Foreign Currency Accounts

Investing Locally or Overseas

An international currency account that allows you to invest your money either locally or abroad.

Investing Locally or Overseas

An international currency account that allows you to invest your money either locally or abroad.  

Annual Foreign Investment Allowance

South African residents over the age of 18 are entitled to an individual foreign currency transfer up to a maximum of R10 million per annum.  

Investing Locally 

A Bidvest Bank Foreign Currency Account allows you to invest your money locally in one of the foreign currencies available: US Dollar, British Pound, Euro or Australian Dollar. The US Dollar, British Pound and Australian Dollar may earn interest but remain in a South African-held and operated account.

Investing Overseas 

In this case we assist you in transferring your funds to the overseas financial institution or investment firm via telegraphic transfers or bank drafts.

Requirements

To qualify you’ll need a minimum deposit of R10,000.00 and the following documents:

  • A copy of your green bar-coded ID book confirming you are above the age of 18.
  • A South African Revenue Service tax clearance certificate is needed for investments over R1 000 000.  To obtain this certificate, submit an application for a Tax Clearance Certificate directly to SARS.
  • Proof of address.

To apply for a Bidvest Bank Foreign Currency Account, download an application form and visit one of our nationwide branches. 

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