yogidabear
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Foreign currency - buying now
- Thread starter I.am.Sam
- Start date
Interesting. A few years ago I went to ABSA to buy Turkish Lira, and I had to provide flight tickets as evidence that I am indeed going.
So these days would I be able to just go to a bank and buy currency?
chickenbeef
Executive Member
I think this is if you want cash.
With the FNB global card, you load it up and withdraw abroad.
yogidabear
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Assumed you meant digital. Have never bought notes in SA for another country as you would get a really bad rate.
Not sure your intention but again I use Shyft and at the destination airport I will draw there from an ATM
Ah ok. I could have been clearer. Thanks.
Yeah I don't buy currency locally anymore, I just withdraw from ATM at destination country.
I.am.Sam
Honorary Master
No, on both FNB Global and Shyft you can buy foreign currency without having flights.
On FNB Global (I'm not sure about Shyft) they ask for a BOP (Balance of Payment) category.
Holidays for private individuals is code 256. If I buy to keep as investment I use 512 (Foreign Investments).
I.am.Sam
Honorary Master
what is balance of payment ?
The Balance of Payments (BOP) is a systematic record of all economic transactions between a country and the rest of the world over a specific period (usually a year).
Its categories show what kind of transactions are taking place.
SARB wants to know why we're buying forex. whether to spend or invest in other countries and whether we are buying stuff to bring into SA or spending it on stuff overseas like holidays.
Its categories show what kind of transactions are taking place.
SARB wants to know why we're buying forex. whether to spend or invest in other countries and whether we are buying stuff to bring into SA or spending it on stuff overseas like holidays.