Linda G

FNB global account

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Linda G

Hi everyone,

Ive now read numerous posts about different ways of transferring money from SA to Canada, but options & opinions differ a lot depending on each situation. 

So I was hoping that I could get some advice from those who have used the FNB global account.

Specifically...

1) Do you recommend changing my savings now from R to CAD$ using this account? (Im not to worried about it not earning interest, because we are moving to Canada in 2months. So when we are there we will open our Canadian bank accounts and transfer it over).

2) Was it easy to transfer the funds from the FNB global account to the Canadian bank account? Because Ive read things like " when transferring the funds, FNB first changes it back to Rands and then transfers the money" and "FNB charges insane fees" but from what Ive read on their pricing schedule is that they only charge a 0.55% transaction fee up to a max of R650 + R110 SWIFT fee when transferring the CAD$ from the global account to another account. This does not seem so bad to me on a single large transfer of all our savings to Canada?

I really have no expert knowledge regarding this crucial step in our immigration & any advice would be very much appreciated.

Thanks in advance!

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Flyfish

Hi Linda G

We moved to Canada In December 2017 and I used the FNB Global Account and it has been very easy to use. The exchange rate is not as good as it is now, but you do what you have to. the change in president is good for anyone transferring now.

I didn't find the fees excessive and it was very simple. The money reflected after a day or 2 in my RBC account.

I did not investigate other avenues as this was the easiest and most convenient.

 

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LotzofTravel

Hi Linda,

We did our landing in November last year (returning to SA and leaving permanently in March).  In Toronto we opened a RBC account and decided to start transferring funds straight away, especially before the Junk Status downgrades.  At that stage the Rand was at about R11 against the CAD.  Because we wanted to do it quick quick we decided to open the FNB global account and it really is super easy - all online. The rates was not excellent, but I did not really had anything to compare it with.  About 30 cents (ZAR) more than the exchange rate at that stage.  So as and when we sold something big (like a car or so) we turned the proceeds to CAD. Then when we had a big heap of CADs (still in FNB GLobal account) we moved it over to our RBC account - again really easy as long as you have the correct swift code - you are welcome to contact me for assistance because I am now a Swift code expert.  Yes, R 760 to do the transfer, plus CAD 17 for RBC to receive it.

So to answer your questions:

1)  I think the exchange rate is now excellent.  At R11 we thought we had a good deal :)  I am sure FNB Global is not the cheapest way to do it.  We are meeting with FinGLobal tomorrow to assist us with Financial Emigration etc, apparently they can get you VERY good rates.  No idea how good, I will get back to you.

2)  Again without having any other point of reference, FNB was a very easy quick no mess n fuss - what you see is what you get way to get the money out - from creating the GLobal Account to reflecting in RBC was about 48-72 hours.

 

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Linda G

Thank you so much for the feedback @Flyfish & @LotzofTravel!

I feel much more comfortable using the global account now that I know you guys had a good experience with it.

I can live with the fact that its not the best rate, as long as its easy and convenient to transfer the funds at the end of the day. I was just afraid that I would have to transfer the money back to my cheque account in Rands first before I could send it to the Canadian account. So if thats not the case and I can just do a CAD$ payment from my global account to the Canadian account, I will be happy.

Also, thank you @LotzofTravel for the offer to assist with the swift codes. I will definately send you a message if I get stuck.

 

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Luis Dos Santos

Thanks for this thread!

Just opened a Global account and transferred some funds...easy and simple. Seems like a good time to buy some CAD with the current exchange rate!

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nerolink

Hi Luis

Thanks for the advice. I did not even think about going the global account way. We are also landing soon (end of April) and I thought its best to just keep my SA account as is and once there I will open the RBC account and do a normal bank to bank transfer. Do you think its better to do the FNB Global Account as its in Canadian Dollar already so there's no delay on money requirements when entering and activating the PR?

Makes sense yes. Just sad to loose the interest but I guess 2 months go so quickly.

Take care and may you and your family have a great journey.

Regards

Francisco

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LotzofTravel
On 2/15/2018 at 9:29 PM, LotzofTravel said:

1)  I think the exchange rate is now excellent.  At R11 we thought we had a good deal :)  I am sure FNB Global is not the cheapest way to do it.  We are meeting with FinGLobal tomorrow to assist us with Financial Emigration etc, apparently they can get you VERY good rates.  No idea how good, I will get back to you.

Ok so FinGlobal seems very professional and helpful.  According to them they assist you with opening bank accounts with Bidvest, their partner.  THen the rates Bidvest give you to transfer is quite good.  I found FNB to give as around 2.5/3% above the spot rate for transfer.  According to Finglobal they can get you 1.1% on an amount of R1M and 0.7% on R4M.

So this will implicate that when the exchange rate is R10/CAD, FNB will transfer your money for R10.25 and FG will get you R10.11 (or maybe R10.07 :) )

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Linda G

Hi @LotzofTravel, sorry for the late reply - its been an insane week moving out of our house  etc. We actually did end up making our first transfer into our FNB Global account this week when the exchange rate was at a low point - super easy & convenient :ilikeit:.

As you said, FNB took about 2.5% commission but Im still glad we used our Global account because at least I know our money is now safe from exchange rate fluctuations until we get our Canadian bank account opened. 

Thank you very much for the feedback on FinGlobal, I will definately contact them when we are going to transfer the bulk of our savings and when we start looking at financial emmigration.

 

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MJames

Hi,

Awesome news that the Global account seems easy enough to open and set up. Anything to keep transfer fees down.

@LotzofTravel Did you only contact FinGlobal or did you contact other retirement transfer companies. I have seen FinGlobal, Exchange for Free and Expatri8. Any info will be great. 

Thanks.

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Eloff's

Hi,

We also used the FNB Global account to convert from ZAR to CAD as money was coming in. Then we opened a RBC account and linked the two accounts.

At first just to make sure everything was done correctly we did a very small transfer from the Global account to our RBC account.

We did have some issues picking up the correct codes for Vancouver RBC but after phoning in to FNB Forex they picket it up on their side. Our banker notified us as soon as the money was in. Now we are accumulating as much CAD in the Global account before transferring it to the RBC account.

Also keep in mind that even if FNB does not give you a favorable rate when converting more than R50 000 at a time you can negotiate a better rate.

Using the FNB Global to RBC account transfer via the swift system is just easier and you have control.

Just our 2cents :) 

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Perry

Hi all

 

Tangential follow-up.  Has anyone had experience transferring from accounts denominated in other currencies?  I bank with Nedbank and they denominate in GBP, USD and EUR.

Regards

Perry

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LotzofTravel
On 16/04/2018 at 4:31 AM, MJames said:

@LotzofTravel Did you only contact FinGlobal

Yes we only contacted them and had the chance to meet up with a staff member in Hermanus.  We had a very good experience with him and decided to continue with them.  So far so good. 

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MJames
10 hours ago, LotzofTravel said:

Yes we only contacted them and had the chance to meet up with a staff member in Hermanus.  We had a very good experience with him and decided to continue with them.  So far so good. 

Awesome. Was just asking as I am getting as much info as possible before the whole financial emigration headache in a few years. 

Friends of mine who emigrated to Australia used Expatri8 and were very happy too. They mentioned that Claire was great and they were very cost effective at the end of the day. I am just scared of how quickly the costs for these things can increase and eat into some extra funds when I might need it the most. 

Thanks :)

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