Transactional spend on global ETF accounts nearly doubled year over year.
As more countries remove travel restrictions to reopen the global economy, the FNB says increased international travel by South Africans is contributing to growing balances and spending on its global accounts. It says account balances on its global accounts exceeded R7 billion, annual spending by retail customers increased by 90%, while it saw 63% year-on-year growth in new accounts. Customers with the FNB Global Account are also opting for contactless payments when traveling abroad, with contactless volumes increasing by almost 500% year-over-year.
Raj Makanjee, CEO of FNB Retail, says their global account is part of a broader value proposition of global solutions which includes the FNB Channel Islands offshore bank account, investments as well as fiat 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 local currency when their travels, and it is easy to receive international payments. It also gives customers access to over 1,000 international airport lounges with 10 free visits per year, and you can earn up to 4% back in eBucks on card spend abroad. 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 are seeing in our global solutions, and in particular the use of our global account.
“Our customers’ preference for using contactless payments when traveling abroad can be attributed to security awareness and demand for convenience. Given the current levels of volatility in the global economy , we anticipate that even more clients will turn to Global Solutions to manage the associated risks,” he explains.
Over the years, FNB has consistently improved the value of its overall account to provide a greater choice of currencies. It has also improved eBucks Rewards benefits and offers free visits to international lounges for travelers using its global account.
Other advanced benefits of the Global ETF Account are:
The ability to save and transact in nine foreign currencies: ETF clients can save and transact in a foreign currency by opening an online ETF global account. Currencies available include US Dollar, British Pound, Euro, Australian Dollar, Indian Rupee or Chinese Renminbi. There are no monthly fees and interest is paid monthly.
Premium travel insurance: Bank clients and family get premium travel insurance when booking flights with their FNB Global Card. Travel insurance benefits cover things like the loss of checked baggage, crucial documents like a visa or passport, and other unforeseen risks while traveling abroad.
Affordable access to cash: Charges for withdrawing cash from international ATMs can be high, but a Global Account debit card is a safer way to make purchases. Therefore, it is advisable to withdraw money with the Global Debit card at an international ATM, if the money is needed.
“As global travel and trade return 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 risk of market and currency volatility.Our comprehensive solutions are essential in our efforts to help customers and families with advice integrated into their trading, lending, investing and insurance businesses,” concludes Makanjee.
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