Want to diversify your investment portfolio and protect yourself against currency fluctuations? Open a Currency Investment Account with Absa

Protect

Provides protection against fluctuations in the rand exchange rate.

Invest

An affordable way to invest.

Diversify

Offers the opportunity to have a varied investment portfolio.

  • Why a Currency Investment Account?

    Benefits:

    • It acts as a hedge against adverse fluctuations in foreign currency
    • It is a savvy way to diversify your investment portfolio
    • No monthly fees and no minimum deposit
  • What do I need to apply?

    You will need the following:

    • Your official South African identity document
    • Your tax number
    • Absa current account
    • You must be 18 years and older
  • How do I apply?

    • Log in to your Absa Online banking profile
    • Select 'Apply'
    • Expand the international banking solutions taps 
    • Click 'Open account now'
    • Accept the Surecheck 2.0 pop-up message on your cell phone
    • Complete the fields and click next 
    • Confirm all the details and click open account
    • New account details will be SMSed to you
       
  • What do I need to know?

    Please keep the following in mind

    • Foreign currency investment accounts are governed by South African exchange control rules and Regulations.
    • As the exchange rates fluctuate on a daily basis, the rand equivalent of the foreign currency amount deposited in the account can’t be guaranteed.
    • The account can be opened in 17 different foreign currencies. Investments in currencies other than the above will be subject to negotiation. 
    • No minimum balance is required.
    • There is no monthly account fee.
    • Interest earned on the account is based on the London Interbank Bid Rate (LIBID) for the investment currency, less a margin determined by Absa. 
    • Interest is payable in arrears, in the currency of the principal investment and can be paid on a monthly basis or can be capitalised over and above the maximum permissible limit.
    • Amounts may be withdrawn from these accounts.
    • Deposits and withdrawals by means of stop orders are not permissible.
    • A Currency Investment Account may not be overdrawn. 
    • Income earned on these accounts is taxable in South Africa. 
  • How to deposit funds into my foreign currency account?

    • Log in to your Absa Online banking profile
    • Click on the 'Payments' tab
    • Expand the 'inter-account transfers' gadget
    • Select  the transfer type as 'international'
    • In the field 'from account' select your cheque/transactional account as linked to your profile
    • In the field 'to account' select your currency investment account linked to your profile
    • Complete all the fields and follow the four-step process to fund the account

Need more help?

Let one of our consultants assist you.

Call us on:

0860 151 151

International callers:

+27 (0) 11 335 4019

Email us at:

forex@absa.co.za
Contact us to find your nearest foreign exchange branch