First National Bank is one of the leading financial institutions in South Africa. Offering a range of products and services, FNB gives clients unique banking solutions designed to make the banking experience simpler.
The foreign exchange market offers a number of money-making opportunities.
Foreign exchange is a trade between two currencies. One currency is traded for another, with the aim of making a profit.
This is fast becoming a popular method of making more money. By studying various indicators and price action, individuals are now able to participate in trading on this market – which used to be dominated by large corporations.
Some banking institutions in South Africa have taken advantage of this trend, by providing viable platforms for forex trading.
FNB however, does not currently have an exclusive platform for forex trading. The bank does offer a number of other trading platforms and products.
What trading offers does FNB have available?
Foreign Currency Account:
This type of account allows you to hold various currencies other than the Rand. According to FNB, “the account gives you the opportunity to hedge your position against currency fluctuations without having to manage your funds offshore.”
To find out more about this account, visit the FNB website www.fnb.co.za
This offers you the opportunity to transact and manage foreign currency online.
What you can do with a Global Account:
- Invest in one of the currencies on offer via your FNB Cheque Account
- Make payments to offshore beneficiaries
- Do transfers between your Global Accounts
- Keep funds relating to your authorised offshore assets in foreign currency
- Convert from a foreign currency into Rand or other Global Account currencies
- Set up and manage offshore beneficiaries
- View balances and transaction history
In addition, there are no monthly fees and you can earn interest on your Global Account.
The bank aims to simplify the banking experience further by offering easy solutions and convenience.
According to FNB,” FNB Global Accounts make offshore investment easy, simple and convenient. It allows you to hold your individual foreign allowance in the currency of your choice – and it is as simple as transferring funds from your FNB Cheque Account into your Global account via Online Banking.”