FNB Not being Honest?

[Deleted member 78630]

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:

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]

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.

 

[bin3]

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]

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.

 

[c0d3Black]

https://www.xoom.com/sendmoneynow/money-transfer-fees#

 

[ld13]

https://www.xoom.com/sendmoneynow/money-transfer-fees#

Normally one would want to qualify a link you post like this with a preceding statement that would hopefully end up explaining to the reader why the link might end up being relevant in the context of the given thread...

 

[RBJacobs]

Hi .. Please can you send me your contact details - rbjacobs@fnb.co.za or paypalenquiries@fnb.co.za. We would like to look into the currency conversion rate query posted

 

[Mars]

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.

 

[Pyro]

FNB's current rates - as per https://www.fnb.co.za/rates/forex/forexRates.html
Selling: 7.1716

Buying TT: 6.8540
Buying TC: 6.8190
Buying Notes: 6.8479

 

[Deleted member 78630]

Hi .. Please can you send me your contact details - rbjacobs@fnb.co.za or paypalenquiries@fnb.co.za. We would like to look into the currency conversion rate query posted

Thanks for the support, but I think I'll just keep an eye on those exchange rates and make the conversion when it suites me best.

 

[Jladan]

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]

...cos he realises that he didn't do his research before complaining and accusing a company of being dishonest?

 

[MegasXLR]

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?

...cos he realises that he didn't do his research before complaining and accusing a company of being dishonest?

I thought he asked a question?

 

[Jladan]

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