Key features
8 Currencies
- US dollar (USD)
- British pound sterling (GBP)
- Euro (EUR)
- Australian dollar (AUD)
- Canadian dollar (CAD)
- Hong Kong dollar (HKD)
- Japanese yen (JPY)
- Israeli shekel (ILS)
Cost
- No monthly maintenance fees
- Save money by hedging against currency fluctuations
- Earn interest depending on local and international market conditions
- Free monthly electronic statements.
- Free digital transfers between your FCA account and your transaction account are free.
- Fees may be charged for other services.
Flexibility
- Access your money whenever you need it
- Transfer money between your FCA and transaction account (savings or current)
- Transfer money between your FCA accounts
- Make outgoing international payments from your FCA.
Who qualifies?
-
South African residents, foreign nationals or non-residents who are older than 18 years.
-
Any client who has a Nedbank transactional account, regardless of their income level.
Limits
All transactions conducted through your FCA must comply with South African Exchange Control regulations and limits. Here are the limits based on your residency:
South African residents
- You can invest up to R1 million per calendar year as part of your single discretionary allowance; you do not need a Tax Status PIN letter.
- You can invest up to R10 million per year as part of your foreign investment allowance. You will need to provide a Tax Compliance Status PIN letter for Foreign Investment Allowance issued by SARS
Foreign nationals and non-residents
- Your investment in the FCA is limited to the funds you introduce to and/or earn in the country. Proof of income is required.
Monthly interest payment
Interest earned on your FCA is calculated daily based on your account balance and is paid monthly.See our current interest rates in the table below.
Multicurrency FCA
Currency |
Credit |
|---|---|
2.20% |
|
2.30% |
|
0.26% |
|
1.80% |
|
0.85% |
|
0.00% |
|
0.00% |
|
0.00% |
Competitive interest rates
The interest you earn on this FCA is dependent on both local and international market conditions and our internal pricing considerations. Interest rates are reviewed regularly and may change without notice. You can view your current interest rate on the Money app and Online Banking.
Alternatively, you can send a query or request to fca@nedbank.co.za. A Nedbank consultant will contact you for authentication and confirmation of the exchange rate. You will need to complete an indemnity form (once-off).
How to open a FCA
South African Residents
- On the Money App or Online Banking
Go to International Banking and Select Foreign Currency Accounts.
Minimum; 1 unit in currency eg 1 USD, 1 EUR
- Online
Follow this link to apply online. and your account will be opened within 2 business days.
Minimum; R 1 500.00
- Apply at a branch
Go to your nearest Nedbank branch with your ID or talk to your banker.
Minimum; R 1 500.00
Foreign Nationals
- Online
Follow this link to apply online. and your account will be opened within 2 business days.
Minimum; R 1 500.00
- Apply at a branch
Go to your nearest Nedbank branch with your ID or talk to your banker.
Minimum; R 1 500.00
Non-residents
- Online
Follow this link to apply online. and your account will be opened within 2 business days.
Minimum; R 1 500.00
Transacting on your FCA
To do the following transactions on your FCA, open your Money app or Online Banking and select International banking and travel.
Transactions |
Resident Individual |
Foreign National |
Non Resident |
|---|---|---|---|
Yes |
Yes |
Yes |
|
Yes |
No |
No |
|
Yes |
No |
No |
Send a query or request
You can also send a query or request to fca@nedbank.co.za. A Nedbank consultant will contact you to authenticate and confirm the exchange rate. You will need to complete an indemnity form (once-off).
Transfer between your FCA and transaction account:
- For amounts less than R160 000, please send an email to fca@nedbank.co.za with your FCA account number and transaction account details.
- For transactions over R160 000, please complete and email the FCA transfer form.
- You may need to provide supporting documents in line with Exchange Control Regulations.
As a South African Resident or foreign national, you can visit your nearest branch or ask your banker to:
- Transfer funds between your FCA and transaction account.
- Transfer funds between your FCA accounts.
How to make outgoing international payments from your FCA
To make an outgoing international payment from your FCA, you’ll need to complete this online form and send it by email to servicedeskpayments@nedbank.co.za. We will call you for verification to process your outgoing payment.
Please note: Depending on your reasons for payment (ie Balance of Payments or BoP), you may have to provide supporting documents.
Learn more
Single discretionary allowance
As a South African resident, you're allocated an annual single discretionary allowance of R1 million.
This may be used for payment for any legal purpose abroad, as defined in the Currency and Exchanges Manual for Authorised Dealers from the South African Reserve Bank, including investments, travel-related payments and gifts, without any tax implications.
Foreign investment allowance
As a South African resident, you're allocated a foreign investment allowance of R10 million a year.
Keep in mind that there will be tax implications when using this allowance. Before opening your account, make sure you have a tax number and Tax Compliance Status PIN letter from the South African Revenue Service.
A consultant will call you to help you open your selected account.
How to get your Tax Compliance Status PIN letter?
For information on how to get your Tax Compliance Status PIN letter via e-filing, for Foreign Investment.
Please visit SARS online or call the SARS Contact Centre on 0800 00 SARS (7277).
Important Information
- You cannot pay local third parties using your FCA
- Your FCA cannot be used as security.
- Your FCA cannot go into overdraft.
- The account is intended for personal use only and cannot be used for business purposes.
- As a South African resident, you cannot withdraw foreign currency in banknotes.
Please note: The purpose of this request is for Foreign Investment and not the Letter of Good Standing.
