South African Rand
The currency of South Africa is the rand (ZAR).
South Africa is well-endowed with natural resources. It exports precious metals and base metals.
Historically, the country’s balance of trade was near neutral: Imports were approximately equal to exports. Since COVID-19, South Africa has become a net exporter.
South Africa is a member of the BRICS group of emerging market economies. It has the youngest population of the countries whose currencies we offer.
About South Africa
GDP1
$400
Billion
USD
Major Exports2
Platinum
Gold
Iron Ore
Major Export Partners2
China
U.S.
Germany
Budget Deficit3
-4.2%
Trade Flows4
113
Billion
ZAR
Pros and Cons of the South African Rand
- Exposure to a major emerging market economy5
- Commodity-driven6
- Higher interest rates and yield appeal7
- High volatility and sensitivity to global risk sentiment8
- Domestic political and economic uncertainty9
- Vulnerability to commodity and external shocks10
1. https://tradingeconomics.com/country-list/gdp
2. https://tradingeconomics.com/country-list/exports;?continent=g20
3. https://tradingeconomics.com/country-list/government-budget?continent=world
4. https://tradingeconomics.com/country-list/balance-of-trade
5.https://www.worldbank.org/en/country/southafrica/overview
6. https://www.southafrica.info/business/economy/sectors/mining.htm
7. https://www.resbank.co.za/en/home/what-we-do/monetary-policy
8. https://www.bis.org/statistics/rpfx22_fx.htm
9. https://www.imf.org/en/Countries/ZAF
10. https://www.trade.gov/knowledge-product/exporting-south-africa-market-overview
It’s as easy as open, fund, trade.
Open a Global Markets Portfolio
Start a Global Markets Portfolio with a Cash Account
Fund your account
Use your Cash Account as your funding source
Trade
Use your Global Markets Portfolio to buy or sell over 20 global currencies
How to Buy the South African Rand
Currency CD
Term
APY
3 Month
4.58%
6 Month
4.58%
9 Month
4.58%
12 Month
4.58%
Currency Deposit Account
$2,500 minimum initial trade per currency. After initial trade, no minimum trade amount required.
Balance
APY
All Balances
0.00%
How to Open An Account
Buying and selling foreign currencies begin with a Global Markets High Yield Cash Account, which serves as the funding account for your currency transactions. Once it’s open, you will automatically receive a Global Markets Portfolio. This Portfolio will allow you to buy and sell any of the 20 foreign currencies available.
Global Markets
High Yield Cash Account
The High Yield Cash Account with Global Markets access delivers the typical features of a checking account but adds high yields for every dollar in your account.
On top of that, it serves as the launchpad to funding your precious metals and foreign currency transactions as well as access to all Global Markets Products.
- Use as the funding account for precious metals and foreign currency transactions
- ACH transfers to/from external accounts
- Free online bill pay
- Debit card with $30/month of ATM fee reimbursement if charged (Coming Soon)
- 1st order of checks complimentary
- $5 monthly fee waived, no minimum balance required
Currency Deposit
- $2,500 minimum initial trade per currency
- After initial trade, no minimum trade amount required
Currency CD
- $10,000 minimum initial trade per Currency CD
- After initial trade, no minimum trade amount required
Available Currencies
Need Support?
855.922.8853 (BATTLE)
Available Monday to Friday between 8:00 a.m. and 3:30 p.m. central time.
For your security, please do not send sensitive information—including account numbers, usernames, passwords, or Social Security numbers—to the support email, as it is not a secure channel.
