Foreign Currency Accounts

Investing in Foreign Currency

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.  

Requirements

  • 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

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