Wow NEDBANK fail!

[Nerfherder]

The challenge is I get special rates for HL + Car based on my salary being paid into my NB account and moving HL is going to cost a chunk unless I can get a better rate so I'll likely keep the NB account, just move the salary payment and pay the salary across monthly. New bank might also be more interested in which debit orders I want on their system... that was the first thing Capitec asked me for - a copy of my bank statement and "which of these debit orders do you want to move?". I found that weird. They didn't even ask about income.

Ya its tricky, we still with FNB for this reason.

 

[neoprema]

Before we all bow down to Capitec like its a new deity, remember their R50 is because any additional costs are offset against their rates. Banks cannot avoid paying SWIFT and other fees for forex, but they can hedge some of the fees against the rate they're getting vs the rate they're using for you. Its simple.

Same with Revolut, they're charging 0% comm even on shared forex but their portion is made up of the hedged rate they're using. To someone earning R3000 in incoming forex its negligible to them but on R1M or R10M they're making enough to cover a lot of fees so it balances out but allows them to advertise cheap or no costs.

Its not a bad way at all and it works fine.I'm just explaining it because some people think Nedbank, who's been around doing Forex before most of us were born are not charging properly but they're charging differently.

As for their call center and support that is a problem they really need to fix. Their branches aren't much help either but i don't need them anymore as I only have an Amex card with them now.

 

[JerryMungo]

Its not a bad way at all and it works fine.I'm just explaining it because some people think Nedbank, who's been around doing Forex before most of us were born are not charging properly but they're charging differently.

As for their call center and support that is a problem they really need to fix. Their branches aren't much help either but i don't need them anymore as I only have an Amex card with them now.

Based on my current understanding from their staff, 1) they don't know why I'm being charged something different between May and June and 2) They think it might be a different route on the sender side and Nedbank not having an agreement with the intermediary could result in higher charges to me.

The thing about 2 is it means the whole thing is unpredictable for me. If that's doing forex properly, I guess I should make another plan. AFAIK Nedbank offer a forex account too - so perhaps I should just accept USD and do the conversion within Nedbank.

Another thing that baffles me is I always used to pay max R500-R600 for an incoming Tx (a few years back), and that was when I was carrying the fee, now it's shared and I'm paying 30% more out of the blue.

 

[gogga_]

One thing I have thought of is opening a Capitec account and having it paid into that, then paying my "salary" into my Nedbank account from there.

Capitec are flat out on the ball with mostly everything. Been with them 3 years now from Standard Bank.

Couldn't be happier.

 

[airborne]

I've been trying to resolve a query for MONTHS with Nedbank.
- Firstly, the call center agent can't answer the query - heck, they don't even understand the question.
- Secondly their 'escalation' as happens after every call results in NOTHING. No call back. An agent once told me I have to call back in a few days to give them time to resolve the query and they can't phone back because the new system doesn't support it... and coincidentally the 'new system' came in at the same time my issues began.
- Thirdly, every time they escalate and I call back, they give the same canned answer - which doesn't answer the question, it's a joke.

So the query I'm trying to resolve is: I receive an international incoming payment monthly as I have for years, and recently (in the past few months) the payer switched to shared bank charges for the transaction. I have been billed R350 flat rate monthly for these payments with the amount being deducted from the amount sent before it hits my account. The amount that shows accruing to my account is basically R350 less than they said they sent.

Suddenly for the past 3 months, Nedbank have been charging nearly a grand for that incoming transaction and every time I query it they say "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee"... and every time they say that I say sure, that explains the charges from June to August, but I'm asking about January to May (and prior) and they always end up having to escalate it. I then phone back in a few days to a week and the result is the same answer "The instruction shows a shared charge and the charge is made up of a conversion fee and Nedbank's portion of the shared fee".

We've been around the bush 6 times already. I have wasted at least 10 hours trying to get to the bottom of this. I've even sent them the MT103/PACS008 showing the instruction was the same.

I'm about to draw them pictures.

I give you two apples from the same tree, a red one and a green one and I ask you "Why is one red and the other green?" and your answer is always "Because Granny Smith apples are green"... and no matter how many times and ways I ask the same question, your answer is the same.

Is this something for the ombudsman?

The FNB call centre is exactly the same when it comes to extraordinary issues, all the agents are clueless and they open a ticket and you either don't hear back from them or you get sent some arbitrary garbage via email that can't be replied to. You get stuck in that same death loop of asking idiots for help and them doing sweet fk all, rinse and repeat for weeks/months.

Capitec are really on the ball when it comes with international transactions, it’s worth opening an account with them purely just tl receive this payment.

 

[JerryMungo]

The FNB call centre is exactly the same when it comes to extraordinary issues, all the agents are clueless and they open a ticket and you either don't hear back from them or you get sent some arbitrary garbage via email that can't be replied to. You get stuck in that same death loop of asking idiots for help and them doing sweet fk all, rinse and repeat for weeks/months.

Capitec are really on the ball when it comes with international transactions, it’s worth opening an account with them purely just tl receive this payment.

I signed up for FNB and bailed after 3 months. Just not worth the time I spent in queues sorting out things the call center couldn't. Never again.

 

[neoprema]

Based on my current understanding from their staff, 1) they don't know why I'm being charged something different between May and June and 2) They think it might be a different route on the sender side and Nedbank not having an agreement with the intermediary could result in higher charges to me.

The thing about 2 is it means the whole thing is unpredictable for me. If that's doing forex properly, I guess I should make another plan. AFAIK Nedbank offer a forex account too - so perhaps I should just accept USD and do the conversion within Nedbank.

Another thing that baffles me is I always used to pay max R500-R600 for an incoming Tx (a few years back), and that was when I was carrying the fee, now it's shared and I'm paying 30% more out of the blue.

Does the SWIFT proof of transfer say its shared? Or did they? It could have mistakenly been loaded as beneficiary to pay all fees.

 

[JerryMungo]

Does the SWIFT proof of transfer say its shared? Or did they? It could have mistakenly been loaded as beneficiary to pay all fees.

If it was then they've been thumb sucking it's make up of R700+ conversion rate and R100+ their half of the shared cost. I was told that's how it was made up. A bit strange because I thought the conversion rate related to the ZAR amount, but I've paid the identical figure the past 3 months.