FNB Global Account Rand to foreign currency conversion

[mogiletsiZA]

I would like to open a FNB Global Account and transfer some of my rand cash savings into a US dollar Global Account. My Question is: will the rand amount I transfer be converted to dollars at the current exchange rate or will I be paying a "fee" to FNB by means of purchasing the dollars at a higher exchange rate than the actual FOREX rate?

I fear the latter as the account is free and FNB have not answered by email query...

 

[Arthur]

The transfer will be at the bank's Sell Rate. And they will charge a fee.

Sell Rate is used to sell Rand, ie convert ZAR into USD.
Buy Rate is used to buy Rand, ie convert USD into ZAR.

You are doing the former.

 

[mogiletsiZA]

The transfer will be at the bank's Sell Rate. And they will charge a fee.

Sell Rate is used to sell Rand, ie convert ZAR into USD.
Buy Rate is used to buy Rand, ie convert USD into ZAR.

You are doing the former.

Thanks Arthur, makes sense.

 

[Tman*]

Takes about 24h to reflect, and you will be charged R65 moving funds to and from the account to other accounts

 

[Arthur]

Tip: Don't accept the auto-quote. Phone their Forex desk and ask the agent to go back to the dealer and get a better rate. You should be able to save 5-7c on the normal quoted rate.