These Terms become effective when you register for a Personal Foreign Currency Account (FCA). You must know, understand and comply with these Terms as they are a binding agreement between yourself and HBZ Bank Limited.

For clarity, the following terms are defined: 

• Account – The Foreign Currency Account opened by HBZ in your name upon request 
• BOP (Balance of Payments Reporting) – Reporting required for foreign exchange transactions 
• FAIS Act – The Financial Advisory and Intermediary Services Act 37 of 2002, including amendments and subordinate legislation 
• FICA – The Financial Intelligence Centre Act 38 of 2001, including amendments and subordinate legislation 
• Group – HBZ’s affiliates, associates, subsidiaries, and divisions, including those of its holding company 
• Note Buying Exchange Rate – The bank’s buying rate for foreign banknotes 
• Rate / Spot Rate – The exchange rate on the transaction date 
• Telegraphic Selling Rate – The exchange rate applied to outward electronic remittances 
• You – The individual applying for or holding an FCA 

All transactions involving deposits or withdrawals from the FCA are subject to the terms outlined in this agreement. South African law governs these Terms. 

If you default on an amount owed on another HBZ Bank Limited account, the Bank reserves the right to apply setoff, meaning it may use funds from your FCA to settle outstanding balances, with any remaining funds credited to you.

• Deposits and withdrawals are processed at the Spot Rate, with a two-business-day settlement period 
• Unlimited deposits and withdrawals are permitted 

As the FCA is not a transactional account deposits and withdrawals can be made only through physical HBZ foreign exchange outlets. Direct debits will be allowed on the FCA. Only the account holder may transact over the account. No joint accounts are permitted. Funds between Local and Foreign Currency are to be moved by the same account holder, therefore you must hold a transactional account (current/savings account).

You must provide the Bank with two business days’ written notice before making a withdrawal from your FCA.

• A minimum balance of USD 1,000, GBP 1,000, or EUR 1,000 is required to open and maintain an FCA
• If the balance falls below the minimum requirement, the Bank may close the account

You will incur the risk associated with exchange rate fluctuations. This means that if you lose money because of a change in the exchange rate, this will be for your own account. The Bank is not responsible for any loss you may suffer of this nature.

• The standard charges applicable to foreign exchange transactions
• Refer to the pricing which is available at any of our retail foreign exchange outlets
• You will be responsible for paying any taxes withheld from or tariffs imposed on us by the Government of the Republic of South Africa or any associated authority
• You accordingly waive your right to recover such payments from the Bank and indemnify the Bank against any liability for any such taxes and tariffs

• Statements for your FCA are available on request
• If you identify an error in your statement, you must notify the Bank within 60 calendar days of the statement date
• If the Bank is not informed within 60 days, the statement will be considered correct and binding

HBZ may close your FCA under the following conditions: 

• By providing notice to you
• Immediately, if the account balance falls below the required minimum
• If updated compliance documentation is not provided upon request (in accordance with anti-money laundering and anti-terrorism financing regulations)

All FCA transactions are subject to South African Exchange Control Regulations, which may change periodically. 

• All transactions must be accompanied by the required BOP forms and supporting documents
• The South African Reserve Bank (SARB) allows investments in foreign currency as follows:
  – Up to R1 million per calendar year under the Single Discretionary Allowance
  – Up to R10 million per calendar year for foreign investments, requiring a Tax Compliance Status Pin Letter