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- Foreign currency account
- International payments
Hold, receive, and make payments in foreign currencies
A foreign currency account allows you to hold, receive, and make payments in foreign currencies, providing flexibility and potential savings on currency conversion costs. This is best suited for those who frequently engage in international transactions, travel abroad, or need to manage foreign exchange risks.
Key Features
Multi-Currency Management
Hold multiple currencies within a single account, making it easier to manage funds across different currencies without needing to convert them each time.
Flexible Transactions
You can make and receive payments in various foreign currencies, which can help avoid the costs associated with currency conversion.
Interest Earnings
You may earn interest on the funds held in your foreign currency account. However, interest rates can vary significantly between currencies.
Access to Competitive Exchange Rates
Access to better exchange rates compared to standard accounts, which can lead to cost savings when converting currencies.
Available currencies
Choose from 8 international currencies to buy and build a diverse portfolio
- 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)
Convenient and low cost
Take advantage of favourable exchange rates and enjoy:
- Zero monthly maintenance fees
- Get free monthly electronic statements
- Make free digital transfers between your FCA and your current or savings account. Fees may be charged for other services
Manage your accounts
Enjoy flexibility, convenience and easy access to your funds
- Access your money whenever you need it
- Transfer money between your FCA and your Private Wealth account
- Transfer money easily between multiple FCA accounts
- Make outgoing international payments from your FCA
Key Benefits
Cost Savings
By holding funds in foreign currencies, you can avoid conversion fees and take advantage of favourable exchange rates when making transactions.
Risk Management
Use foreign currency accounts to hedge against currency fluctuations, providing more stability in financial planning.
Convenience
Simplify the process of managing international payments and receipts, making it easier to conduct business globally.
Open an FCA on the Private Wealth app or Online Banking
Go to International banking and travel > Foreign currency accounts > Open foreign currency account and follow the prompts.
Minimum investment amount: R1 500
Allowances and limits
Single discretionary allowance
South African residents are allocated an annual single discretionary allowance of R2 million.
This may be used as payment for any legal purpose abroad, as defined in the Currency and Exchanges Manual for Authorised Dealers from the South African Reserve Bank.
This includes 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.
To use this allowance, you will need a tax number and tax compliance status PIN letter from the South African Revenue Service. Keep in mind that there will be tax implications when using this allowance.
For information on how to get your tax compliance status PIN letter, please visit the SARS website or call the SARS Contact Centre on 0800 00 SARS (7277).
Please note: The purpose of this request is for foreign investment. It is not a letter of good standing.
Foreign nationals and non-residents
FCA investments are limited to funds introduced to and/or earned in South Africa. Proof of income is required.
Please note:
- All transactions conducted through your FCA must comply with South African Exchange Control regulations and limits.
- 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.
- Read our full FCA terms and conditions here.
International payments
Whether you’re sending or receiving money internationally, our digital platform and expert support make every transaction effortless.
Send money abroad using your app or Online Banking
- Log in to your app or Online Banking.
- Select Make international payment.
- Enter the beneficiary's details (name, address, SWIFT/IBAN).
- Choose the payment reason and upload documents if needed.
- Enter the amount in rand or the target currency.
- Accept or decline the exchange rate quote.
- Confirm and track your transaction.
Allowances and requirements
Payment type |
Limit |
Documents needed |
|---|---|---|
R1 million a year |
None (standard purposes) |
|
R10 million a year |
SARS tax clearance |
Receive an international payment using your app or Online Banking
- Provide your NPW account name and number to the sender.
- Share our SWIFT code: NEDSZAJJ
- Look out for a confirmation email once the money arrives.
- Log in to your app or Online Banking.
- Select Receive international payment under Transact.
- Accept the payment, select the BOP code and lock in your rate.
Payments to CMA countries
Namibia, Lesotho and Eswatini form part of a monetary union as their currencies have the same monetary value. Making ZAR payments to a CMA country is quick and easy with the Nedbank Private Wealth app or Online Banking.
Enjoy no paperwork, faster processing time, and 24/7 service availability.
Making ZAR payments to a CMA country
- Log in to the Nedbank Private Wealth app or Online Banking and go to Transact > Payments > Inetrnational payments > Pay ZAR and follow the steps.
Making frequent ZAR payments to a CMA country?
Add an international beneficiary by simply navigating to Manage beneficiaries on our app or Online Banking.
Select Add an international beneficiary, complete the necessary fields and save.
Receiving a ZAR payment from a CMA country
Once you have received an email from us notifying you that we have received your payment, Log in to the Nedbank Private Wealth app or Online Banking, go to Transact > Payments > International payments > Receive a payment and follow the steps.
Receiving frequent payments for the same reason?
Speak to your private banker about setting up a Standing Instruction Mandate (SIM) which will allow us to automatically process your incoming payment without intervention from you.
Note: This service is available if payments are always received for the same reason only.
International Focus Solution
A fully integrated, multicurrency international banking and investment solution with digital access, a debit card, and jurisdictional reach in the Isle of Man, London, and Jersey.
Foreign Currency Account
Open a Nedbank foreign currency account (FCA) today and invest in up to 8 foreign currencies.
