RMB Private Bank Global Account
Save and transact in foreign currency
With the Global Account, you can start saving and transacting in nine foreign currencies without having to leave South Africa. You can open and manage your Global Accounts online with the same ease as your RMB Cheque Account. It’s a safe and secure way of saving in a foreign currency.
The Global Account now offers a linked Global Account Card which gives you access to your US Dollar, Euro, and British Pound savings. The card is also the perfect travel companion as it gives you 10 complimentary visits to any LoungeKey airport lounge outside of South Africa.
Our Global Account
Global Account is an account in a foreign currency, which enables you to invest your foreign investment allowance, either by making use of your R10m Foreign Investment Allowance or your R1m Single Discretionary Allowance in line with the SARB (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).
Earn interest off balances held in the account
Make offshore payments.
Repatriating invested funds from your Global Account.
OPEN MULTIPLE ACCOUNTS
Open and hold more than one Global Account at a time.
REPATRIATE FUNDS EASILY
Repatriate authorised capital or earnings from abroad.
TRANSFER FUNDS EASILY
Transfer your RMB Private Bank Cheque Account funds.
Collect additional eBucks Rewards points.
What to consider
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 the 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.
OTHER WAYS TO APPLY
- Contact your RMB Private Banker
No other documentation required.