Foreign Currency Account
Do business overseas or regularly make or receive payments in foreign currency? This account is ideal for you.
Manage multiple currencies, simplify your import and export transactions and save on costs with a Foreign Currency Account.
Why get this account for your business
Transact in multiple currencies
Hold accounts and make transactions in EUR, USD, GBP and other major currencies
Manage exchange rate risk
Protect your business from unfavourable exchange rate shifts
Keep funds in foreign currency
Avoid converting to rands; receive and keep your export earnings in your choosen foreign currency
Short-term borrowing
Qualifying account holders can apply for an overdraft for flexibility to handle unexpected costs
Who can apply
South African companies that deal with foreign currency through trade or services, such as:
- Importers and exporters, for the movement of goods only
- Service providers supporting import and export transactions such as :
- Ship’s agents
- Freight forwarders
- Marine insurance brokers
- Any South African entity, with the exception of those entities authorised in terms of the provisions of section B.20 of the Authorised Dealer Manual, that provides a service in South Africa to non-residents and who receives payment in foreign currency in South Africa
Local businesses earning commissions or profit from foreign transactions as a direct thereof e.g:
- Tour wholesales and operators
- Insurance broking
- Stockbroking
- Merchanting trade (according to Section B.12(A) of the CEMAD manual)
Other:
- NGOs – only if the NGO is receiving payment for actual services that they are providing (i.e., not donations )
- Qualifying businesses registered outside of South Africa
If your business is not included in the list above, your relationship manager will help you submit an Exchange Control Application to the South African Reserve Bank to open a Foreign Currency Account.
Who may not qualify
Companies residing in Common Monetary Area (CMA) countries such as Lesotho, Swaziland and Namibia, may only apply for a Foreign Currency Account in their own country.
Features
- This account is available in most major currencies
- Qualifying customers can hold multiple accounts in one or more currencies
- Statements are available weekly or monthly, based on your business’s needs
- Business Online International Banking provides a comprehensive suite of integrated services, including account management, funds transfers, international banking, foreign exchange, and electronic payments
- Transactions on accounts are subject to the South African Reserve Bank's exchange control requirements
Rules
- There may be restrictions on the use of CFC accounts. Transactions processed over CFC Accounts are subject to the South African Reserve Bank Exchange Control requirements.
- Details of the Exchange Control Rules and Regulations for CFC accounts are published in the South African Reserve Bank’s Currency and Exchanges Manual for Authorised Dealers.pdf under Section E(B)
- Contact your Relationship Manager for more information.
How to apply
You can apply for this account in a few ways:
- If your business is registered in South Africa, complete this Foreign Currency Account application form and email it to your Relationship Manager
- If your business is registered outside of South Africa, complete this Foreign Currency Account application form and email it to your Relationship Manager
- Contact your Relationship Manager
- If you’re not a Standard Bank South Africa customer yet, please visit your nearest branch to open an account
What it costs
Our pricing guide below has the details of the costing
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Who can apply
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Who may not qualify
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Features
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Rules
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How to apply
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What it costs
South African companies that deal with foreign currency through trade or services, such as:
- Importers and exporters, for the movement of goods only
- Service providers supporting import and export transactions such as :
- Ship’s agents
- Freight forwarders
- Marine insurance brokers
- Any South African entity, with the exception of those entities authorised in terms of the provisions of section B.20 of the Authorised Dealer Manual, that provides a service in South Africa to non-residents and who receives payment in foreign currency in South Africa
Local businesses earning commissions or profit from foreign transactions as a direct thereof e.g:
- Tour wholesales and operators
- Insurance broking
- Stockbroking
- Merchanting trade (according to Section B.12(A) of the CEMAD manual)
Other:
- NGOs – only if the NGO is receiving payment for actual services that they are providing (i.e., not donations )
- Qualifying businesses registered outside of South Africa
If your business is not included in the list above, your relationship manager will help you submit an Exchange Control Application to the South African Reserve Bank to open a Foreign Currency Account.
Companies residing in Common Monetary Area (CMA) countries such as Lesotho, Swaziland and Namibia, may only apply for a Foreign Currency Account in their own country.
- This account is available in most major currencies
- Qualifying customers can hold multiple accounts in one or more currencies
- Statements are available weekly or monthly, based on your business’s needs
- Business Online International Banking provides a comprehensive suite of integrated services, including account management, funds transfers, international banking, foreign exchange, and electronic payments
- Transactions on accounts are subject to the South African Reserve Bank's exchange control requirements
- There may be restrictions on the use of CFC accounts. Transactions processed over CFC Accounts are subject to the South African Reserve Bank Exchange Control requirements.
- Details of the Exchange Control Rules and Regulations for CFC accounts are published in the South African Reserve Bank’s Currency and Exchanges Manual for Authorised Dealers.pdf under Section E(B)
- Contact your Relationship Manager for more information.
You can apply for this account in a few ways:
- If your business is registered in South Africa, complete this Foreign Currency Account application form and email it to your Relationship Manager
- If your business is registered outside of South Africa, complete this Foreign Currency Account application form and email it to your Relationship Manager
- Contact your Relationship Manager
- If you’re not a Standard Bank South Africa customer yet, please visit your nearest branch to open an account
Our pricing guide below has the details of the costing
Businesses registered in South Africa
To apply, download, complete and email your form to your Relationship Manager, and then we’ll be in touch.
Businesses registered outside of South Africa- Non Resident
To apply, download, complete and email your form to your Relationship Manager, and then we’ll be in touch.