FNB Not being Honest?

D

Deleted member 78630

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A while back I opened up an FNB bank account to have access to the PayPal service that they are offering.

Finally when I had everything set and wanted to transfer some money into my PP account, I noticed that their currency conversion rate was a bit off. They list $1 = R7.1480

Example:

image-A7FD_4DDAB1F0.jpg


Looking at THIS currency converter, the USD hasn't seen 7.1... ZAR status in a long time. (Other websites suggested the same thing.)

And to top it all off, they add an extra 1.5% commission to the mix as well.

What action should I take?
 

bullfrog

Expert Member
Joined
Apr 23, 2006
Messages
2,068
Sell and buy prices of the exchange rate differ.

Banks generally have a bigger spread between the buy and sell price as well for some reason.

The sell $ price on paypal on fnb currently:

Exchange Rate: 1 (USD) = 6.8731 (ZAR)

Maybe they're thieves, maybe their system isn't as advanced, who knows. I'm really not sure how all these things put together, but I'm sure there's a reason for it.
 
Last edited:

bin3

Senior Member
Joined
Jun 22, 2005
Messages
976
Yeah; sorry mate: just the way it is. Banks get different rates then us wee folk at the bottom. Though I suspect if you are trading with the amounts of currency they tend to do, you might be able to negotiate the rates a bit as well ...

have fun
 

rorz0r

Executive Member
Joined
Feb 10, 2006
Messages
7,967
On that link you used, set interbank to 2% and
Buying 1.00000 USD you pay 7.10717 ZAR

Also I'd imagine that graph is calculated on mid day or end of day rates and since your quote is valid for only 2 minutes it's probably using live rates which could have peaked when you did it.
 

Mars

Honorary Master
Joined
Feb 4, 2006
Messages
10,821
Yea, the price of the currency is not set. This is the big mistake that people make when they import stuff.
The bank has a buying price and a selling price. Both are geared so that the bank makes money out of the deal.
The exchange rate you get from the news is the base price.
 

Jladan

Senior Member
Joined
Nov 19, 2009
Messages
804
So you complain about something, the rep responds to sort it out and you tell him not to bother? Why complain in the first place?
 

rudig

Well-Known Member
Joined
Oct 1, 2010
Messages
257
...cos he realises that he didn't do his research before complaining and accusing a company of being dishonest? :D
 

Jladan

Senior Member
Joined
Nov 19, 2009
Messages
804
Asking if FNB is being dishonest and what action should be taken does seem much like a complaint IMHO, but each his own I guess:)
 
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