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Best Foreign Exchange Provider in Africa 2024

FNB has been awarded as the Best Foreign Exchange Provider in South Africa for the eighth year in a row in the annual World's Best Foreign Exchange Provider awards hosted by the Global Finance Awards.

The winners were selected from 87 countries globally using a criteria which included, but not limited to, transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance magazine also considered input from industry analysts, corporate executives and technology specialists.

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Pricing Guide and Rules

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View South African Exchange Control Requirements

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What is a SWIFT code?

The Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) is an electronic communication method used by banks all over the world to correspond with each other in a secure and standardised way. SWIFT transfers are secure, standardised, relatively inexpensive and extremely quick.

If you are unsure of the SWIFT code, simply select Foreign Bank Search while capturing your Global Payment application.

When entering the SWIFT code, please make sure that all the letters are in uppercase.

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South African Exchange Control Requirements

All foreign exchange transactions in South Africa are subject to exchange control regulations, governed by the South African Reserve Bank. In accordance with compliance and as an authorised dealer, we provide you with the rules applicable to South African residents travelling abroad . Full details can be found on the South African Reserve Bank's website.

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Rules for South African residents travelling abroad

  • Foreign currency for travel purposes may not be bought more than 60 days prior to the departure of the traveller.
  • Travel allowance covers a calendar year (1 January - 31 December)
  • Any unutilised portion of a travel allowance must be resold to an authorised dealer within 30 days of your return. You may however, reapply for the unused portion of your discretionary allowance at any time during the calendar year.
  • A South African resident over the age of 18 is entitled to a single discretionary allowance of up to R1 million per calendar year. The single discretionary allowance may be used for any legal purpose abroad (including for investment purposes). This dispensation may be utilised solely at the discretion of the resident without any documentary evidence having to be produced to the authorised dealer except for travel purposes outside the Common Monetary Area where a passenger ticket needs to be produced.
  • Children under the age of 18 years qualify for a travel allowance of R200 000 per calendar year. For travel purposes, a valid travel document must be presented, indicating that the journey commences from South Africa. Allowance may not be issued more than 60 days prior to departure.
  • The costs of land arrangements (hotels, cruises, tours, etc.) are deductible from a travel allowance, except the payment of airfares in rands.
  • In addition, each traveller may take R25 000 in South African Reserve Bank bank notes when visiting abroad.
  • Where the insurance value of your personal belongings not for sale, exceeds R50 000, you will need a NEP form attested by a bank or by Customs and Excise. Please enquire at your nearest FNB branch should you need this form.

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Qualifying criteria

  1. FNB Online Banking
  2. FNB qualifying account

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Documents needed

  • You'll need to ensure that you comply with all South African Reserve Bank regulations as this is a cross-border payment.
  • When capturing your payment online, you will be notified of what documentation is required when you select the reason for your payment. Depending on the nature of the transaction when sending funds abroad; you may be required to supply additional information.
  • Alternatively, contact the Forex Advisory Team and we will assist you.

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What you get

We make use of the SWIFT method of transferring funds and guarantee a secure, fast, standardised transfer service to suit your needs.

  • Personalised exchange rates
  • Competitive fees
  • Available 24/7/365 via Online Banking or the FNB Banking App on your smartphone
  • Simplify the process with the ability to upload documents, and save your beneficiaries online
  • Payments are securely processed on the FNB electronic banking platform
  • Earn up to 50% back in eBucks on the transaction charges when making payments in foreign currency online or via the FNB App.
  • Confirmation of your payment will be emailed to you upon completion

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Balance of payments codes (BoP)

When doing cross-border transactions refer to the balance of payments category codes listed below.

View the BoP Codes (reasons) for all global transactions

Note that some codes also have additional sub-category codes.

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Online Banking

Send money abroad using Online Banking

  1. Login to Online Banking
  2. Select the 'Forex' tab
  3. Select 'Global Payments'
  4. Select the Forex menu on the left of the screen and select one of the following:
    • 'Once-off Global Payment' (if this is a once-off payment or first payment to a new recipient)
    • 'Recipients' if this is a repeat payment
  5. Complete and provide all information required regarding your transaction (make sure to have the beneficiary's personal information and banking details on hand)
  6. Select a reason (BoP code) for your payment
  7. Follow screen prompts to complete the transaction.

Receive money from abroad using Online Banking

  1. Login to Online Banking
  2. Select the 'Forex' tab
  3. Select 'Global Receipts' You will be directed to the New Receipts page.
    1. Select Proceed next to the desired transaction to continue and capture the requested payment details.
    2. Select Not for Me if you identify that the funds are not intended for your account.
    3. Select View SWIFT to view the original MT103 SWIFT message.
  4. Follow screen prompts to complete the transaction. You will need to know the reason (BoP code) for the funds being sent to you, e.g. salary, pension, gifts etc as this is required by SARB for reporting purposes.
  5. Complete the transaction details. You will need to know the reason for the funds being sent to you, e.g. salary, pension, gifts etc as this is required by SARB for reporting purposes.

When doing cross-border transactions refer to the balance of payments category codes listed below

View the BoP Codes (reasons) for all global transactions

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FNB App

Send money abroad using the FNB App on your smartphone

  1. Login to the FNB App.
  2. Select the 'Forex' tab
  3. Select 'Global Payments'
  4. Select the Forex menu on the left of the screen and select either:
    • 'Once-off Global Payment' , for a once-off payment or first payment to a new recipient.

    • Recipients

      , if you are making a repeat payment.
  5. Complete and provide all the transaction information required.
  6. Select a reason (BoP code) for your payment.
  7. Follow screen prompts to complete the transaction.

Receive money abroad using the FNB App on your smartphone

  1. Login to the FNB App
  2. Select the Forex' tab
  3. Select 'Global Receipts' tab:
    • Select Proceed next to the desired transaction to continue and capture the requested payment details.
    • Select Not for Me if you identify that the funds are not intended for your account.
  4. Complete and provide all the transaction information required.
  5. Select a reason (BoP code) for receiving the payment.
  6. Follow screen prompts to complete the transaction.

When doing cross-border transactions refer to the balance of payments category codes listed below

View the BoP Codes (reasons) for all global transactions

SA's Best Foreign Exchange Provider for 8 years running*

Save on fees when you transact online or via the FNB App

Through our electronic channels, you can send, receive, and invest in foreign currency in a few simple steps.
Not only can you do global payments on the go, you also save on fees and earn eBucks.

Global Finance World's Best FX Providers 2017 - 2024

What you get

A secure + fast service guaranteed

We make use of the SWIFT method of transferring funds and guarantee a secure, fast, standardised transfer service to suit your needs.

How it works

Send money globally

Make sure you have the banking details and personal information of the beneficiary as well as the reason for your payment.

Balance of payments codes (BoP)

Cross-border transaction reporting guaranteed

As an Authorised Dealer in foreign exchange, FirstRand and its divisions (including RMB and FNB) are required to report cross-border customer transactions to the South African Reserve Bank. This system of reporting is called balance of payments reporting or BoP reporting for short.

Getting it made easy

Qualifying criteria

Documents needed

 

FNB Online Banking
FNB Banking App

Pricing Guide and Rules

First National Bank - a division of FirstRand Bank Limited. An Authorised Financial Services and Credit Provider 1929/001225/06 (NCRCP20).