Foreign Currency

Accounts (FCA)
FAQs - Customers

The Nostro Foreign Currency Account (Nostro FCA) is being opened in Q.
terms of the directive RT120/20178 from RBZ dates 2018.
A.
It is a requirement that we open a designated account to separate
foreign (Nostro) and local (RTGS) transactions.
Can I transfer my Nostro balance to another bank and
withdraw forex from that bank?
Currently there is no forex settlement locally. An option would be
to request your suppliers to open an account with Stanbic so that
you can perform internal transfers.

Table1: Separation of Nostro FCA Accounts Q. Can I open a new FCA on my own?
A. Yes you can request your Relationship Manager or Account
Account Designation Source of Funds Executive or Branch Manager to open an FCA for you.

1 Nostro FCA(Exports) Export proceeds Q. Can charges for transactions on my Nostro FCA be debited
from my RTGS FCA?
2 Nostro FCA (Offshore Loans) Offshore loan proceeds A. Nostro FCA transactions will be charged from the Nostro account.
3 Nostro FCA (Investments) Offshore funds provided by a Q. Can I originate a TT for fees, medical and other incidentals
foreign investor from my existing RTGS FCA ?
A. Yes, the bank will continue to allocate forex to customers who do
4 Nostro FCA (Domestic) Foreign currency cash not earn forex, subject to availability of NOSTRO funding.
deposits from local trade and
foreign currency inflows into
Q. How will loan repayments be handled?
Trust accounts
A. The existing standing order from RTGS FCA will remain in place.
5 Nostro FCA Non-resident Funded from offshore sources Customers need to ensure that the account is funded
by non-residents
Q. Can I pay Zimra and DSTV on mobile and internet banking?
6 Nostro FCA Individual Funded with diaspora A. Not at the moment, ZIMRA payments should be submitted to a
remittances, donations and branch of your choice.
foreign currency cash deposits
Payment requests for DSTV should also be submitted to a branch
7 Nostro FCA Non- Funded with funds of your choice and will need to be supported by the forex to fund
Governmental Organization, sourced from offshore the transaction.
Embassies & International
Organizations System development to enable you to pay on self-service channels
is still under way, and more details will be provided once
8 Nostro FCA Bank Funded with offshore funds functionality is available.
intended for the benefit of a
bank, interest receipts, bank Q. Can I use my existing debit card?
charges, etc A. The bank is developing a new ATM card which will be issued in due
course. In the meantime you can request the bank to activate your
Features existing card in instances where you intend to travel and use the
1. The Nostro FCA can only be funded from foreign currency cash card internationally. Customers will then fund their existing RTGS
deposits, incoming Telegraphic Transfers and from any other FCA by depositing forex cash or transferring from a Nostro FCA
Stanbic Nostro FCA. into RTGS FCA.
2. Normal transaction charges apply.
3. Cash withdrawals are allowed in line with limits as set in the Q. Can I open a Nostro FCA only as a new customer to Stanbic
Exchange Control guidelines subject to availability; $1,000/day for Bank?
individuals and $10,000/day for companies. A. Yes, for new customers to Stanbic, the normal account opening
4. Outward and Inward Telegraphic Transfers from the Nostro FCA are requirements will be requested. Please contact your nearest
allowed. branch for full list of requirements depending on the type of
5. Intra bank (i.e within Stanbic) account transfers allowed are: account.
a. from Nostro FCA to Nostro FCA.
b. from Nostro FCA to RTGS FCA. Q. How will the bank process my Point of Sale proceeds?
A. The bank has opened FCAs for merchants utilizing our point of sale
However, transfers from RTGS FCA to Nostro FCA are NOT allowed to accept card transactions. Local card transactions linked to
RTGS FCA accounts will be credited into the existing
All transfers are currently being processed manually through the branch. merchants/customers’ RTGS account. Proceeds from
Development to enable the Nostro FCA on our Digital Channels is international VISA/Mastercard and FCA cards will be credited into
underway. Currently customers can only view account balances and the new FCA for the merchant.
transactions on self-service channels.
Q. Will I be able to transact with my FCA account on Enterprise
FAQs and Business Online, Blue247 and Stanbic App?
A. Work is still in progress to enable customers to transact on our
Q. Can I access cash from my new Foreign Currency Account? electronic banking platforms. In the meantime our customers will
A. Yes you can withdraw cash from the new FCA but subject to the be able to view balances and mini statements only.
existing RBZ guidelines.

Q. What will happen to my existing Rand, Euro, BWP account?

A. A new Foreign Currency Account in each respective currency will
be opened, however existing balances will be validated to establish
the original source of funds.