- Sep 2, 2006
So this works out to taking a hit of 1.9%, based on my admittedly imperfect math.The rates are far better than you’d get from an ATM, a bank or high street kiosk in Europe
Yesterday when the mid market to Euro was 15.55, I transferred some Rands to euros at 15.85. Not bad at all.
What's the costs like compared to other forex brokers out there after including their commission and other fees?So this works out to taking a hit of 1.9%, based on my admittedly imperfect math.
This afternoon I did a transfer of R9001 to my CAD global account at a rate of 0.092 CAD to 1 ZAR, the mid-market rate being 0.094. I took a hit of about R230 which is roughly 2.5% of the R9001.
I suppose we wouldn't know for sure unless we request an official quote from another forex broker?What's the costs like compared to other forex brokers out there after including their commission and other fees?
I did a GBP transfer a few days ago and the rate quoted by fnb was £0.30 higher than the mid market rate at the time. I don't know what spread other brokers work with or would offer on a R20k to GBP purchase .
The FNB global account is just so much more convenient. TransferWise is just as easy with their app. I can send money to the UK in a few minutes using FNB global payments. The only hassle with FNB is that I need to enter my tax number every time I do a global transfer to topup my global account.I suppose we wouldn't know for sure unless we request an official quote from another forex broker? Actually I might just do this for future reference...
After my forex purchase from FNB I went to the Bidvest site for comparison sake, their calculator indicates that one would get CAD 50 more than from what I got from FNB:
View attachment 688089
But then I clicked on 'View forex rates' and the rates on display (below) were inline with the FNB quote. The Bidvest calculator is either very broken or the 'commission and charges' they mention then add up to R500 approximately!
View attachment 688091
They replied saying,<snip>
Just round off, no biggieThank you for enquiring with Bidvest Bank.
Kindly be advised that the rate was rounded off from 0.0977 to 0.10.
Note the rate is subjected to change at any time.
And that's still without taking off their commission?They replied saying,
Just round off, no biggie
I see what i did wrong though, the calculator was using the rate for them to buy notes from me, not for me to buy notes from them
Using the 'Sell Notes' rate and with their dodgy rounding off, now their rate is worse than FNB's:
View attachment 688119
View attachment 688121
Via FNB, R9001 at a rate of 0.092 CAD to 1 ZAR got me CAD 828.09:
View attachment 688123
Regarding using the card, yes. Anyone can use the card if they have the pin basically. You can transfer both ways to and from your cheque account. Regarding the lounge, no, I believe the main guest needs to be the card holder and this is verified with the boarding pass.After reading through the entire thread, I decided to open a Global Account in dollars (being an FNB Premier holder).
I've got a few questions though that I'm still a bit uncertain about. Having traveled abroad a few times, I used my CC but going forward I'll be using my GA Card. However, how will it work if I had to give the card to say a family member to use?
My mom will be visiting my brother in the US and she only has an FNB Savings account but want to transfer me a certain amount of cash to put on the Global Account so she can use the card while she is there. Would that, in theory, work as expected? Meaning she gives me the cash to put on there (currently it shows $0) and then just swipe the card whereas I can update her and top it up if she runs out?
Additionally, if I register it on the Loungekey app/website then it is understood it can be used 10 times for free in addition to taking guests. Will she be able to use that app in Heathrow (has some time there) or if say my girlfriend travels for work via Doha, could she use my app and use the lounge there during layover?
On a final note, if this is all possible and when my mom return then I could just transfer the remaining dollars back to my cheque account and give her the rand value?
Does this affect my Ebucks at all?
Correct, also you can get no secondary cards on Global account either. So only you +guess has access to lounge.Regarding using the card, yes. Anyone can use the card if they have the pin basically. You can transfer both ways to and from your cheque account. Regarding the lounge, no, I believe the main guest needs to be the card holder and this is verified with the boarding pass.