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First National Bank for international wire transfers
FNB offers international money transfers as well as local transfer services in South Africa.
It’s a great day-to-day bank for those living in South Africa, however, their international fees are on the higher end compared to money transfer service.
Transfer type | First National Bank (FNB) | Money Transfer Companies |
|---|---|---|
Sending fees | R100 - R550 | $0 - $20 |
Receiving fees | R75 - R450 | $0 |
Exchange Markup | 2.35% - 2.69% | 0% - 2% |
Transfer Times | 2 - 3 business days | Instant - 3 business days |
Payment Methods |
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Scoring First National Bank
We’ve looked at and analyzed the exchange rates, transfer costs, support, and online user reviews. Here’s a quick summary of the top highlights and drawbacks.
- Partnership with MoneyGram allows for cheaper money transfers abroad
- FNB offers fairly competitive exchange rates for a bank. Their dominance in South Africa allows them to provide better exchange rates
- Better exchange rates on large transfers. FNB offers discounts to those making larger transfers abroad
- FNB comes with many layers of fees, including fixed fees, commissions, tiered pricing, and correspondence fees
- FNB only supports 27 currencies for international transfers
- Can only store 6 currencies in the Global Account (USD, EUR, GBP, AUD, INR, and CNY)
First National Bank fees and exchange rates
Fees and rates
Exchange rates
Banks usually add a percentage on top of the real exchange rate (which is called markup).
In this case, FMB adds around 2.69% on top of the ‘real’ exchange rate for exchange to ZAR and around 2.35% for exchange from ZAR.
This means that for every conversion to Rand, you will be paying an additional 2.69%, and for every conversion from Rand, you will be paying an additional 2.35%.
Here are a few examples.
If you’re converting ZAR to the following currencies, this is the exchange rate you will get:
Currency | FNB Rate | Mid-Market Rate | Markup |
|---|---|---|---|
Australian Dollar (AUD) | 11.7647 | 12.06964738 | 2.59% |
Botswana Pula (BWP) | 1.3065 | 1.338838 | 2.48% |
British Pound (GBP) | 23.0714 | 23.48504238 | 1.79% |
Canadian Dollar (CAD) | 12.8866 | 13.22389608 | 2.62% |
Chinese Renminbi (CNY) | 2.4343 | 2.499751787 | 2.69% |
Danish Krone (DKK) | 2.5887 | 2.655566455 | 2.58% |
Euro (EUR) | 19.4534 | 19.80694338 | 1.82% |
Ghanaian Cedi (GHS) | 1.1067 | 1.138503362 | 2.87% |
Hong Kong Dollar (HKD) | 2.2247 | 2.283722029 | 2.65% |
Indian Rupee (INR) | 0.2067 | 0.2122344523 | 2.68% |
Japanese Yen (JPY) | 0.12 | 0.1232356428 | 2.70% |
Kenyan Shilling (KES) | 0.1331 | 0.1383493575 | 3.94% |
Lesotho Loti (LSL) | 1 | 1.002637246 | 0.26% |
Mauritian Rupee (MUR) | 0.3456 | 0.3859830822 | 11.68% |
Namibian Dollar (NAD) | 1 | 1.003324451 | 0.33% |
New Zealand Dollar (NZD) | 10.8225 | 11.10848596 | 2.64% |
Norwegian Krone (NOK) | 1.651 | 1.69531169 | 2.68% |
Singapore Dollar (SGD) | 13.3156 | 13.66443612 | 2.62% |
Swazi Lilangeni (SZL) | 1 | 1.003008814 | 0.30% |
Swedish Krona (SEK) | 1.7015 | 1.746673441 | 2.65% |
Swiss Franc (CHF) | 20.5761 | 21.15027156 | 2.79% |
Tanzanian Shilling (TZS) | 0.0063 | 0.006555936523 | 4.06% |
Thailand Baht (THB) | 0.5101 | 0.5225921 | 2.45% |
Ugandan Shilling (UGX) | 0.0047 | 0.004799485632 | 2.12% |
United Arab Emirates Dirham (AED) | 4.7237 | 4.849572545 | 2.66% |
United States Dollar (USD) | 17.5426 | 17.81248 | 1.54% |
*Rate is accurate as of 28/08/2024
If you’re converting the currencies below to ZAR, this is the rate you will get:
Currency | FNB Rate | Mid-Market Rate | Markup |
|---|---|---|---|
Australian Dollar (AUD) | 0.0808 | 0.082878 | 2.57% |
Botswana Pula (BWP) | 0.7257 | 0.7470274 | 2.94% |
British Pound (GBP) | 0.0418 | 0.0425745 | 1.85% |
Canadian Dollar (CAD) | 0.0738 | 0.075625 | 2.47% |
Chinese Renminbi (CNY) | 0.3909 | 0.400083115 | 2.35% |
Danish Krone (DKK) | 0.3674 | 0.3766455 | 2.52% |
Euro (EUR) | 0.0496 | 0.0504955 | 1.81% |
Ghanaian Cedi (GHS) | 0.8558 | 0.8784434345 | 2.65% |
Hong Kong Dollar (HKD) | 0.4273 | 0.4379133 | 2.48% |
Indian Rupee (INR) | 4.6005 | 4.71211 | 2.43% |
Japanese Yen (JPY) | 7.929 | 8.1167 | 2.37% |
Kenyan Shilling (KES) | 6.9354 | 7.228861875 | 4.23% |
Lesotho Loti (LSL) | 1 | 0.9984334 | -0.16% |
Malawian Kwacha (MWK) | 91.8804 | 97.32956472 | 5.93% |
Mauritian Rupee (MUR) | 2.5357 | 2.592283905 | 2.23% |
Namibian Dollar (NAD) | 1 | 0.9976126963 | -0.24% |
New Zealand Dollar (NZD) | 0.0878 | 0.09004270351 | 2.55% |
Nigerian Naira (NGN) | 87.5056 | 89.25757 | 2.00% |
Norwegian Krone (NOK) | 0.5764 | 0.5899 | 2.34% |
Singapore Dollar (SGD) | 0.0714 | 0.07318611 | 2.50% |
Swazi Lilangeni (SZL) | 1 | 0.9972101259 | -0.28% |
Swedish Krona (SEK) | 0.5591 | 0.5726267 | 2.42% |
Swiss Franc (CHF) | 0.0462 | 0.04728607 | 2.35% |
Tanzanian Shilling (TZS) | 147.4873 | 152.521 | 3.41% |
Thailand Baht (THB) | 1.8685 | 1.913829 | 2.43% |
Ugandan Shilling (UGX) | 202.4574 | 208.3782459 | 2.92% |
United Arab Emirates Dirham (AED) | 0.2011 | 0.2062191 | 2.55% |
*Rate is accurate as of 28/08/2024
You can find more information on FNB exchange rates here.
As you can see, in some cases FNB does offer a better rate than the real rate. However, this will be offset by the additional fees (discussed below).
You can get the right value for your exchange if you use a provider that offers the mid-market rate on exchanges.
Online money transfer providers like Wise, Revolut, and Instarem all make exchanges using the mid-market rate, but there’s a small fee for your transfer.
To avoid being biased, we’ve looked at what other FNB users had to say about the exchange rates and plotted average reviews in the graph below.
International transfer fees
FNB offers tiered fees based on the amounts you’re planning to send or receive.
Here’s a summary of all their fees.
Global Payments (Sending Money)
For making transfers abroad, these are the fees that apply.
Amount Range | Digital (Online/App) | Non-Digital (Call center/Banker) |
|---|---|---|
R0 - R1 000 | R100 | R200 |
R1 000.01 - R2 000 | R130 | R230 |
R2 000.01 - R5 000 | R150 | R250 |
R5 000.01 - R10 000 | R200 | R300 |
R10 000.01 + | 0.55% (min R275 and max R550) | 0.55% (min R550 and max R875) |
Global Receipts (Receiving Money)
For receiving transfers from abroad, these fees will apply.
Amount Range | Digital (Online/App) | Non-Digital (Call center/Banker) |
|---|---|---|
R0 - R500 | R75 | R75 |
R500.01 - R1 000 | R100 | R130 |
R1 000.01 - R2 000 | R130 | R230 |
R2 000.01 - R5 000 | R150 | R250 |
R5 000.01 - R10 000 | R175 | R275 |
R10 001 + | 0.55% (min R175 and max R450) | 0.55% (min R350 and max R760) |
For the amounts over R10,000, there’s also an additional fee of R195. These apply if the payment is sent/received in RANDS to/from abroad.
Global Receipts Received for Pension Purposes
Common monetary area (CMA) fees (Lesotho, Namibia,
For global receipts from CMA, the following fees will apply.
Transaction Type | Digital (Online/App) | Non-Digital (Call center/Banker) | Non-Digital (Branch) |
|---|---|---|---|
Commission | 0.03% | 0% | 0% |
Minimum | R30 | R150 | R150 |
Maximum | R150 | R150 | R150 |
MoneyGram Fees
Finally, if you’re making a transfer with MoneyGram through FNB bank, the following fees will apply:
Send Amount (USD) | Send Fee (USD) |
|---|---|
$0 - $50 | $7 |
$50 - $100 | $10 |
$100 - $150 | $11 |
$150 - $200 | $13 |
$200 - $250 | $15 |
*MoneyGram fees do not include VAT.
If you make a transfer abroad through MoneyGram using the FNB app, there’s an additional discount of 15%. For more details on fees, you can check FNB pricing policies here.
It might seem confusing, so to put this into perspective, let’s assume you are sending R10,500 via international wire transfer to the following countries:
Destination | FNB Fees | FNB MoneyGram |
|---|---|---|
R290 + R195 + ~%1.54 | $29 | |
R290 + R195 + ~%2.66 | $29 | |
R290 + R195 + ~%1.82 | $29 |
We’ve also looked at user reviews for the transfer fees.
Transfer speed
Transfer speed
If all goes smoothly and according to the exchange control requirements, your funds will appear in the global bank account within 2 business days.
Similar to the fees and exchange rates, we’ve looked at what users had to say about the transfer speed and plotted average ratings in the graph below.
Transfer limits
Transfer limits
FNB has a maximum transfer limit of R5,000,000 for transfers from South Africa. However, these limits will vary depending on the transfer you make and the account you have.
Here’s a table summarizing these:
Payment Service/Type | Day | Time | Maximum Limit |
|---|---|---|---|
Pay & Clear Now Payments | Monday - Friday | 00:01 - 16:00 | R5,000,000 |
Pay & Clear Now Payments | Monday - Friday | 16:01 - 00:00 | R250,000 |
Pay & Clear Now Payments | Saturday | All Day | R250,000 |
Pay & Clear Now Payments | Sunday & Public Holidays | All Day | R250,000 |
Cross-Border Payments (CMA) | All Days | Any | Country-Specific |
Cross-Border Payments (CMA) | All Days | Any | eSwatini: SZL 100,000 |
Cross-Border Payments (CMA) | All Days | Any | Lesotho: LSL 100,000 |
Cross-Border Payments (CMA) | All Days | Any | Namibia: NAD 5,000,000 |
Cross-Border Payments (CMA) | All Days | Any | South Africa: ZAR 5,000,000 |
EFT Payments | Monday to Friday | FNB/RMB: 20:00 | R5,000,000 |
EFT Payments | Monday to Friday | Other Banks: 16:45 | R5,000,000 |
EFT Payments | Saturday | FNB/RMB: 20:00 | R5,000,000 |
EFT Payments | Saturday | Other Banks: 10:15 | R5,000,000 |
EFT Payments | Sunday & Public Holidays | Next Business Day | R5,000,000 |
eFiling Payments | Monday to Saturday | 20:00 | Not Specified |
eFiling Payments | Sunday & Public Holidays | N/A | N/A |
Cross-Border Transactions > ZAR 5 million | All Days | Any | Process via Forex |
Daily Payment Limit (EFT Payments) | All Days | All Times | R5,000,000 |
Here’s what average reviews online look like for FNB transfer limits.
Product offering
Product offering
FNB MoneyGram
FNB offers money transfer services via MoneyGram to help you save on transfer fees. If you’re using their app, you can save an additional 15% on the transfers.
Mobile App
FNB offers a banking app called FNB Banking App on both Google Play and App Store. It’s rated 4.7 on the Google Play Store and 4.8 on App Store.
This is how other FNB users have rated FNB's offering so far this year.
Ease of use
Ease of use
Customer service
As for customer service, you have the following options if you need help:
Live chat
Phone
Online form
FAQ center
Email
If you need to contact FNB, you can use the following details:
Contact Method | Details |
|---|---|
Live Chat | Available through the FNB website or FNB App for real-time assistance. |
Phone | Complaints Resolution - 087 575 9408 for support. |
Online Form | Available on the FNB website to submit queries or complaints directly. |
FAQ Center | Accessible on the FNB website to find answers to frequently asked questions. |
Similar to other sections of this review, we’ve looked at the customer support reviews from other users. This is what it looks like when compared to Wise.
Safety and trust
Safety and trust
FNB offers multiple security features, including:
Multi-factor authentication (MFA): Enhanced security through additional layers of verification, ensuring only authorized access to your accounts.
Free anti-malware software (Trend Micro): Provides comprehensive protection against malware, phishing, and other online threats. FNB offers this software for free to all online banking users, which can be installed on up to three devices.
Encryption standards: Utilizes 256-bit encryption and Secure Socket Layer (SSL) technology to secure all online transactions, keeping your personal and financial data safe.
Fraud monitoring: Continuous monitoring of transactions for unusual or suspicious activity to detect and prevent fraud.
Login alerts: Notifications are sent via email or SMS whenever your account is accessed, providing real-time awareness and allowing for quick action if any unauthorized access is detected.
Secure Chat® feature: A secure communication channel available on the FNB app to discuss sensitive banking information with support agents without the risk of data interception.
Timed session logouts: Automatically logs out users after a period of inactivity to protect against unauthorized access in case the device is left unattended.
Biometric authentication: Allows users to log in using facial recognition or fingerprint scanning, providing a secure and convenient way to access accounts.
Card control features: Enables users to set limits, and block, or unblock cards directly from the app, minimizing the risk of unauthorized use.
When it comes to safety, this is how average ratings look like from other users.
Customer feedback
Customer feedback
Online reviews for FNB are generally negative, primarily due to poor customer support, unresolved fraud cases, and inefficiencies in handling disputes.
Many users report frustration with long wait times, unhelpful and incompetent staff, and difficulty in resolving issues related to unauthorized transactions, missing payments, and app malfunctions.
There are multiple complaints about the secure chat service being unresponsive, and the fraud department is criticized for inadequate handling of cases, leading to delays and lack of updates.
However, a few positive reviews mention helpful staff, effective online services, and valuable business solutions for SMEs, highlighting FNB’s strengths in providing some niche banking services and maintaining customer engagement through regular updates.
Overall, the reviews suggest a decline in service quality, especially concerning customer care and fraud management.
Here's a summary of average user reviews so far this year.
Review Category | Jan 24 | Feb 24 | Mar 24 | Apr 24 | May 24 | Jun 24 | Jul 24 |
|---|---|---|---|---|---|---|---|
International Transfers | 1 | 0 | 0 | 1 | 1 | 0 | 1 |
Fees | 1 | 0 | 1 | 1 | 0 | 0 | 1 |
Exchange Rates | 0 | 1 | 0 | 0 | 0 | 5 | 0 |
Speed | 0 | 0 | 1 | 0 | 0 | 5 | 0 |
Limit | 5 | 0 | 0 | 0 | 4 | 0 | 0 |
Features | 3 | 1 | 0 | 1 | 2 | 1 | 0 |
Ease of Use | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Safety | 1 | 1 | 0 | 1 | 1 | 1 | 0 |
Customer Support | 0 | 1 | 1 | 0 | 0 | 0 | 1 |
Opening a Global Account account with FNB
To send money abroad, you will need to open a Global Account.
You will need to provide the following details and meet these requirements:
SARS tax number: You must have a valid South African Revenue Service (SARS) tax number.
FNB or RMB Cheque Account: You need an FNB Cheque Account (such as Gold, Platinum, Encore, Private Banking, or Private Client) or an RMB account.
Green bar-coded ID or smart ID card: A South African ID is required to verify your identity.
Age requirement: You must be over 18 years of age.
Foreign Investment Allowance (FIA) or Single Discretionary Allowance (SDA): Documentation may be required depending on the amount you are transferring:
For amounts up to R1 million: No documentation is needed, but it should be within the Single Discretionary Allowance limit.
For amounts exceeding R1 million up to R10 million: A valid SARS Tax Clearance Certificate (FIA-001) is required.
Once you have all the details, follow the steps below to open an account.
Log in to Online Banking
Navigate to the Forex tab
Select 'Global Account'
Complete the required fields
Making international transfers
You will need the following details to be able to send money abroad:
The recipient's full name as it appears on their bank account.
The recipient's bank account number.
The name of the recipient's bank.
The SWIFT/BIC code of the recipient's bank.
The branch code, if required.
Your FNB Global Account number.
The reason for the transaction (e.g., investment or personal transfer).
Your SARS tax number, if applicable.
A tax clearance certificate (FIA-001) for transactions over R1 million.
FNB swift code is FIRNZAJJ
Sending international wire
Once you have all the details, follow these steps to make an international wire transfer with FNB.
Open a global account
Fund your global account
Provide details for sending money abroad
Monitor your transactions
Use Wise to send money from your FNB account
It may be simpler to fund your transfer with your FNB account, but use a transfer provider like Wise to send your money overseas.
Register for a Wise account
Add the details of your transfer
Review the received amount
Send the money
Receive international transfers
To receive an international wire transfer to your Bank of America account, you’ll need to provide the following information to the sender.
Your FNB Account Number, or SWIFT code
To receive payments into your FNB account, you will need your FNB Global Account number – the specific account number where the funds will be deposited.
For international wire transfers, you’ll need to supply your SWIFT code or BIC: FIRNZAJJ
The bank name and branch
You will need to provide the branch number and the name of the bank.
Your name, and address
You’ll need to provide the name on your account, and the complete address of your account as it appears on your bank account, and the currency od the transaction.
How First National Bank compares to money transfer services
FNB is great for making one-off small transfers, especially if you already have an account.
However, once you start making recurring payments or making larger transfers, the fees will add up very quickly.
To avoid it, we’d recommend using one of the following money transfer services. They offer higher limits, lower fees, and better currency support.
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
First National Bank: Is it good for transfers abroad?
FNB is a good bank if you are from South Africa, regardless if you live there or not.
FNB offers all the services you might need, including international transfers.
They are a bit pricier than most money transfer providers. However, it should be fine for making one-off small transfers.
However, if you’re planning to make larger transfers or regular transfers, or need to send money in unsupported currency, we strongly recommend using a money transfer provider.
If you already have an account with FNB, you can connect it to the money transfer service and use it to fund your transfer.
Use our form below to get the best exchange rate on ZAR transfers.
A bit more about First National Bank
Can I open a First National Bank account in any country?
Can I use a First National Bank debit card when traveling abroad?
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
More Banks
You can send international wire transfers with Capital One, however, at a higher cost compared to other banks and services. They also use a SWIFT network to process their transactions, meaning transactions will take longer.
No doubt BofA is one of the more popular banks in the US, but it might not be your best option for sending money abroad.
Here’s a quick overview of Chase and how it compares to an average money transfer provider.
Here’s an overview of Wells Fargo’s international transfers, and how they compare to money transfer companies.
