As more countries remove travel restrictions to reopen the global economy, FNB says increased international travel by South Africans is contributing to growing balances and spend on its Global Accounts. It says account balances on its Global Accounts have surpassed R7 billion, year-on-year spend by Retail customers has grown by 90% while it saw a 63% year-on-year growth in new accounts.
Customers who have the FNB Global Account are also opting for contactless payments when travelling abroad, with contactless volumes growing nearly 500% year-on-year.
Raj Makanjee, FNB Retail CEO, says their Global Account is part of a broader value proposition of Global Solutions that includes the FNB Channel Islands offshore bank account, investment as well as fiduciary solutions.
A Global Account can be opened in less than three minutes through the FNB and RMB Private Banking Apps, and it allows customers to save and transact in nine foreign currencies, make payments in a local currency when travelling, and it is easy to receive international payments. It also gives customers access to over 1 000 international airport lounges with 10 complimentary visits per year, and you can earn up to 4% back in eBucks on overseas card spend. It is useful for frequent travelers as well as families with children studying abroad.”
"The reopening of international borders has been a major contributor to the strong growth we see in our Global Solutions, and especially the usage of our Global Account. Our customers’ preference to use contactless payments when travelling abroad can be attributed to safety awareness and the demand for convenience. Given the current levels of volatility in the global economy, we anticipate that even more customers will turn to Global Solutions to manage associated risks," he explains.
Over the years, FNB has consistently improved the value of its Global Account to offer a wider choice of currencies. It has also improved eBucks Rewards benefits and offers complimentary International Lounge visits for travelers who use its Global Account.
Other industry-leading advantages of FNB’s Global Account are:
The ability to save and transact in nine foreign currencies:
FNB customers can save and transact in a foreign currency by opening a FNB Global Account online. Available currencies include the US Dollars, British Pounds, Euros, Australian Dollars, Indian Rupees or Chinese Renminbi. There are no monthly fees and interest is paid out monthly.
Premium travel insurance:
The bank’s customers and family get premium travel insurance when booking flights with their FNB Global Card. Travel insurance benefits cover things like loss of checked-in luggage, crucial documents like a visa or passport, and other unforeseen risks when travelling abroad.
Affordable access to cash:
Cash withdrawal fees on international ATMs can be expensive, but a Global Account Debit card is a more secure means of making purchases. Therefore, it is advisable to withdraw cash using the Global Debit card at an international ATM, if cash is a necessity.
"As global travel and trade recovers to pre-pandemic levels, we expect to see growing demand for Global Solutions. In addition, consumers and businesses have learned hard financial lessons from the pandemic, and many are now aware of the need to make smarter financial decisions, such as mitigating the risks of market and currency volatility. Our Global Solutions are key in our efforts to help customers and families with integrated advice across their transactional, lending, investment, and insurance activities," concludes Makanjee.