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

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?
  • Login to your Absa online banking 
  • Select 'Apply ‘
  • Expand the  international banking solutions taps 
  • Click “Open account now”
  • Accept the Surecheck 2.0 pop up message on your cellphone
  • 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 in17 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  • Amounts may be withdrawn from these accounts.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?
  • Login 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 4 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