FNB Global Account Card

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,138
What happens if there is no movement?
Account might be frozen and you need to call in to get it activated again. Funds in the account cannot be accessed if the account is locked.

I also think it's only if no movement in a 3 month period as I had 2 months of inactivity before depositing my first amount.
 

Speedster

Executive Member
Joined
May 2, 2006
Messages
7,854
Account might be frozen and you need to call in to get it activated again. Funds in the account cannot be accessed if the account is locked.

I also think it's only if no movement in a 3 month period as I had 2 months of inactivity before depositing my first amount.
Ah ok. 3 months isn't too bad. A previous post said monthly, which got me wondering
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
Same here. Transfers to the USD account and out of the USD account is almost instantaneously in work hours. Nothing happens over weekends, after hours or on public holidays though.
Never had instant on transfers to the Euro account. Always between 2 to 12ish hours.
 

Speedster

Executive Member
Joined
May 2, 2006
Messages
7,854
Never had instant on transfers to the Euro account. Always between 2 to 12ish hours.
How do the costs for that work? Is it just a currency conversion fee, or are there other costs involved too?
 

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,138
How do the costs for that work? Is it just a currency conversion fee, or are there other costs involved too?
There's no currency conversion fee for transferring from your fnb account to a global account. There's a forex fee when making a global payment from your global account to a foreign bank. There also no charges when swiping or withdrawing cash overseas. There's another forex fee when receiving money from overseas.
 

Speedster

Executive Member
Joined
May 2, 2006
Messages
7,854
There's no currency conversion fee for transferring from your fnb account to a global account. There's a forex fee when making a global payment from your global account to a foreign bank. There also no charges when swiping or withdrawing cash overseas. There's another forex fee when receiving money from overseas.
Thanks. Regarding the currency conversion fee it is normally hidden in the spread between the bank's buying and selling prices. As an example, what happens if you transfer R1000 to the global account and then immediately transfer that amount back to your ZAR account? My guess is that you'd probably end up with about R980, with about R20 "lost"during the conversion
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
Thanks. Regarding the currency conversion fee it is normally hidden in the spread between the bank's buying and selling prices. As an example, what happens if you transfer R1000 to the global account and then immediately transfer that amount back to your ZAR account? My guess is that you'd probably end up with about R980, with about R20 "lost"during the conversion
Probably more than that because they take off a little each time so yes you'd pay commission twice.

I've only ever done it one way though and it works like this for me. At the moment the Euro is at R16.10. If I want to transfer say 500 euros then they usually take about 30c for themselves so it would cost R15.80 x 500 = R7,900 for the 500 Euros to go into your Global Account.

Which means, R16.10 x 500 = R8,050 so they get R150 from my transfer.

Edit: yeah, so I've never specified the amount to leave my Cheque Account, I always specify how much I want in the Global Account.
 

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,138
Thanks. Regarding the currency conversion fee it is normally hidden in the spread between the bank's buying and selling prices. As an example, what happens if you transfer R1000 to the global account and then immediately transfer that amount back to your ZAR account? My guess is that you'd probably end up with about R980, with about R20 "lost"during the conversion
They make it up in the spread.

This is a quote I did now. R500 to USD and then back again.

Not sure how the rate compared to other banks at todays exchange rate.
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
They make it up in the spread.

This is a quote I did now. R500 to USD and then back again.

Not sure how the rate compared to other banks at todays exchange rate.
Haha, that's pretty cool :p

XE shows USD at 14.37 just now so about 30c in their favour either way.
 

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,138
Haha, that's pretty cool

XE shows USD at 14.37 just now so about 30c in their favour either way.
How does the FNB buy and sell rates compare to other forex providers? The convenience of it makes it better for me.
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
How does the FNB buy and sell rates compare to other forex providers? The convenience of it makes it better for me.
I'm not sure either. I've been with FNB for years and am generally happy with them. I get paid in Euros and I'm happy with the conversion process and rates they offer, and the benefits of ebucks and lounge access more than makes up for the money lost I reckon.
 

Nimz

Expert Member
Joined
Mar 13, 2008
Messages
4,786
Found in the T's&C's

New accounts that have not been utilised will be closed after six (6) months. Active accounts that have no customer initiated transactions will move to inactive status after twelve (12) months. Please contact your Banker or FNB branch to re-activate this account(s)
 

Nimz

Expert Member
Joined
Mar 13, 2008
Messages
4,786
Anyway created my account and ordered the card - I now have $11 to my name :laugh:
 

Drifter

Honorary Master
Joined
Dec 19, 2012
Messages
18,059
If its after normal banking hours, the transfer will only show the next day.
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
So far I’ve only used my euro Global Account as a kind of savings account. I’ve never drawn out or transferred out etc, only transfered in.

I’m off to Turkey next month and had planned to use this account for spending money when I’m there. But just now I tried to use the account to buy Skype credit in euros and it was declined by the bank. I ended up just using my normal cheque account as usual.

So my first attempt at using it failed and I’m wondering now if it’s just because I have to activate it first at an atm when I’m overseas? I’m worried it won’t work now.
 

signates

Executive Member
Joined
Dec 8, 2009
Messages
5,138
So far I’ve only used my euro Global Account as a kind of savings account. I’ve never drawn out or transferred out etc, only transfered in.

I’m off to Turkey next month and had planned to use this account for spending money when I’m there. But just now I tried to use the account to buy Skype credit in euros and it was declined by the bank. I ended up just using my normal cheque account as usual.

So my first attempt at using it failed and I’m wondering now if it’s just because I have to activate it first at an atm when I’m overseas? I’m worried it won’t work now.
Call fnb.

My wife received her GBP card a week before going to the UK. Transferred some funds and was able to withdraw money at the airport when she landed in the UK and swipe her card for the bus. No calls from us to fnb to activate the card.
 

Spizz

Goat Botherer
Joined
Jan 19, 2009
Messages
24,374
Call fnb.

My wife received her GBP card a week before going to the UK. Transferred some funds and was able to withdraw money at the airport when she landed in the UK and swipe her card for the bus. No calls from us to fnb to activate the card.
I'm pretty remote in Borneo just now with no access to phone signal. We have fibre, but no phone :p

But stupid me forgot about checking on the app, so I did and the card indeed was not activated. I activated it now and added online secure too.

Happy days.
 
Top