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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 suited to clients who transact internationally, travel abroad, or need to manage foreign exchange risk.
Key features
Multi-currency management
Make and receive payments in various foreign currencies and help avoid conversion costs.
Flexible transactions
Manage international payments with ease.
Interest earnings
Earn interest on funds held, depending on the currency.
Competitive exchange rates
Access better exchange rates when compared to those of standard accounts and potentially reduce conversion costs.
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 more:
- Zero monthly maintenance fees
- Free monthly electronic statements; and
- Free digital transfers between your foreign currency account (FCA) and 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 Private Wealth account
- Transfer money easily between multiple FCAs
- Make outgoing international payments from your FCA.
Key benefits
Cost savings
Avoid repeated currency conversions and take advantage of favourable exchange rates.
Risk management
Hedge against currency fluctuations to support more stable financial planning.
Convenience
Simplify international payments and receipts for personal global transactions.
Opening a foreign currency account
Open a foreign currency account on the Private Wealth app or Online Banking by navigating to International banking and travel > Foreign currency accounts and following the prompts.
Minimum investment amount: R1 500.
Allowances and limits
Single discretionary allowance
South African residents are allocated an annual single discretionary allowance of R1 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 and 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 (SARS). Keep in mind that there will be tax implications when using this allowance.
For more information on how to get your tax compliance status PIN letter, please go to the SARS website or call the SARS Contact Centre on 0800 00 SARS (7277).
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 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 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.
