Global Account is an account in a foreign currency which enables you to invest in your foreign investment allowance, either by making use of your R10m Foreign Investment Allowance or your R1m Single Discretionary Allowance (in line with the South African Reserve Bank requirements).
It's a South African domiciled account, which allows you to start saving in nine foreign currencies (US Dollar, British Pound, Euro, Australian Dollar, Indian Rupee, Chinese Renminbi, Arab Emirates Dirham, Swiss Franc and Canadian Dollar). This account attracts no fees, earns interest, has no minimum balance and allows you to both make payments abroad and conversely, earnings from abroad can be paid into this account. You are able to manage your Global Accounts via your RMB Private Bank Online Banking profile which makes for simplicity and convenience.
You are able to hold your individual foreign investment allowance in a foreign currency by simply transferring funds from your RMB Private Bank Cheque Account into a Global Account. Funding of the Global Account can also be done by way of an offshore payment into the account(s).
*Subject to change without prior notice. (Please see Interest Rates per annum below).
**Subject to standard eBucks earn rules. For more information, please visit www.eBucks.com or contact your RMB Private Banker
Open a Global Account(s) quickly and easily by simply clicking "Apply Now" or selecting the "Call me back". Alternatively, you can also contact your RMB Private Banker to open.
|CURRENCY BALANCE TIERS*||US Dollar||Great British Pound||Australian Dollar||Euro||Indian Rupee||Chinese Renminbi|
* Interest rates are calculated per annum and are subject to change without prior notification.
Documentation requirements when transferring from your RMB Private Bank Cheque Account to the Global Account, for exchange control, purposes include:
If using your R1million Single Discretionary Allowance (for Investment Purposes): No other documentation required.
You may not exceed the limits set by the SARB. This includes the Investment Limit and the annual forex Discretionary Limit specified by SARB from time to time.
The Discretionary Allowance also covers matters such as travel, gifts, etc. and you may not exceed your annual Discretionary Allowance Limit specified by SARB.
If using your R10million Investment Allowance (Foreign Investment Allowance): a Tax Clearance Certificate (referred to as FIA-001) will be required, this can be obtained from SARS.
Please view our? Pricing Guide