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Reasons to open an FCA
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Benefit from favourable exchange rates.
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Diversify your portfolio with stable currencies.
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Save for international vacations.
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Earn monthly interest on your balances.
How to open an FCA and buy or sell foreign currency
Fund your account when you open it with a minimum balance of at least 1 unit of currency.
Log in to the Money app or Online Banking and go to More > Applications > Forex > Foreign Currency Account and follow the application steps.
Alternatively, go to International banking and travel > Foreign Currency Accounts > Open Foreign Currency Account.
To buy and sell additional currency, go to
International banking and travel > Foreign Currency Accounts > Buy or Sell.
Note: Currently, only South African residents can open and service their FCAs digitally. Foreign nationals and non-residents can apply online.
Available currencies
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United States dollar (USD)
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British pound sterling (GBP)
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European euro (EUR)
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Australian dollar (AUD)
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Canadian dollar (CAD)
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Hong Kong dollar (HKD)
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Japanese yen (JPY)
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Isreali new shekel (ILS)
Fees and interest
Pay no monthly management or service fees for digitally transferring funds between your transaction account and FCA.
Your FCA may earn interest depending on local and international market conditions and internal pricing considerations. The interest rates vary by currency and are reviewed daily. Interest earned on your FCA balance is calculated daily and paid monthly.
Make outgoing international payments from your FCA
To make an outgoing international payment from your FCA, you’ll need to complete a form and send it by email to servicedeskpayments@nedbank.co.za. We will call you for verification to process your outgoing payment.
Important information
To do the following transactions on your FCA, open your Money app or Online Banking and select International banking and travel.
Transacting on your FCA
Resident individual |
Foreign national |
Non-resident |
|
Yes |
Yes |
Yes |
|
Yes |
No |
No |
|
Yes |
No |
No |
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.
Who can open the FCA?
Individuals over 18 (South African residents and foreign nationals); with an existing Nedbank transactional account.
Exclusions:
- 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.
The following South African Exchange Control regulations apply to South African residents:
- You can invest up to R1 million per calendar year as part of your single discretionary allowance. No tax clearance certificate is required.
- 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. To use this allowance, send an email to fca@nedbank.co.za.
The following South African Exchange Control regulations apply to 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.
Foreign exchange settlement times:
- Transactions are settled during weekdays between 08:00 and 16:30, excluding public holidays.
- Transactions may take up to 2 business days depending on currency cut-off times and regulatory requirements.
Exchange control regulations and terms and conditions apply.
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 or at www.nedbank.co.za/fca.
- 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).