Foreign currency - buying now

I.am.Sam

I.am.Sam

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In your mind ...rent free
so with the dollar dropping

how does it work if you want to travel later in the year

i wanted to buy some dollars now and keep

can this be done

also there is some global account on FNB but not sure how it works
 
For FNB Global, if you have FNB account already, it should be very easy on the app. I had done it via website some years ago and it was just a matter of few clicks. And I had to submit something online.

Otherwise, if you feel lazy to find but have FNB account & app, chat to someone on secure chat. Very responsive.
 
i have the fnb app but say you buy now at R15.50 ..and in september the dollar goes up to R18 or something

does your dollars convert to the price when you use it

cos $2000 might not be the same later in the year

could increase as well
 
If you open a Shyft account they give you decent rates for buying either USD, EUR, GBP and AUD

It stays in your respective foreign currency account and when you travel you move to a virtual or physical card (for free) and then pay, however they then charge you 0.5% of the transaction. Works well for apple pay etc so we have one account and just add to multiple devices when travelling.
 
I.am.Sam said:
i have the fnb app but say you buy now at R15.50 ..and in september the dollar goes up to R18 or something

does your dollars convert to the price when you use it

cos $2000 might not be the same later in the year

could increase as well
Click to expand...
yes, you will have R3,50 more to spend (per dollar).
 
I.am.Sam said:
i have the fnb app but say you buy now at R15.50 ..and in september the dollar goes up to R18 or something

does your dollars convert to the price when you use it

cos $2000 might not be the same later in the year

could increase as well
Click to expand...

Yes, that’s the entire point of this exercise.

It could also backfire on you spectacularly and go further down and then you lose money.
 
SauRoNZA said:
Yes, that’s the entire point of this exercise.

It could also backfire on you spectacularly and go further down and then you lose money.
Click to expand...
I bought at what I thought was a great rate in December..... Even more spectacular I told my wife to convert some EUR to $ a while back so hindsight is expensive
 
HandyTechTipper said:
You buy dollars now, say $100 at R15.50 per $... Those $100 dollars can be spent at any time in the future (no matter what the rate goes to in the future)... You bought $100 and you have $100
Click to expand...

cos this is what i want :D

but also if price drops to R14 i lose out ...but will still have $100
 
You buy a can of Coke from me for R15 now. Regardless of the price of a can of Coke in December, you still have the can of Coke.
 
I.am.Sam said:
very simple lol i buy $100 now ..do i have $100 to spend regardless of price later in the year ?
Click to expand...

Yes you'll always have $100...the difference is if it goes down further then you'll have overpaid for it if you bought it now.

If it goes up again, then you'll win a little bit.
 
yogidabear said:
If you open a Shyft account they give you decent rates for buying either USD, EUR, GBP and AUD

It stays in your respective foreign currency account and when you travel you move to a virtual or physical card (for free) and then pay, however they then charge you 0.5% of the transaction. Works well for apple pay etc so we have one account and just add to multiple devices when travelling.
Click to expand...
Shyft has some of the best FX rates in the business. can recommend.
 
Do you not need flights booked in order to buy currency at the bank?
 
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