FNB forex not working?

saor

saor

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What am I missing here? Want to receive from international, neither the app or browser lets me action anything.

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The last time I had incoming money, they called me and asked me questions about the incoming money. After that it reflected there.

If there isn't anything there, it probably hasn't reached FNB yet.
 
mr_norris said:
The last time I had incoming money, they called me and asked me questions about the incoming money. After that it reflected there.

If there isn't anything there, it probably hasn't reached FNB yet.
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Ah, I thought it had to be set up first before they send...

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I thought that process would give me the SWIFT code required. If the SWIFT code a standard thing?
 
saor said:
Ah, I thought it had to be set up first before they send...

View attachment 1060119

I thought that process would give me the SWIFT code required. If the SWIFT code a standard thing?
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The swift code is a standard thing. I think there is one code per bank, but don't quote me on that. All I know is FNB's code is: FIRNZAJJ. Whoever is doing the transfer to you needs to use that code when doing so. After that it's just a waiting game for the process to do its thing. It is not fast. I do remember getting calls when I had stuff incoming, and they probably email too, but I don't remember.

When receiving, there is nothing you need to do other than give the other party the swift code and your banking details (or mine :D)
 
mr_norris said:
The swift code is a standard thing. I think there is one code per bank, but don't quote me on that. All I know is FNB's code is: FIRNZAJJ. Whoever is doing the transfer to you needs to use that code when doing so. After that it's just a waiting game for the process to do its thing. It is not fast. I do remember getting calls when I had stuff incoming, and they probably email too, but I don't remember.

When receiving, there is nothing you need to do other than give the other party the swift code and your banking details (or mine :D)
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Cool thx.
 
mr_norris said:
When receiving, there is nothing you need to do other than give the other party the swift code and your banking details (or mine :D)
Click to expand...
Weird how it cleared into my account less than an hour after them sending it, but we wait a day for a transfer from a different bank. Anyway - didn't need to fiddle with the forex tab...just came straight though.
 
saor said:
Weird how it cleared into my account less than an hour after them sending it, but we wait a day for a transfer from a different bank. Anyway - didn't need to fiddle with the forex tab...just came straight though.
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That's because the interbank transfer has already been done and they have the funds, so it's just releasing the deposit into your account after you've completed the BoP (ie SARB reporting) process. Our global receipts take 1-3 minutes to reflect after the BoP declarations.
 
Arthur said:
That's because the interbank transfer has already been done and they have the funds, so it's just a deposit into your account.
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Yeah but then why does a local EFT bank A to bank B take so long?
 
saor said:
Yeah but then why does a local EFT bank A to bank B take so long?
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Because the interbank transfers are typically done in batch mode via Bankserv, an institution set up by SA banks to handle their inter-institution transfers.

SWIFT transfers are also done in batch mode. By the time you get a notification of a foreign payment, the funds are already with your bank. They would immediately credit your account were it not for government excon rules, which are determined by SARB and administered by your bank - the so-called BoP process.
 
Down again for me, 2/3 tries for me.
I've now checked Revolut, current rate is:
1620295472609.png
So R17.21/EUR.

FNB transfer to the account was "free" using a debit card (free in quotes as depends on what bank charges you, FNB does not charge online transaction fees on Premiere Debit), you can also SWIFT transfer, credit card has a top-up fee.
One cross-border transfer per month is free on the standard account, and it's a weekday so no exchange fee.

FNB rate is currently 17.59:
1620295598817.png
And you'll be paying the R290 SWIFT fee on top of that, so FNB rate is 2.2% worse plus you get to pay an extra fee.

Actually contemplating using the Revolut account as a transactional one, their interface is pretty slick, and the transfer reflected within seconds on my account (from the FNB one).

EDIT:
Card is now recognized as outside of EEA, so 2.1% fee applies to debit card transfer.
Would still be in rand though. You can go SWIFT instead, FNB:
1620297196859.png
And then use Revolut to convert at quite a bit better a rate, and if lower than ~R14k debit is probably cheaper, but you will pay those rand fees to make up for the "loss" that FNB is taking for you getting a better rate. Wtf.

A bit insane how not even two years ago FNB min cost was R160: https://businesstech.co.za/news/ban...a-banks-charge-you-to-transfer-cash-overseas/
That's quite an increase quite quickly.
Absa now is R180 min + R100 electronic fee, so same price as FNB basically: https://www.absa.co.za/content/dam/...ing-guide-retail-banking-products-on-sale.pdf
Standard bank is R180 min + R108 electronic fee, so same price again: https://www.standardbank.co.za/static_file/South Africa/PDF/Personal Pricing/2021/Forex_Pricing_Guide_2021.pdf
Investec is R180 min + 180 fee: https://www.investec.com/content/da.../private-banking/fee-structure/Forex_Fees.pdf
Nedbank is R180 min @ 0.66% rate vs everyone 0.55%, R125 extra fee, from here https://www.monito.com/en/wiki/international-money-transfers-nedbank-south-africa as just can't find the fee on their site

Capitec does not do SWIFT. This looks like price fixing.
 
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Good day



Please be advised that forex transaction, R025ZX2LC0 that was expected to your account, is in the process of being returned.



The reason for the transaction being returned is that your business name has not been used on the swift payment but instead your personal name was used. Also, a gift cannot be received to a business account. All details on the swift payment must correspond with details held on record.

The return of funds is attended to by another department within the bank and generally takes 5 - 7 working days. Kindly contact the Forex help desk on 0860136739 after the 7th working day and request a confirmation letter linked to the returned payment.

My question is, why does it take so long for the money to return to the senders account but it didn't take so long when it was being sent to me?
 
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