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TRAVEL
We offer the following travel solutions: foreign notes in all major currencies, Multi-currency Cash Passport™ and FNB Global Account. With the FNB Global Account, you can save for your next international trip, get quick access to manage currency risk and make and receive international payments. Remember you can pay in advance for reservations such as car hire, cruises and theatre tickets, etc. using the RMB App and Online Banking.
You can purchase foreign notes up to 60 days prior to departure. Get your foreign notes delivered to you for free.
As an individual, over the age of 18, you are entitled to a travel allowance that forms part of the annual discretionary allowance and standard exchange control requirements are applicable. Any unused portion of foreign notes must be resold to an authorised dealer within 30 days of your return.
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SOUTH AFRICAN EXCHANGE CONTROL
All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank (SARB). In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad. Full details can be found on the South African Reserve Bank's website.
Rules applicable to South African residents travelling abroad
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Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
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Travel allowance covers a calendar year (1 January - 31 December).
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Any unused portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
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A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be used solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
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Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
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The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
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In addition, each traveller may take R25 000 in South African Reserve bank notes when travelling abroad.
Single discretionary allowance and other miscellaneous payments for private individuals
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Temporary exportation of personal effects and jewellery:
Where the items exported will not be returned to South Africa and where the insurance value thereof exceeds R50 000, an application must be submitted to the Financial Surveillance Department.
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Temporary exportation of caravans, horse-boxes, motor/sail boats, motor vehicles and trailers:
Where the items exported will not be returned to South Africa and where the insurance value thereof exceeds R50 000, an application must be submitted to the Financial Surveillance Department.
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SEND MONEY
Payment solutions without boundaries
Send money* abroad using the RMB App and Online Banking, our payment solutions include MoneyGram™ and PayPal™.
*We will require all of the beneficiary's details and the reason for your payments. You may be required to provide supporting documentation for certain transactions. PayPal™ top-ups available to qualifying South African bank accounts.
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RECEIVE MONEY
Receive and convert funds
We offer various payment solutions when receiving money from abroad using the RMB App and Online Banking including MoneyGram™ and PayPal™.
You will have up to 30 days to exchange your funds upon receipt. You need to provide the sender with the SWIFT Code: FIRNZAJJXXX
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MONEYGRAM™
A safe, easy and fast way to send money home
MoneyGram™ is a money transfer service used to do cross-border, person-to-person payments. It's an affordable, reliable, fast and convenient way to send or receive money cross-border.
MoneyGram™ is available on the RMB App.
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REGULATORY SERVICES
Access to expert assistance covering a wide range of foreign exchange and exchange control matters
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Offshore investment by individuals and their companies
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Regulatory impact of residential status
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Inward investment by non-resident individuals
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Transactional advice for cross-border transactions, including the managing of foreign currency exposure
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Preparation and submission of applications to the SA Reserve Bank
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Advice on the current regulatory environment, incorporating both simple and complex transactions, involving individuals, companies and trusts, etc.
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Tax paying residents and non-tax paying residents
It is mandatory for all clients that make Advance Payments to apply for an Advance Payment Notification (APN) number by accessing their SARS eFiling profile for each advance import payment with a value of R50 000.00 (Fifty Thousand Rand) and above and where the Balance of Payment (BoP) category code is 101 and subcategory 01 to 10.
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Imports and exports
We offer import and export solutions to suit your cross-border transactional needs and help protect you from risks while expediting payments.
Open account payments
Ideal for longstanding trading relationships with parties you trust.
Advance payments
When exporting, advance payments are an inexpensive way to trade and it offers you the safety of receiving payment before dispatching the goods.
Trade-related payment methods
Documentary Credit (Letters of Credit), Foreign Bills for Collection and Guarantees.
Hedging instruments
Customer Foreign Currency Accounts (CFC) and Forward Exchange Contracts
Apply for new Letter of Credit applications as well as view or amend existing applications via Business Online Banking.
We offer guidance on selecting Incoterms® rules online. (Incoterms® rules are used to communicate tasks, costs and risks associated with the transportation and delivery of goods.)
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HOLD FUNDS IN FOREIGN CURRENCY
If you are not yet sure of where you wish to invest your funds, you can hold your available funds in a foreign currency account until you are ready. There are various options available to suit your needs.
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SEND AND RECEIVE MONEY & GET REWARDED
Consumer and business customers earn up to 50% back in eBucks on their transaction charges when they send and receive money in a foreign currency via Online Banking.
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AGREE TO STANDING INSTRUCTIONS & GET REWARDED
Consumer and business customers who receive money from abroad and agree to a standing instruction, where Forex converts the foreign currency into ZAR on their behalf, receive up to 50% back in eBucks on their transaction charges
Read more
South African Exchange Control
