Foreign Currency Account

• Affordable – You can invest a minimum opening balance of 1000 USD, GBP or EUR;
• Peace of mind – You may protect your investment against currency fluctuations without having to move funds offshore;
• Cost-effective – There are no monthly maintenance fees; and
• Convenience – You can transfer funds in a foreign currency to an account held at an overseas bank (subject to exchange control regulations)

Bank of Namibia (BoN) allows a resident who is a taxpayer in good standing and is 18 years and older to invest in foreign currency with the following conditions:

• Up to NAD 1 Million per year - part of the Single Discretionary Allowance within an overall limit of NAD 1 Million per calendar year
• Up to NAD 6 Million per year - a tax clearance certificate for investment purposes is necessary;
• Foreign currency can be used for travel arrangements in the future and foreign payments abroad in line with the exchange control rulings & regulations;
• Exchange rates are fixed at the market rate of the transaction date;
• The transaction is executed by virtue of debiting the NAD amount to your Nedbank transactional account and crediting the purchased foreign currency to your FCA account;
• The instruction to trade needs to be confirmed via the account holder's relationship manager/personal banker; and
• A two-day notice is required to access your funds.  

• Step 1: Fill in a Nedbank foreign currency account application and a transfer form. You can get the Nedbank foreign currency account application and transfer form from your nearest Nedbank branch;
• Step 2: You'll need a Namibian barcoded identity document and proof of address, such as a utility bill (not older than three months);
• Step 3: A tax clearance certificate from the Namibian Receiver of Revenue is needed if applying for the NAD 6 000 000 foreign investment allowance.
• Step 4: Take the original forms and supporting documentation to a Nedbank branch and your application will be processed within two to three working days.