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First National Bank

We have a bias for analysis, in-depth reports, investigations and behind-the-news. Premier banking with FNB. Among the largest and most established multinational banks to call South Africa home, First National Bank FNB offers a wide range of retail, business, and investment services to customers in South Africa, as well as across southern and central Africa through its network of subsidiaries. While the bank provides excellent, secure, and affordable banking solutions to everyday customers, when it comes to international money transfers in particular, FNB can be extremely expensive.

When making an international money transfer with FNB, you'll in all likelihood need to use a wire transfer to get the job done. This means that you'll be making your transfer using your online or mobile banking profile, and FNB will wire your funds over the SWIFT network to reach its destination in a foreign country and currency. For this service, FNB charges a combination of commission fees and fixed fees , broken down as follows:. In addition to the costs outlined above, FNB will also include another, less transparent, fee into your transfer.


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These fees, which are known as exchange rate margins , are charged when banks or other currency exchange providers offer poorer exchange rates than the "real" exchange called the mid-market exchange rate , thereby making a small profit off of every rand that you send abroad. Take a look at the chart below to see FNB's exchange rate margins for a number of key foreign currencies across the globe:. It's worth noting that FNB, just like most other South African banks, charges lower exchange rate margins on the three major world currencies i.

What's more, currencies that are pegged in value to the South African rand i. With both the service fees and the exchange rate margin fees taken into account, it becomes obvious that the cost of international payments with FNB can be monumental. After you'd paid R Contrast this to making the same transfer with Skrill , a London-based money transfer specialist available to South Africans and the cheapest on our comparison engine for this transfer at the time of writing. With Skrill, you'd pay no service fees and an exchange rate that's better than the mid-market by 0.

In addition to the mandatory fees highlighted above, you may meet other fees still when sending money abroad with FNB. Depending on your individual circumstances, these fees could include:. Avoid "OUR" Payments. These instructions can open the door to your beneficiary's bank or the intermediary bank levying further fees from you long after the transfer has been sent.

Unless you made a point of digging for those fees, you'll very likely only see them for the very first time just before the money leaves your account. We offer 40 currencies, of which, 9 can be opened online. To open our other currency accounts, complete the "Call me back" form on Online Banking. Alternatively, contact your Business Banker. South African based businesses: Simply go to fnb. Non-Resident business: Simply email foreigncurrencyacc fnb. For more information on all our Foreign Exchange solutions; and expert advice on all cross-border transactions, contact us:.

Frequently asked questions and answers to all your forex transactions. FNB offers a range of foreign exchange solutions to suit your individual and business needs; whether for travelling, sending or receiving money globally or managing imports and exports. Foreign Exchange is a simple and convenient way to transact around the world. We make use of the SWIFT method of transferring your funds which guarantees a secure and fast transfer service.


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  7. You have 30 days in which to convert the funds at your convenience. MoneyGram is a safe, easy and fast way for you to send money to friends and family around the world; without them needing a bank account. You can open a Global Account instantly, for free via Online Banking and start transacting in a limited number of foreign currencies.

    Our Global Business Account CFC account is specifically designed for South African businesses which handle import and export transactions or are service providers receiving and making regular foreign currency payments. This account also offers hedging capabilities, which can help businesses manage currency risk.

    FNB Virtual Card

    At FNB we understand planning a trip abroad takes time and effort, therefore we have changed the way you order foreign exchange. With the import and export solutions available from FNB, we help you unlock international markets, and not only cater for your specific needs, but also help protect you from the risks associated with global transacting. We can provide you with quality assistance from an exchange control point of view to facilitate your cross-border transactions and make them as hassle-free as possible.

    Whether you have simple or complex transactions that need to be completed, we can help you with the expert advice and services that you require. Forex for me. Understanding Forex. For Me. For My Business.

    FNB Forex for Business - Forex - FNB

    For Corporates. Private Banking. Careers at FNB. What would you like to do? Start new application. Retrieve existing application.

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    Please select. Need help with the process? Daily Banking. Switch to FNB Do it now! Your login details have been entered incorrectly. Forgot your login details? Oh no! What bank details do I need from the recipient before I can send funds to them?

    What Will FNB Charge You?

    What if the Beneficiary Bank is not listed on the Search Tool? What is a "Charge option" and what options do I have? How do I find the branch or city required? How long does it take for my payment to go through? How can I ensure the funds reach the beneficiary within an acceptable timeframe? Do I get rewarded for sending money abroad? How can I ensure the funds reach the beneficiary within a sufficient time period? I would like to earn eBucks on funds coming into my account from abroad; but I don't know what details to give the sender of the funds.

    What can FNB offer me if I have recurring payments coming into my account from abroad? How does MoneyGram work? What are the limits on MoneyGram transactions? What can MoneyGram be used for? May an FNB customer use another customer's reference number? Can MoneyGram be used for transfers within South Africa?