FNB #INT pymt fee 2%

L

Lo0k

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Good day all.

So our company has a bank account with FNB and from 1st July they started charging us a #INT PYMT FEE for all international transactions. This is a 2% commision fee maxed to R100 of the transaction value. We have a lot of international payments: Google ads, Facebook ads, software subscriptions etc. and have paid more than R2,500 in these fees in a month and a half.

When I asked them about it they sent me a 56 page document and on page 16 at the bottom there was a line stating this commission on ALL international transactions from 1st of July.

What are our options here? Do other banks charge this as well?
 
Lo0k said:
Good day all.

So our company has a bank account with FNB and from 1st July they started charging us a #INT PYMT FEE for all international transactions. This is a 2% commision fee maxed to R100 of the transaction value. We have a lot of international payments: Google ads, Facebook ads, software subscriptions etc. and have paid more than R2,500 in these fees in a month and a half.

When I asked them about it they sent me a 56 page document and on page 16 at the bottom there was a line stating this commission on ALL international transactions from 1st of July.

What are our options here? Do other banks charge this as well?
Click to expand...
Do you think eBucks are free?

On a serious note; you will have to shop around. Thats a lot to pay in fees.
FNB offers an account for international payments. I would look at that. https://www.fnb.co.za/forex/payments/global-payments.html
 
You have been lucky...

1723632734804.png

They have been charging me for a year, maybe 2.

:crying: hurrr durrr me money gone. Added to show me crying. Writing the comment above was not clear on proof that before July it was taking place on my account. It was meant as crying.
 
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Paid R921.97 so far for this. Thinking of closing down this FNB account - I got it just for the Paypal jonks years ago
 
bank charge fees, get used to that,
you might want to see if you can open a US bank account, and transfer funds to it from ZA to do these transactions,

as I imagine that might be cheaper, especially f its US dollar denominated,
 
Jet-Fighter7700 said:
you might want to see if you can open a US bank account, and transfer funds to it from ZA to do these transactions,
Click to expand...

Most of these accounts are in SA so the invoices states ZAR amounts (Google Ads, Facebook Ads which are the biggest transactions)

Bundu said:
I was with ABSA and they charged 2.75%.
Now with Standard Bank and they are also charging 2.75%.
Click to expand...

Are there any banks that do not charge this fee? Investec? Feels like it is only a matter of time before all banks starts to charge these fees.
 
Lo0k said:
Most of these accounts are in SA so the invoices states ZAR amounts (Google Ads, Facebook Ads which are the biggest transactions)



Are there any banks that do not charge this fee? Investec? Feels like it is only a matter of time before all banks starts to charge these fees.
Click to expand...
The more south africans buy from intl sites the more banks will start charging, before the banks could absorb the costs because only a few people were buying from intl sites, but now they cant afford to anymore due to the sheer amount of people making transactions.
 
Lo0k said:
Most of these accounts are in SA so the invoices states ZAR amounts (Google Ads, Facebook Ads which are the biggest transactions)



Are there any banks that do not charge this fee? Investec? Feels like it is only a matter of time before all banks starts to charge these fees.
Click to expand...

They charge in ZAR but their actual payment processing happens in the US or UK.
 
Nobody Important said:
Capitec too, charges these fees. :(
Click to expand...

Capitec fixed rate is R175 for international payments.....BUT..... I tried twice in branch at Cresta to transfer to Canada. Both times my money was returned by the foreign bank because of missing or incorrect information. Did not get back Capitec's fees.
 
Lo0k said:
Good day all.

So our company has a bank account with FNB and from 1st July they started charging us a #INT PYMT FEE for all international transactions. This is a 2% commision fee maxed to R100 of the transaction value. We have a lot of international payments: Google ads, Facebook ads, software subscriptions etc. and have paid more than R2,500 in these fees in a month and a half.

When I asked them about it they sent me a 56 page document and on page 16 at the bottom there was a line stating this commission on ALL international transactions from 1st of July.

What are our options here? Do other banks charge this as well?
Click to expand...
FNB has been charging ZAR intl fees for a while now. Not sure why you are only experiencing these from 1 July (probabaly business account). These fees are levied on all international transactions that are ZAR denominated. Most big banks levy these charges nowadays. Two options come to mind:

1. Group payments to the same supplier/vendor so that the maximum R100 fee per payment is applied
2. Open up a free Bank Zero account and use this account to make these payments, no charges on intl ZAR transactions.
 
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