Looking for a new bank

[ros_b]

I had no idea you could do this?! I always have to sign that Exchange4Free reporting mandate, but I didn't consider that you could open an account with them!

Is it just like a normal bank account?

How does it compare to Currency Fair?

No, you can't open a normal transactional account with them. You just get an account in your name, which you use to receive foreign currency, or into which you deposit Rands if you want to send foreign currency out.

The FNB Global account is in some sense a bit like a transactional account in foreign currency, because you are able to get a debit card linked to it, which you can then use to spend your $ overseas. This thread discusses it: https://mybroadband.co.za/forum/threads/fnb-global-account-card.983413/

 

[SaharaSnow]

Standard Bank has had a lot of injections from international tech companies during the past 2 years. STB seems to be the flavour of the moment ...

 

[derp90]

No, you can't open a normal transactional account with them. You just get an account in your name, which you use to receive foreign currency, or into which you deposit Rands if you want to send foreign currency out.

The FNB Global account is in some sense a bit like a transactional account in foreign currency, because you are able to get a debit card linked to it, which you can then use to spend your $ overseas. This thread discusses it: https://mybroadband.co.za/forum/threads/fnb-global-account-card.983413/

Oh I mean in terms of people overseas depositing into it. They just use the details like a normal account right?

 

[KleinBoontjie]

I signed up for a Gold Cheque account. Hopefully after building up some history they will offer me a credit card/fusion account thing :/

Does anyone use that "bank your change" feature? Seems like an easy way to save some

They'll upgrade you to a premier Fusion account, without your knowledge and permission, soon enough. Whether you qualify or not.

 

[derp90]

They'll upgrade you to a premier Fusion account, without your knowledge and permission, soon enough. Whether you qualify or not.

That would be so weird, do they really do that? I tried to get a fusion account first but was denied.

 

[Pho3nix]

They'll upgrade you to a premier Fusion account, without your knowledge and permission, soon enough. Whether you qualify or not.

Didn't happen to me at all

 

[ebendl]

I wanted to switch from Private Clients normal cheque & credit to Private Clients Fusion (prefer to use a debit/cheque card day to day but got irritated that most ebucks were earned from credit card swipes) and was surprised when I heard I could move to Private Clients Fusion and keep the credit card for no real price difference.

 

[KleinBoontjie]

That would be so weird, do they really do that? I tried to get a fusion account first but was denied.

Yes, they do, did it to me 2 years ago and did it to my wife last year September. It took me three months to try and get my money back (difference between Gold cheque and Premier Fusion account fee). Gave up when they deducted for fusion a second time, and moved to Capitec. They can keep the money.

Wife was luckier than me, she received the Fusion card out of the blue via courier. She phone FNB to ask what's up and could cancel the Fusion in time. She's contemplating moving as well.

 

[KleinBoontjie]

They blocked my attempts at signing up for project management software.

This is a tech forum, maybe you can try another angle and start a thread with more info on the project management software you want to use and your issue. There might be someone who knows how to solve the issue, rather than changing banks.

 

[derp90]

One thing that gets me, which I didn't really consider, is that with Capitec you get interest on everything in your account, whereas with FNB you don't get a cent.

 

[rvZA]

If you receive a lot of Dollars or make use of Forex services, FNB, by far has the easiest and fastest online services.

 

[ros_b]

Oh I mean in terms of people overseas depositing into it. They just use the details like a normal account right?

Yes, for the people making the deposits, it looks like a normal account.

 

[derp90]

Yes, for the people making the deposits, it looks like a normal account.

I opened an account with Exchange4Free, but they do not give you any account details. They only have the ability to send a "payment request" to someone, but I need to give people actual account details to make deposits.

I even spoke to support, who said they can't help me with this.

 

[mr_norris]

They'll upgrade you to a premier Fusion account, without your knowledge and permission, soon enough. Whether you qualify or not.

I will never forget when the ebucks rules changed in favour of Fusion accounts, and off I went to the bank to change from Gold Cheque to Gold Fusion, and walked out with Private Fusion. It took a full month of admin to get that kak fixed. FNB have their place, but their claim of being the best digital bank and what actually happens are two different things.

 

[Hackson]

There is an entire thread (multiple from multiple years) about eBucks.

For me FNB wins because when you follow their crazy demands they pay up. I have one of those fusion accounts, shop checkers, refill at Engen ONLY, financed my car and apartment through FNB and never withdraw from the ATM. Also, I don't make immediate payments. This keeps charges at a minimum. I've attached how my statement looks. If you can run your business using a digital bank then you'll save plent from FNB. And ya, like everyone said, buy their insurance if you ever need insurance.

 

[Crayons]

Sperm bank

 

[ros_b]

I opened an account with Exchange4Free, but they do not give you any account details. They only have the ability to send a "payment request" to someone, but I need to give people actual account details to make deposits.

I even spoke to support, who said they can't help me with this.

Oh, hmmm.... thinking about it now, I used Exchange4Free only to send money out, not receive money. But I have received money several times with Incompass and they definitely gave me an Investec account number to give to my foreign clients - so maybe try them.

 

[3WA]

Sperm bank

Fecund national balls?

 

[derp90]

Oh, hmmm.... thinking about it now, I used Exchange4Free only to send money out, not receive money. But I have received money several times with Incompass and they definitely gave me an Investec account number to give to my foreign clients - so maybe try them.

Tried them, they will only deal with amounts over R50,000

 

[neoprema]

I'm using a Nedbank Professional Banking account. I was an FNB Private Wealth account holder but their service is terrible and costs are high. Further, they have 0 understanding of their clients despite supposedly being adaptable with a private account.

Nedbank service has been fine so far, and I pump all my transactions through an Amex card which is earning cash back into the Membership rewards card that I can use anywhere Amex is accepted.

eBucks just became tighter and tigher as well and you're forced to sign-up for all sorts of things you don't need to up your eBucks earning. Its dumb.