Trading is like owning an international business, so you need a bank that accepts foreign currencies. And not all banks accept foreign currency, just imagine your withdrawals being declined just because of the bank you use.
I have been a forex trader since 2020 and own 5 bank accounts, but I only trust FNB with my profit withdrawals.
In this article, I will go over the 5 top banks in South Africa and explain why FNB is the best bank for forex traders.
Top 5 Banks In South Africa
The best bank choice is the one used by most brokers, so that your withdrawals will be almost instant. Then we look at fees and reliability.
The Top 5 banks are:
- FirstRand Bank (FNB)
- Standard Bank
- Nedbank
- Absa
- Capitec
FirstRand Bank (FNB) and Standard Bank are the best banks for traders and investors, period.
Best Bank For Forex Traders
FirstRand Bank (FNB) is the best bank for forex traders, since most brokers use FNB, so withdrawals will instantly be reflected in your bank account.
The other reason FNB is the only bank in South Africa that allows withdrawal from PayPal.
🥇FirstRand Bank (FNB)
FNB is my top pick for forex traders in South Africa. It’s the bank I use, and it’s fast, trustworthy, and easy to work with.
Why choose FNB?
| |||
|---|---|---|---|
Fast Clearing | |||
User-Friendly | |||
Multi-Currency Account | |||
Access to Forex Advisors | |||
Preferential Exchange Rates | |||
Dedicated Banker | |||
Specialized Forex Credit Cards | Aspire | Business | Premier |
Monthly Account Fee | R0-R250 | R0-R200 | R500-R600 |
Eligibility Requirement | ID, 18+ | Business Registration | Min R750K Assets |
🥈Standard Bank
Standard Bank is a great choice for traders working with international brokers. It’s reliable with a focus on global access and quick delivery.
Why Choose Standard Bank?
| |||
|---|---|---|---|
Fast Clearing | |||
User-Friendly | |||
Multi-Currency Account | |||
Access to Forex Advisors | |||
Preferential Exchange Rates | |||
Dedicated Banker | |||
Specialized Forex Credit Cards | TravelWallet | Business | Titanium |
Monthly Account Fee | R7-R280 | R100-R150 | R200-R600 |
Eligibility Requirement | ID, 18+ | Business Registration | Min R1m Assets |
🥉Nedbank
Nedbank is a safe and steady choice for traders who prioritize security and travel perks. It’s reliable but has higher fees.
Why Choose Nedbank?
| |||
|---|---|---|---|
Fast Clearing | |||
User-Friendly | |||
Multi-Currency Account | |||
Access to Forex Advisors | |||
Preferential Exchange Rates | |||
Dedicated Banker | |||
Specialized Forex Credit Cards | Greenbacks | Business | Premium |
Monthly Account Fee | R100-R250 | R100-R450 | R450-R600 |
Eligibility Requirement | ID, 18+ | Business Registration | Min R500K Assets |
Conclusion
I recommend FNB for forex trading. It’s the bank I use, with innovative features like tax automation that save time.
You might think you don’t care about taxes, but forex traders do have to pay tax.