Rand dives! R10.944 = US$1

... probably cos our Brilliant spokesperson Zuma is in the USA!!! :D

every time he opens his mouth the currency jumps.
 
More like the dollar strengthening - the pound also took a beating from the dollar.
 
Hosehead said:
Better not use your SA issued Plastic today:(

Anyone else notice when the ZAR is under pressure that Standard Bank forex is either offline or the trading floor is impossible to reach:mad:
Click to expand...

So true. I struggled to get my salary out of them last month. Took me three days to get them to release the forex into my account. :mad: Even my branch could not get through to them.
 
Jase said:
So true. I struggled to get my salary out of them last month. Took me three days to get them to release the forex into my account. :mad: Even my branch could not get through to them.
Click to expand...
I used to experience the same with FNB, but now I have arrangements in place to convert before transferring and no longer have delays.
 
Frankie said:
I used to experience the same with FNB, but now I have arrangements in place to convert before transferring and no longer have delays.
Click to expand...

I have the same thing. There is a note on my account authorising them to convert and release the funds. The thing was the 'guy' who deals with my account was not at work (according to the lady who eventually answered the phone).
 
Jase said:
So true. I struggled to get my salary out of them last month. Took me three days to get them to release the forex into my account. :mad: Even my branch could not get through to them.
Click to expand...

You should be happy. Rand is now 11, so you got more Rands per Dollar
for the wait.
 
Jase said:
I have the same thing. There is a note on my account authorising them to convert and release the funds. The thing was the 'guy' who deals with my account was not at work (according to the lady who eventually answered the phone).
Click to expand...
By the sound of it, you're still allowing the SA bank to do the conversion, charge for that, give you their poor rate, and charge an incoming wire transaction fee.
My FX is always converted out of SA to Rand and then sent - this way I know the rate at the time of initiating the transaction and don't pay a cent to the SA bank.
 
Frankie said:
My FX is always converted out of SA to Rand and then sent - this way I know the rate at the time of initiating the transaction and don't pay a cent to the SA bank.
Click to expand...


There's always about a 30 point difference between buy and sell rate and you'll end up somewhere on the lower end of the 30 point difference when changing any money in SA. If you change out of SA you will pay the foreign bank the transmission and commision fees which can be worse than those SA charges because you are paying these in Euro, dollars, pounds, Yen, Zloty whatever.
 
Hosehead said:
There's always about a 30 point difference between buy and sell rate and you'll end up somewhere on the lower end of the 30 point difference when changing any money in SA. If you change out of SA you will pay the foreign bank the transmission and commision fees which can be worse than those SA charges because you are paying these in Euro, dollars, pounds, Yen, Zloty whatever.
Click to expand...
I use EasyExchange.com and get the a very good "buy" rate and the whole transaction costs £8 (regardless of amount), compared to previously using HSBC where they did not make the rate know when initiating the transaction and charged £21 then FNB charged a small % for the incoming wire.

In the early days, FNB delayed the conversion depending on which way the FX was swinging at the time, gave a shocking exchange rate and charge the % incoming wire.
 
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