FNB Global Account Card

StrontiumDog

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Sho, then it does appear that I was lucky in this instance.

Maybe only newer cards? Both these cards are less than 2 months old.
My EUR debit card is 8 months old, i can't change the pin on the App. Will try sometime at an ATM.
 

Snyper564

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My EUR debit card is 8 months old, i can't change the pin on the App. Will try sometime at an ATM.
No, you cannot do it on the app in both my wife and my case only the ATM worked. She used it in France today with no issue.
 

StrontiumDog

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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.
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.
 

signates

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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.
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 .
 

StrontiumDog

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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 .
I suppose we wouldn't know for sure unless we request an official quote from another forex broker?

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:
1563991224286.png

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 (on R9001)! [edit]I have emailed Bidvest to enquire as to the discrepancy and will report back.[/edit]

1563991415633.png
 
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signates

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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
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.

Surely they can keep this on file and not require it to be entered manually every time.

Fnb also has another swift fee for global payments to foreign bank accounts from you global account.
 

Nimz

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For the tax number by mistake I just submitted with only 2 digits and the transaction went through. So it seems like it's more of a formality than anything else
 

StrontiumDog

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They replied saying,
Thank 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.
Just round off, no biggie :rolleyes:

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 :X3:

Using the 'Sell Notes' rate and with their dodgy rounding off, now their rate is worse than FNB's:
1564002662526.png

1564002814640.png


Via FNB, R9001 at a rate of 0.092 CAD to 1 ZAR got me CAD 828.09:
1564003021861.png
 
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signates

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They replied saying,
Just round off, no biggie :rolleyes:

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 :X3:

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
And that's still without taking off their commission?

The Global account seems to be the way to go. And there's still 4% back in ebucks for international card swipes or online purchases using the card.
 

Snyper564

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After months of planning mine is going for its first test run for the next two weeks! Thanks to all for the advice and assistance!
 

-Bouncer-

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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?
 

travcaine

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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?
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.
 

blunt

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Has anyone been paid from abroad / even another person within ZA to their global account? How does that work? I see they mention you can get paid from overseas but I can't find how - is it a swift transfer or what...
 

signates

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Has anyone been paid from abroad / even another person within ZA to their global account? How does that work? I see they mention you can get paid from overseas but I can't find how - is it a swift transfer or what...
Swift transfer.
 

signates

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Same as if they were swifting into a ZAR bank a/c just diff currency?
Yes.

You can receive from any currency into your global account but fnb will do the conversion at their forex rate if the currency coming in is different to the currency of the global account.
 

Snyper564

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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.
Correct, also you can get no secondary cards on Global account either. So only you +guess has access to lounge.
 
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