We take care of all your foreign exchange currency needs when you are travelling abroad. You can conveniently invest funds in major foreign currencies or unit trusts. Unused travel funds and allowances may not be deposited into a foreign currency account as per exchange control regulations. Withdrawals must be in South African rands ZAR and the funds will be transferred to your Nedbank transactional account.
You'll need a South African barcoded identity document and proof of address, such as a utility bill not older than three months.
Take the original forms and supporting documentation to a Nedbank Forex branch and your application will be processed within two to three working days.
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Nedbank Foreign Currency Account. Visit any Nedbank We'll call you. Features and benefits Affordable — You can invest a minimum opening balance of USD, GBP or EUR Peace of mind — You may protect your investment against currency fluctuations without having to move funds offshore Cost-effective — There are no monthly maintenance fees Convenience — You can transfer funds in a foreign currency to an account held at an overseas bank subject to exchange control regulations.
Fees There are no monthly maintenance fees. Interest Interest earned is calculated daily based on the balance of the account but accumulated monthly: Up to an additional R10 million per year — a tax clearance certificate is necessary. Exchange rates are not fixed — the current rate will be charged at the time of the transactions.
Deposits can be made in rands simply by transferring funds from an existing account. Two-day notice is needed to access your funds. How to apply Step 1: Fill in a Nedbank foreign currency account application and a transfer form. You can download the Nedbank foreign currency account application and transfer forms online or get them from your nearest Nedbank Forex branch.
As an existing Nedbank transactional account holder, broaden your investment options with an account in a foreign currency. Contact Us Talk to us. Find a Nedbank Branch. Please take a moment to give us your suggestions. Contact us General Enquiries Lost and stolen cards.More...