US Dollar account
US Dollar accounts are available for South African individuals and are an ideal option as a dollar based holding account for cash funds.
Who should set up a US dollar account?
- Are looking for a cash based interest bearing account in which to hold USD or build up cash reserves of USD.
- Are in need of an offshore account in their own name - for example if redeeming USD from one fund manager with a view to then investing USD with another fund manage. Often redemptions can only be made into an account in the individuals name so the account acts as a hand bridge.
- Wish to transfer their annual allowances out of South Africa but as yet have not made a decision on where these funds will ultimately be invested.