FNB Swift charges

[Drifter]

I got sent 57 Euro from a Swedish bank to my FNB account using FNB Swift. When it got here, it was only 36 Euro. Are the charges that high?

 

[Praemon]

I got sent 57 Euro from a Swedish bank to my FNB account using FNB Swift. When it got here, it was only 36 Euro. Are the charges that high?

Did the payer cover their fees? If not, they may have made you pay for both theirs and your fees? I think FNB charge something like a 0.5% for receiving a SWIFT payment, with a minimum of R170 or so. And then they won't give you a great rate when converting. But since you got so little, it suggests you paid both the send/receiving fees?

 

[Hamish McPanji]

There is a fee of R150 per transaction plus a commision based on % of the amount. These are reflected as separate amounts in your statement. So transferring small quantities is not worth it.

 

[Drifter]

Only way that they would do it. Oh well, better than zero. Thanks

 

[Hamish McPanji]

Only way that they would do it. Oh well, better than zero. Thanks

Next time they should use a transfer service like TransferWise or currencydirect. I transferred €7000 from UK to France yesterday and got the middle rate and got charged €30 only.

Even transferring funds to SA, it reflects as a local transaction

 

[Drifter]

Swedish bank, only Swift, anyways

1 Euro equals
14.85 South African Rand

FNB gave me R14.52 for 1 Euro and minus another R50 commission.

 

[NarrowBandFtw]

Been using xendpay to avoid those high banking fees on international transfers. Not dirt cheap, but cheaper than the banks.

 

[Drifter]

If there was another way, I would have used it. It is the bank on that side, they said SWIFT or nothing. They 1st tried sending the money to my card, but FNB rejected the transaction and returned it.

 

[MrGray]

And people wonder why cryptocurrency is a thing...

 

[Messugga]

And people wonder why cryptocurrency is a thing...

Nobody likes SWIFT, including the banks. Part of the big reasons that the banks are looking at blockchain tech.