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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.

Global Receipts | Receive Funds From Abroad | FNB
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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.

FNB's SWIFT code is FIRNZAJJ

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

  • Ensure that you know the reason for the funds being sent to you, for example salary, pension or a gift, as this is required by SARB for reporting purposes.
  • Depending on the nature of the transaction, you may need to supply additional documents.
  • Please contact the Forex Advisory Team for assistance, if needed.

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What you get

You have up to 30 days to convert the funds into rands before the funds are sent back to the originating sender. Once you have accepted the rate, the funds will be credited into your Cheque Account.

  • Receive an inContact message once FNB has received your funds from abroad.
  • Competitive fees
  • Available 24/7/365 via Online Banking or the FNB Banking App on your smartphone
  • Payments are securely processed on the FNB electronic banking platform
  • Up to 50% back in eBucks on the transaction charges when receiving payments in foreign currency
  • Confirmation of your received payment will be emailed to you on completion

If you receive these funds on a regular basis, you can provide FNB with direct authorisation to convert these funds on your behalf at a competitive rate immediately. This is known as standing instruction.

A standing instruction can earn you up to 50% back in eBucks for funds received in foreign currency on the transaction charges.

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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 5 years running*

Receive funds from abroad

Make the process of receiving funds from
abroad simple and straightforward.
Remember to give the sender the FNB
SWIFT code: FIRNZAJJ

Global Finance World's Best FX Providers 2017 - 2024

What you get

Easy + convenient

You have up to 30 days to convert the funds into rands before the funds are sent back to the originating sender.

How it works

Receive money from abroad

Online

How to make a global payment online

Read more

FNB App

How to make a global payment on the FNB Banking App

Read more

Call centre

Call the Forex Advisory Team on 0860 1 FOREX (36739)



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

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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).

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Physical address

4 Merchant Place
Corner Fredman Drive and Rivonia Road
Sandton
2196

Postal address

PO Box 650149
Benmore
2010

Contact numbers

T: +27 11 282 1808
F: +27 11 282 8088