Multi-currency accounts for FNB customers
FNB has become the first bank to offer a South African based online multi-currency account.
These accounts are available to FNB gold and platinum cheque account holders and can be opened via FNB’s online banking platform. The bank will not be levying a monthly account fee on the Multi-currency account, but will review the fee structure in line with their annual price review in July 2012.
With the multi-currency account FNB customers are able to make investments of up to R4m offshore per annum (governed by Exchange Control regulations).
“The FNB multi-currency accounts are designed to be extremely convenient investment accounts. At the click of a button, customers can transfer funds from their cheque account into an account designated in US dollars, Australian Dollars, British Pounds Sterling, Euros and Indian Rupees,” says, Raj Makanjee, CEO of Core Banking Solutions at FNB.
“The account is not designed to enable currency speculation or short-term trading in FOREX markets. Naturally over periods of time, however, customers will be impacted by movements in exchange rates,” added Makanjee.
The account is designed to receive foreign-earned income, such as dividends or proceeds of equity transactions. The account also enables investment payments overseas. Funds can then repatriate back to the customer’s Rand cheque account – all via online banking.
“We sought an innovative solution that would make it safe and convenient for our customers to transact and diversify their investment portfolios internationally. The online platform will give customers seamless exposure to key international currencies. Customers won’t have to go to an FNB branch to open an account. They can now apply, manage and invest online, which is a simple and easier option for many,” added Makanjee.
This account is a suitable tool for anyone who is serious about diversifying currency or working on on/offshore investments. Instead of having different accounts, you can keep everything in one account and easily exchange your balance in one currency (or part of it) for another currency.
“Customers will be able to transfer money in different currencies, anywhere in the world, without the need for currency conversions. This type of account is ideal if you frequently send and receive money internationally, perhaps payments, or transfers related to an overseas investment,” concludes Makanjee.