Bidvest Bank Foreign Currency Account
Allowing you to invest your money in a range of foreign currencies.
Investing in Foreign Currency
How it works?
It is a locally held account that allows South African individuals residing locally or temporarily abroad and Non- Resident individuals and corporates, to invest funds in a range of foreign currencies. The main currencies include: United States dollars (USD), British Pounds (GBP), Euro (EUR) and Australian dollars (AUD).
You’ll need a minimum amount of R10 000 to get your investment going.
How will you benefit?
- Take advantage of your R10 million Foreign Investment Allowance (FIA) and/or R1 million Single Discretionary Allowance (SDA) per calendar year.
- Your investment is not subject to local currency fluctuations.
- You’ll earn interest on almost all the available currencies.
- You can convert the foreign currency into rand at your discretion.
- No monthly account maintenance fees.
- Must be 18 years or older to qualify.
- Green bar-coded or smart ID and proof of address.
- Tax Number – if you will be investing up to R1mil, i.e. your SDA.
- SARS Tax Clearance Certificate – if you will be exceeding you SDA and investing up to R10mil, i.e. your FIA. To obtain this certificate, submit an application for a Tax Clearance Certificate directly to SARS.
How to apply
To apply for a Bidvest Bank Foreign Currency Account, download an application form and visit one of our nationwide branches.