CUSTOMER FOREIGN CURRENCY ACCOUNT APPLICATION

Transcription

1 CUSTOMER FOREIGN CURRENCY ACCOUNT APPLICATION For Office Use Only: - Account Number UCN Number Dear Valued Customer THANK YOU FOR APPLYING TO OPEN A FOREIGN CURRENCY ACCOUNT WITH FNB. PLEASE FOLLOW THE STEPS BELOW. IF YOU REQUIRE ASSISTANCE, PLEASE CONTACT YOUR NEAREST FNB BRANCH WHO WILL BE HAPPY TO ASSIST YOU. Step 1: Please print the Application form Step 2: Choose between an account for an INDIVIDUAL (OPTION 1) or ENTITY (OPTION 2) Step 3: Complete the relevant sections, read the Terms and Conditions and be sure to sign the completed application form Step 4: cfc@fnbib.co.za or Fax to and kindly hand completed form in at your closest FNB Branch Step 5: The Branch will forward your application form to their International Business Centre Step 6: You will be notified in due course of the account number. OPTION 1: FOREIGN CURRENCY ACCOUNT FOR INDIVIDUALS (Please tick the appropriate boxes and fill in detail where required) I) Resident Individual OR Non-Resident Individual FCA Account for Foreign Currency Investment FCA Account for Foreign Nationals - KYC Documentation Tax Clearance Certificate - Non-Resident declaration - MP KYC Documentation FCA Account for Income/Interest earned outside RSA - KYC Documentation II) Currency required USD EUR GBP CAD AUD CHF JPY III) Existing FNB Account Number IV) Applicant Personal Details Surname Full Names ID Number Passport Number Temporary Resident Permit No. Country of Passport Date of Birth Income Tax Number Residential Address Postal Address Telephone Number Fax Number Mobile Number Address Page 1 of 6

2 OPTION 2: FOREIGN CURRENCY ACCOUNT FOR ENTITIES (Please tick the appropriate boxes and fill in detail where required) I) Account Category CFC (Resident Entities Imports/Exports) CFC e-forex Purposes CFC (Resident Entities Freight Charges) CFC RMB Subsidiaries CFC (Resident Entities Oil and Gas Companies) CFC (Resident Entities Other Services) FCA Non-Resident Entities II) Currency required USD EUR GBP CAD AUD CHF JPY III) Existing FNB Account Number IV) Contact Details:- Surname Full Names ID Number Date of Birth Telephone Number Fax Number Mobile Number Address V) Entity Details Entity Name Entity Registration # Entity Type Income Tax Number Physical Address Postal Address Telephone Number Fax Number Mobile Number Address Documents required: A letter on the entity s official letterhead requesting for the currency account to be opened should terms and conditions not be signed This letter must be signed in terms of the DDA Mandates held 3. SUBSCRIPTION: - Please select the subscription, its frequency and despatch mode by ticking appropriate blocks Report Names Frequency Despatch Mode 1. Statement of Account DAILY WEEKLY MONTHLY POST FAX 2. Statement of Interest - - MONTHLY POST FAX 3. Backvaluation Recon IMMEDIATELY - - POST FAX 4. Closure of Account IMMEDIATELY - - POST FAX 5. IT3B YEARLY - - POST - - Note: You can apply online to view the balance on your CFC account either via: the FNB homepage ( [click on Apply Online and scroll down to Forex ] or, by typing in the following URL ( Page 2 of 6

3 4. SIGNING ARRANGEMENTS ON FOREIGN CURRENCY ACCOUNT Example: Any two to sign Page 3 of 6

4 FOR OFFICIAL USE ONLY INDICATE WHICH OF THE FOLLOWING DOCUMENTATION HAS BEEN CHECKED AND RETAINED FOR KYC PURPOSES ENTITY (RESIDENT & NON-RESIDENT) Proof of Residential Address (mandatory for all entity types) Any one of the following documents will be acceptable: A bank statement from another banking institution (0-3 mths old) A utility bill (0 3 mths old) A Telkom account ( 0-3 mths old) Municipal rates and taxes invoice (0-3 mths old) A lease or rental agreement (0-12 mths old) South African Companies (Listed) Not required to perform KYC South African Companies (Not Listed) Initial in the applicable box Certified copy of Certificate of Incorporation (CM1) Notice of Registered Office and Postal Address (CM22) and A certified copy of a document issued by SARS reflecting Income Tax number and Vat registration number Close Corporations A certified copy of the Founding Statement and Certificate of Incorporation (CK1) Foreign Companies A certified copy of an official document from Foreign Regulator witnessing incorporation of the company, bearing the name, number and address of the company. Other Legal Persons A certified copy of the Constitution or other Founding Document in terms of which such legal person was created Partnerships A certified copy of the Partnership agreement Trust A certified copy of the Trust Deed or other Founding Document Third Party Acting On Behalf Of Another A certified copy of Resolution or similar document reflecting the authority to act on behalf of the company INDIVIDUALS (RESIDENT & NON-RESIDENT) Proof of Residential Address - SA Resident Any one of the following documents will be acceptable: A bank statement from another banking institution (0-3 mths old) A utility bill (0 3 mths old) A Telkom account ( 0-3 mths old) Municipal rates and taxes invoice (0-3 mths old) A lease or rental agreement (0-12 mths old) Other documents required from SA Resident A certified copy of the Identity Document A copy of a document issued by SARS and reflecting the income tax number and name of individual Identity document - NON-RESIDENT A certified copy of the Passport A copy of a document issued by SARS and reflecting the income tax number and name of individual (if it was issued) Name of staff member who checked the KYC documentation: Initial in the applicable box Authorised signature and signature number: Page 4 of 6

5 Terms and Conditions 1. Conversion of rand to foreign currency will take place at an Exchange rate quoted by FNB International Banking (a division of FirstRand Bank Limited) ("FNB") at spot (i.e. a deal where the delivery of funds takes place within two business days, on the specified value date) or forward cover (i.e. the sale or purchase of foreign currency at a fixed rate of exchange, for delivery at a specified future date). Payments required in currencies other than that of the deposit will be converted at the time of the withdrawal at an exchange rate quoted by FNB at that time. A certificate signed by any manager of FNB, whose designation it shall not be necessary to prove, specifying the rate so quoted by FNB shall constitute prima facie proof of such fact. 2. Any profits or losses arising from fluctuations in exchange rates are for the applicant's account and FNB does not underwrite or in any way guarantee the rand value in any currency of any balance or amount in another currency. 3. All transactions over the foreign currency accounts are subject to the provisions of the Exchange Control Regulations of the SA Reserve Bank as applicable from time to time. 4. Interest on the accounts will be capitalised monthly in arrears in the currency of the account and credited to the account on the 1st of the following month. 5. Interest rates are at a margin related to bid rates which are subject to fluctuation and change without notice. 6. Deposits and withdrawals are subject to two business days notice. 7. Monthly statements of the accounts will be produced and mailed to the client. 8. Transactions shall be made in accordance with the terms of the mandate as held by the bank. Telephonic, Electronic and/or faxed instructions are not acceptable forms of instruction. 9. Export Receivable Accounts Any foreign currency accruals must be offered for sale to an Authorised Dealer within 180 days ( the period ) from the date on which such an accrual was first credited to a CFC account. Failing such offer by the client to the Authorised Dealer within the period, the Bank shall be obliged to convert the currency at the ruling spot rate on the last day of the period provided for herein. 10. Import Payable Accounts Spot transactions or forward exchange contracts may be not be credited to a CFC account unless it is for the purpose of funding an overdrawn account or for immediate pay away (same day). Any debit interest on CFC accounts must be converted to Rand on the 1st business day of the next month. 11. CFC Set-Off Accounts Set-Off s between imports and exports must take place within 180 days from the date on which the proceeds of an export accrual was first credited to a CFC account, on a first in first out basis. It therefore follows that any funds not utilised for set-off purposes must be converted to Rand within 180 days from date of credit. Any interest that accrues over the account may be used for set-off purposes. Should the interest not be utilised for set-off purposes, it must be converted to Rand immediately. Notwithstanding the foregoing, the Bank shall be entitled to apply set-off between the Client s accounts in respect of any amounts due and owing by the Client to the Bank and to debit the Client s CFC account without reference to the Client and without prejudice to the Bank s rights to recover all such amounts from the Client. Declaration by Applicant I / We declare that the information provided by me /us is complete and correct. I / We hereby acknowledge that FNB is not liable for errors, omissions or delays in transmissions arising from circumstances beyond its control. I / We accept that should the application for a foreign currency account be successful, my / our use of the foreign currency account granted is subject to the above terms and conditions as amended by FNB from time to time. Applicant & Designation Date Page 5 of 6

6 FOR OFFICE USE ONLY: - If An Entity Foreign Currency Account Select GOP Category by ticking the appropriate box GOP Category Codes Entities Resident Entities Set off (Import/Export) Resident Entities Freight Resident Entities Other Services Non Resident Entity E-Forex Oil and Gas Companies RMB Subsidiaries (Corporate only) If an Individual Foreign Currency Account Select GOP Category Resident Individual Non-Resident Individual PLEDGE Amount to be pledged : R Reason for pledge : Expiry date : OVERDRAFT LIMIT Amount of overdraft limit : R Reason for overdraft : Expiry date : Application form checked by: - Please advise the account number via Fax No. Page 6 of 6