Rand at 5-year low vs dollar

[f2wohf]

FNB offer a simple account thats linked to your cheque account called FNB global account. You can transfer from your SAR account into it and choose which currency.
https://www.fnb.co.za/travel-products/global-acc.html

If the economy goes that bad, I'd rather not have a South African bank for this money, because in the case of a collapse, which ressources would SARB have ? Even the Eurozone reserve funds (covering in average 100 000 euro per account are not able to cover the collapse of a major bank, so SARB is a joke in comparison...).

Standard Bank offshore is a UK bank, so a separate entity with balance sheets and coverage ratios different from Standard Bank SA, while I'm not sure FNB global account wouldn't be affected.

 

[Jinx10]

If the economy goes that bad, I'd rather not have a South African bank for this money, because in the case of a collapse, which ressources would SARB have ? Even the Eurozone reserve funds (covering in average 100 000 euro per account are not able to cover the collapse of a major bank, so SARB is a joke in comparison...).

Standard Bank offshore is a UK bank, so a separate entity with balance sheets and coverage ratios different from Standard Bank SA, while I'm not sure FNB global account wouldn't be affected.

Yes I think you are right but its certainly marketed as a hedge against the rand. I suppose things would have to go worse then Zim for your money to be at risk though in the global account....