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Useful Info

A CFC account is for corporate clients involved in import and/or export transactions; as well as providers of services (merchant trade, tour operators, insurance brokers, etc.). CFSs are bank administered and all transactions must comply with exchange control requirements.

Foreign Currency Accounts

A CFC account is for corporate clients involved in import and/or export transactions; as well as providers of services (merchant trade, tour operators, insurance brokers, etc.). CFSs are bank administered and all transactions must comply with exchange control requirements.

Why FNB?

inContact

This innovative messaging system allows you to keep in touch with your account balances and transactions, helping you manage your money and prevent fraud on your account.

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Online Banking

FNB Online Banking offers you Internet-based, electronic banking that's easy to use, quick, secure and available 24/7.

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Cellphone Banking

Cellphone Banking enables you to conveniently perform a number of banking transactions via your cellphone.

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eMail Statements

Have your statements sent to you via email, saving you paperwork and contributing to a greener environment.

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More about: Foreign Currency Accounts

Why do I need this?

  • It greatly simplifies the financial side of import and/or export dealings
  • You can earn interest on your foreign currency
  • It is convenient and practical because of the nature of your business
  • There is a sense of security as a result of the involvement of the bank

What can I do with this?

  • You can hold an account in any major currency (AUD, CAD, CHF, EUR, GBP, JPY and USD)
  • Funds can remain in a currency for up to 180 days, before they need to be used for either payments for imports or converted to Namibian Dollar

Separate accounts need to be maintained for importers (Import Payment account) and exports (Export Receivable account):

  • Export Receivable Account - this account is opened in the name of the Namibian exporter in the bank's books for the purpose of receiving export proceeds or for the purpose of drawing funds in anticipation of foreign proceeds.
  • Import Payment Account - this account is opened in the name of a Namibian importer in the bank's books and is used to effect import payments on the importers behalf.

Both these accounts are similar in nature to an overdraft, in that the interest paid on creditor balances and the interest rate charged on debit balances are not fixed and fluctuate with the LIBOR rate on a daily basis.

What else do I need to know?

  • The cost of imports can only be set off against the proceeds of exports through the CFC account system*
  • Other foreign commitments may not be set off against the proceeds of services

*Subject to certain exchange control procedures.

I want it!

Contact our RMB Namibia Trade or give us a call on (061) 299 2314 or 2177.

Contact Details

Contact our RMB Namibia Trade. One of our consultants will tell you all you need to know or give us a call on (061) 299 2314 or 2177.