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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Ominous_Hashtag

Hi there everyone,

I've accumulated most of my funds in the FNB Global account, denominated in CAD. I'm now at the point where I'd like to transfer some funds over to my newly opened RBC account but I'm a little bit concerned with discrepancies in the SWIFT payment details. I see others have dealt with this issue before and I'd just like to be completely certain about how to do it correctly.

The details provided by RBC do not seem to be compatible with the database available as per FNB. The RBC branch details provided are as follows:

 Transit Number:  00010

Bank Number:     003

SWIFT BIC:       ROYCCAT2

Bank Name:       Royal Bank of Canada

Branch Address: RBC Vancouver Main Branch, Transit 00010

        1025 West Georgia Street

        Vancouver, British Columbia

        V6E 3N9 CANADA

 

The problem is that as per FNB these details are not regarded as a valid option. The SWIFT code per FNB is “RBCRCAT1XXX”, and the transit number “00010” listed above is not available, even when using the “0003” prefix.

I'm activating the RBC account from Calgary once I arrive there, I've already set up an appointment at a specific branch. I can find this specific branch on FNB however I'm not sure if it's a good idea to try and transfer there and ignore the details provided by RBC?

So far I haven't received proper feedback from the banks regarding how to resolve this issue.

Any help from forum members would be greatly appreciated.

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Reibtseb
Posted (edited)
1 hour ago, Ominous_Hashtag said:

Hi there everyone,

I've accumulated most of my funds in the FNB Global account, denominated in CAD. I'm now at the point where I'd like to transfer some funds over to my newly opened RBC account but I'm a little bit concerned with discrepancies in the SWIFT payment details. I see others have dealt with this issue before and I'd just like to be completely certain about how to do it correctly.

The details provided by RBC do not seem to be compatible with the database available as per FNB. The RBC branch details provided are as follows:

 Transit Number:  00010

Bank Number:     003

SWIFT BIC:       ROYCCAT2

Bank Name:       Royal Bank of Canada

Branch Address: RBC Vancouver Main Branch, Transit 00010

        1025 West Georgia Street

        Vancouver, British Columbia

        V6E 3N9 CANADA

 

The problem is that as per FNB these details are not regarded as a valid option. The SWIFT code per FNB is “RBCRCAT1XXX”, and the transit number “00010” listed above is not available, even when using the “0003” prefix.

I'm activating the RBC account from Calgary once I arrive there, I've already set up an appointment at a specific branch. I can find this specific branch on FNB however I'm not sure if it's a good idea to try and transfer there and ignore the details provided by RBC?

So far I haven't received proper feedback from the banks regarding how to resolve this issue.

Any help from forum members would be greatly appreciated.

I sent a couple of payments to my RBC account (West Canada) from FNB using:

Branch Code: 000300010
SWIFT: ROYCCAT2VIC

Don't worry too much about swift codes, if you use the wrong branch, they will sort it out internally. My payment from FNB using this combination was in my RBC account the day after submitting the instruction to FNB, which impressed me.

Capture.PNG

Edited by Reibtseb

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Ominous_Hashtag

Thanks @Reibtseb, going to give it a try.

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NW18

Hi guys

Just wanted to ask how you guys opened the FNB Global account. I saw an error while applying online and I have been calling the forex department for the whole of last week only to hold for almost 40 mins and have my call dropped :(

Please assist.

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hdub07

I opened mine online without hassle. If you’re having issues I’d suggest making a fuss on Twitter (to the rbjacobs account). They’re usually quick to sort it out via that channel. 

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Eloff's
7 hours ago, NW18 said:

Hi guys

Just wanted to ask how you guys opened the FNB Global account. I saw an error while applying online and I have been calling the forex department for the whole of last week only to hold for almost 40 mins and have my call dropped :(

Please assist.

Hi NW18

When I opened a private clients account I was given the option and so did. My private banker assisted with paper work etc.

Good luck

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MartinG

Any hidden costs for transferring funds this way, and how does this method compare to using a FOREX company to convert and transfer the funds?

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NW18
On 9/2/2018 at 7:11 PM, Eloff's said:

Hi NW18

When I opened a private clients account I was given the option and so did. My private banker assisted with paper work etc.

Good luck

Thanks. Just going to go that route now. Waiting for a banker to be allocated 🙂

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Eloff's

I honestly am not remember the rates charged for using your global account. I do remember if you convert more that R 50 000 at a time they allow you to negotiate a better exchange rate.

Also just remember that the same SARS exchange rules count for the forex, you are only allowed to change ZAR 1,000,000 per person per year.

https://www.fnb.co.za/forex/investments/global-accounts.html

Manage Your Global Account.docx

Edited by Eloff's
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LaraDK
On 9/2/2018 at 4:13 PM, MartinG said:

Any hidden costs for transferring funds this way, and how does this method compare to using a FOREX company to convert and transfer the funds?

@MartinGThere are two costs for transferring the funds to Canada - one from FNB and one from the Canadian bank. It is tied to the amount that you transfer but it is not crazy (e.g. R250 for transferring $10 000). I heard that some banks, like Duca (which I think is a credit union bank?) doesn't charge a fee, but I can't confirm that.

The advantage I found with Global Account is that I can transfer rands into CAD when the exchange rate is good, and it can sit there in dollars until I need it. It does not earn interest, but then again, there is no interest to earn this side either unless you stick it in an investment account. This is really useful for people who are still selling things or earning money in rands, and are not planning on transferring everything at once. But as a once-off it is quite good as you can draw a statement and use it as proof of funds (when you land) and also know exactly what funds you have when you land, rather than being at the mercy of the exchange rate. 

RE: @Eloff's comment, I was told the preferential rate kicks in at R100 000. I have found it a bit better, and doing it for that sum or more, it really does make a difference.

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