Bidvest Bank Foreign Currency Account

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.