Discovery Bank

Just checking again if anyone has used the Forex accounts to receive a foreign currency payment? There is a 41.50 Euro charge somewhere in the chain and I am trying to determine who charged it and why...
 
glennhurlow said:
Just checking again if anyone has used the Forex accounts to receive a foreign currency payment? There is a 41.50 Euro charge somewhere in the chain and I am trying to determine who charged it and why...
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Forex charges are an interesting thing with several factors, call them and simply ask.
 
Steamy Tom said:
Forex charges are an interesting thing with several factors, call them and simply ask.
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Thanks @Steamy Tom , forex charges don't seem interesting enough to the Discovery Bank helpdesks consultants because they are pretty clueless. Many phonecalls later, info still not forthcoming.
 
duckgray said:
They most probably chose the OUR charge option which would explain why the funds received is less than expected.
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if they chose OUR it wouldnt come off the received amount. Seems like they chose BEN and there were other banks involved along the chain
 
Thanks for the inputs @duckgray , @Steamy Tom and @AirWolf . The sender did select the option for me to pay the fees (BEN), but what is interesting is this:

The sender bank (BRD - Societe Generale) charges €15, then I have found out that there is a "corresponding bank" between the sender and Discovery and that seems to be where the €41.50 is charged. Then the R175 (0.55% with a R175 subminimum) charged by Discovery will still come off. So what is interesting is that before trying out Discover's forex channel, I was using ABSA to receive the funds from the same sender bank and the corresponding fee for those transactions of similar value has always been €10. So it seems that the corresponding bank that Discovery uses is 4 times more expensive... Not to mention that the first tranfer Discovery just returned without notifying me.

I have escalated this query and am now finally in touch directly with an "Executive Relationship Manager" who is following this up for me. Will go back to using ABSA if they can't bring that corresponding bank fee down.
 
glennhurlow said:
Thanks for the inputs @duckgray , @Steamy Tom and @AirWolf . The sender did select the option for me to pay the fees (BEN), but what is interesting is this:

The sender bank (BRD - Societe Generale) charges €15, then I have found out that there is a "corresponding bank" between the sender and Discovery and that seems to be where the €41.50 is charged. Then the R175 (0.55% with a R175 subminimum) charged by Discovery will still come off. So what is interesting is that before trying out Discover's forex channel, I was using ABSA to receive the funds from the same sender bank and the corresponding fee for those transactions of similar value has always been €10. So it seems that the corresponding bank that Discovery uses is 4 times more expensive... Not to mention that the first tranfer Discovery just returned without notifying me.

I have escalated this query and am now finally in touch directly with an "Executive Relationship Manager" who is following this up for me. Will go back to using ABSA if they can't bring that corresponding bank fee down.
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I might be mistaken but the way it works out there is that the recipient bank wouldn't be aware of or choose the banks in between, i.e it is out of their control, i wonder what would happen if you did the same payment again through absa for the same value in the same time range how it would route. I may be mistaken but just my understanding.
 
Soljaah said:
Anyone been able to receive Forex Rand payments into their Rand transaction account?
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Per my last discussion with Discovery Bank, this is not possible. You can only receive Forex into a Forex account €, £ or $
 
now05ster said:
Yip. Online purchase an hour ago. Eventually went through. Receiving a lot of SMSes now.
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Yea I see on Twitter quite a few people having issues.

Discovery Bank becoming the new Standard Bank it would seem.
 
Trying to max vitality money status :
Any tips on getting the full 5000 points for financial analyser ? (read through the info tip but struggling to unlock the full 5000 again since initially setting up a budget)
 
DrX said:
Trying to max vitality money status :
Any tips on getting the full 5000 points for financial analyser ? (read through the info tip but struggling to unlock the full 5000 again since initially setting up a budget)
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You need to interact with it every month.
You need to not have any unclassified transactions.
You need to set up a budget and meet the implied targets... a hack here is to simply overinflate your budget for each category so that it always come under.
 
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