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FNB International Transfer: Exchange Rates, Fees, and Transfer Times

FNB offers an international transfer service, but it's more expensive than the alternatives.

FNB charges R100 - R550 per international transfer, an R75 - R450 receiving fee, and adds around 2.35% - 2.69% to the exchange rate.

This means a transfer of $1000 to the US would cost you around 2490 ZAR.

You can use FNB to send money abroad, however, we recommend using your existing bank account to fund your WorldRemit account and send money from there.

April Summers
Author 
April Summers
Artiom Pucinskij
Editor 
Artiom Pucinskij
45 minutes
September 19th, 2024
Visit this site
Expert Rating
4.7/10

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

  • International wire transfer

  • MoneyGram transfers

  • SWIFT transfers

  • Debit card transfers

  • ACH transfer

  • Credit/debit card

  • International and domestic wire transfer

  • Cash pick-up

Compare now to get the best transfer rate
You can send money using your FNB account through a money transfer provider to save on fees. Fill in the form to get the most out of your transfer.
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RATING BREAKDOWN

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.

Pros
  • 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
Cons
  • 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)
COST

First National Bank fees and exchange 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).

Can you exchange money for what it’s actually worth?

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.

Average online reviews for First National Banks (FNBs) exchange rates. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) exchange rates. 0s represent no reviews for the given period.

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

Transaction Type

Digital (Online/App)

Non-Digital (Call center/Banker)

Non-Digital (Branch)

Commission

R0

R0

R0

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

Send Amount (USD)

Send Fee (USD)

$250 - $300

$17

$300 - $400

$19

$400 - $500

$24

$500 - $600

$29

$600 - $700

$34

Send Amount (USD)

Send Fee (USD)

$700 - $800

$39

$800 - $900

$44

$900 - $1 000

$49

$1 000 - $1 200

$55

$1 200 - $1 500

$63

Send Amount (USD)

Send Fee (USD)

$800 - $900

$44

$900 - $1 000

$49

$1 000 - $1 200

$55

$1 200 - $1 500

$63

$1 500 - $1 800

$70

$1 800 - $2 500

$90

$2 500 - $5 000

$140

$5 000 - $7 500

$240

$7 500 - $8 000

$290

*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

United States (USD)

R290 + R195 + ~%1.54

$29

UAE (AED)

R290 + R195 + ~%2.66

$29

Germany (EUR)

R290 + R195 + ~%1.82

$29

We’ve also looked at user reviews for the transfer fees.

Average online reviews for First National Banks (FNBs) transfer fees. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) transfer fees. 0s represent no reviews for the given period.
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.

Average online reviews for First National Banks (FNBs) transfer speed. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) transfer speed. 0s represent no reviews for the given period.
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.

Average online reviews for First National Banks (FNBs) transfer limits. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) transfer limits. 0s represent no reviews for the given period.
PRODUCT

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.

Average online reviews for First National Banks (FNBs) features. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) features. 0s represent no reviews for the given period.
USABILITY

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.

Email

care@fnb.co.za

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.

Average online reviews for First National Banks (FNBs) support. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) support. 0s represent no reviews for the given period.
SAFETY

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.

Average online reviews for First National Banks (FNBs) safety. 0s represent no reviews for the given period.
Average online reviews for First National Banks (FNBs) safety. 0s represent no reviews for the given period.
REVIEWS

Customer feedback

ANALYSIS OF USER REVIEWS

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

SIGN UP

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
SEND MONEY ABROAD

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

Use the search box below to find your recipient’s SWIFT code.

Find a SWIFT Code

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
RECEIVING 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.

ALTERNATIVES

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.

  • Wise
    Fees & Rates
    9.4
    Transfer Speed
    9.0
    Safety & Trust
    9.5
    Product Offering
    8.8
    Transfer Limits
    9.5
    Ease of Use
    10.0
    Customer Feedback
    8.5
    9.2
    Overall
  • Currencies Direct
    Fees & Rates
    9.8
    Transfer Speed
    9.0
    Safety & Trust
    9.0
    Product Offering
    8.0
    Transfer Limits
    9.0
    Ease of Use
    9.0
    Customer Feedback
    8.4
    8.9
    Overall
  • TorFx
    Fees & Rates
    9.3
    Transfer Speed
    9.0
    Safety & Trust
    9.0
    Product Offering
    8.0
    Transfer Limits
    9.0
    Ease of Use
    9.0
    Customer Feedback
    8.7
    8.9
    Overall
  • WorldRemit
    Fees & Rates
    9.1
    Transfer Speed
    8.0
    Safety & Trust
    9.0
    Product Offering
    9.0
    Transfer Limits
    8.0
    Ease of Use
    9.0
    Customer Feedback
    9.0
    8.7
    Overall
  • OFX
    Fees & Rates
    9.4
    Transfer Speed
    8.0
    Safety & Trust
    8.5
    Product Offering
    8.8
    Transfer Limits
    9.5
    Ease of Use
    8.2
    Customer Feedback
    8.3
    8.7
    Overall

Other Alternatives

Alternatively, consider using one of these neobanks for international transfers.

SUMMARY

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.

Find the best rates for your transfer
Send
FAQS

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.

FAQs

More Banks

  • Capital One
    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.
  • Bank of America
    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.
  • Chase Bank
    Here’s a quick overview of Chase and how it compares to an average money transfer provider.
  • Wells Fargo
    Here’s an overview of Wells Fargo’s international transfers, and how they compare to money transfer companies.

FNB user feedback

Would you recommend FNB?
Be the first to leave feedback for FNB.

Contributors

April Summers
April Summers is an experienced Senior Financial Content Editor who combines a wide range of professional skills with her academic background in English literature and journalism. Her professional background includes key positions at the Daily Star, LBB Online, and Entertainment Daily UK, which have sharpened her financial and journalistic expertise.
Artiom Pucinskij
Artiom Pucinskij is a seasoned financial content strategist who holds an impressive background in marketing from the University of Portsmouth. With years of dedicated experience in the personal finance and remittance sectors, Artiom has become an integral part of MoneyTransfers.com's growth.