanatory based) the rate I would monitor would be the buying TT rate, and not the Notes rate? I initially purchased the $ with cash.
 
Emjay said:
Yes, you can transfer directly into your Global Account. I have a Dollar account which is linked to my cheque account. When I receive cash from a company abroad, it goes directly into that account.
Click to expand...

Banking Details FNB Local or something else?
Was looking at this but company only accepts banking details from abroad.
 
Airborne90 said:
Apologies if I missed the point, but say I have $1000 I want to change back to ZAR (purely explanatory based) the rate I would monitor would be the buying TT rate, and not the Notes rate? I initially purchased the $ with cash.
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Yes, assuming the $1000 is in your CFC account. The Notes rate is for exchanging banknotes.
 
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