I have tried twice now to make payments to two different overseas crypto exchanges and both times it was rejected by FNB - some nonsense about international policies and just outright rejects the payment- which i have been doing for years no problem. Anyone else experiencing this?
-
Join the MyBroadband community
South Africa’s biggest forum. Discuss, discover, and connect with thousands of members.
-
Question of the Day: Are you for or against worker unions?
Is anyone else experiencing problems with FNB forex payments to crypto exchanges?
- Thread starter Jimmyboy
- Start date
Herr der Verboten
Honorary Master
FNB lockdown strikes again?
FNB rejecting Paypal credit card transactions instructed by SARB - system error
I have a monthly payment setup via Paypal to pay for my virtual server (my email server) that is hosted in Germany. It costs me 4 Euro a month. It has been happily working for over a year with no payment problems. Yesterday i get a notification that the paypal payment was rejected and after...
mybroadband.co.za
how are you paying CC? or Swift? also have you exceeded R1m overseas payments?
Nope full discretionary still available and it was a swift payment.
mmm not surpirised fnb is so iffy with crypto moved away from them just opened a std bank account for this.
I did a swift yesterday with Mercantile to foreign exchange so no issue there, its likely just fnb
acidrain
Executive Member
It all makes sense now why I get "System Error" when trying to grant fnb access to my paypal
Yeah thanks for this- just confirms I need to move to a different bank. Should have seen it coming with their previous moves.
Does Mercantile process the forex payments relatively quickly? I have used ABSA before but was painful long process.
Speedster
Honorary Master
FNB is stupid with their policies. They give no clarity on what is acceptable and randomly reject payments (with significant costs). What I have found to work this far is to transfer to my global account first and then to make the Swift payment from there. Having said that, ABSA works best when paying crypto exchanges, i.e. best rates and least issues
yeah i'm also experiencing this, so arbitrary and cryptic about their rejections. Ive also lost a bit of money, going to definitely try from global and see if that has better luck- Thank you.
ABSA was my first alternative but i see the value date they giving me is 5 days later? is that generally the processing time period?
Speedster
Honorary Master
Use their forex app, NovoFX, not their online banking
Standard processing time for SWIFT payment is 1-2 working days, perhaps 5 day time delay is due to public holidays in between.
Last edited:
kekeke
What FNB’s former CEO thinks about its cryptocurrency crackdown
Former FNB CEO and Montegray Capital founder Michael Jordaan has weighed in on FNB’s decision to terminate its banking services to cryptocurrency exchanges and related entities.mybroadband.co.za
They want to give you protection from yourself
What FNB’s former CEO thinks about its cryptocurrency crackdown
Former FNB CEO and Montegray Capital founder Michael Jordaan has weighed in on FNB’s decision to terminate its banking services to cryptocurrency exchanges and related entities.
They want to give you protection from yourself
hahaha