Invest smartly with a Currency Investment Account

You will need the following:

• Your official South African identity document
• Your tax number
  
• Absa current account
• You must be 18 years and older.

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 18 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• Amounts may be withdrawn from these accounts.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. 
• You can make international payments using your CIA.
• You Can Transfer currency from your Currency investment account into a Multi Currency Cash Passport.