Nedbank foreign currency account

I saw this today:
https://www.nedbank.co.za/content/n...ex/investments/foreign-currency-accounts.html

It's an account that allows me to receive forex and transfer it to my current account when I want. It also earns interest for me while it sits. So I phone the 0800 number on the page and get through to the 'telephone answerer'. I hesitate to call them a consultant or anything since I'm not sure exactly what they know. I tell them I want to open a new 'foreign currency' account and want to know more and they offer to put me through to a consultant.

The consultant listens to what I want, hears the word 'foreign currency' and immediately assumes that I'm expecting an incoming transfer of sorts (or perhaps they're a specialist and that's all they do - maybe they just assume I was put through to the right person and they don't have to interpret what I want?). After going through a bunch of security questions including 'name the last 3 transactions on your account' game show, she says she is going to check to see if any incoming transfers have been made. I immediately stop her and explain what I told her to start with - that I just want to query a new product, not receive funds. She says 'OK' let me give you the number of our forex department - and gives me an 011 number.

I phone the 011 number and get through to another 'telephone answerer' who puts me through to a current account consultant after explaining what I want. The consultant tells me they're not the right person to speak to and they're putting me through to the forex department (??). I then sit on hold for 5 minutes and put the phone down.

I try again... call the 0800 number. Same story - telephone answerer -> consultant. The consultant tells me they're not the right person, they will put me through to a current account consultant. I interrupt her and say 'I'm looking to open a 'foreign currency account' - not a current account. She explains that she knows, but she is a specialist in a certain product and can't help, so she will forward me to the current account department since I want a current account. I tell her 'not current, foreign currency'... she can't fathom the difference between current and currency. They sound the same to her. I eventually just tell her not to worry, this is not helping...

Flip people. If that's your sales department you're doomed - if you were a private firm in any other industry there's no way you would survive.

Anyone have this account and can you help me with costs? I see stuff on that page but there's no detail of the cost to transfer to my current Rand account.

TIA (thanks in advance or this is Africa - take your pick).

What a lousy experience. My sympathies.

My sympathies, too, for Nedbank. Can you imagine how bad the capable and competent people there must feel. They're under immense pressure to hire not by competence but by other criteria such as race and sex.

I also had a run around opening my FCA account through Standard Bank. The best way is to go into a branch that has a forex department and speak to someone there.

I'm not sure what the costs are for Nedbank, but most banks charge around R100 or so to deposit or draw money. There shouldn't be any charge for having the account, and the interest rate will be minimal. They normally give lousy exchange rates on personal foreign currency accounts though (ie. high commission), so I suspect that's where they make their money.

Denouncer said:

I also had a run around opening my FCA account through Standard Bank. The best way is to go into a branch that has a forex department and speak to someone there.

I'm not sure what the costs are for Nedbank, but most banks charge around R100 or so to deposit or draw money. There shouldn't be any charge for having the account, and the interest rate will be minimal. They normally give lousy exchange rates on personal foreign currency accounts though (ie. high commission), so I suspect that's where they make their money.

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An update...

I went into the branch yesterday, was put in front of a video banking terminal, sat there for 10 minutes waiting for someone to answer the call, was then ushered to a local consultant who said the person I needed to speak to wasn’t there. They then called an 010 number and was put on hold for 10 minutes. I had to leave for a meeting, was given the number to call and called it from home this morning (010-2173557 - option 2). I was on hold for 15 minutes, before putting the phone down. I called again and got through to someone who said I had to go into the branch. I explained that I had and that nobody there could help me. I explained I wanted info on the foreign currency account. I got a big sigh from their end and they transferred me to short term insurance where the automated system asked if I was an existing insurance client or a new one. I then put the phone down.

Long story short, I’m going into the branch again today but if I don’t come right I’m going to move all my accounts (Credit card, current and home loan) to the first bank who can offer me a global currency account. I did this when moving from Standard Bank about 12 years ago. So far it looks like FNB is appealing. I'm not under any illusions about one bank being better than the other but unfortunately for Nedbank, this isn’t the first time it’s happened to me – I recently tried for over 6 months to open a new corporate cheque account for our group of firms in SA and after so many issues (including the fact that the banker who started working with me left and dropped the ball in the process), that I’m beginning to see that this is actually a big issue at Nedbank. I have since resigned from that firm as country director and taken up a position at a much smaller firm - so glad I don't have to go through all of that anymore.

Wish me luck

fnb... opened 2 global currency accounts without speaking to anyone

I've just had a conversation with someone in the know at Nedbank and they are sending me forms. I've been told the sender will pay some charges to transfer to my account after which I pay nothing - they give me an exchange rate on the day I want to transfer and there is no transfer fee for transferring to my current account. No commission, no fee. I'll update this post when it materializes.

*SynergyX* said:

fnb... opened 2 global currency accounts without speaking to anyone

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I couldn't even sign up for an ordinary account with them online. It wouldn't accept my email address since I have a dot in it before the @.

*SynergyX* said:

fnb... opened 2 global currency accounts without speaking to anyone

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Same.

OK, I'm doing FNB...
This is why...

I had a call with the Nedbank consultant and he told me 'no fees for transferring money'... however, there are fees for receiving money - virtually the same as just having it converted to Rands in your own account - anywhere from R120-R690 per transaction. No thanks.

In addition... it's a manual 48hr notice account. You have no way of telling what's in the account and everything operates off email instructions. Nah thanks, this is 2016, not 1996

So what does FNB charge for incoming funds?

I'm trying right now to sign up for an FNB check account online.
Step 1) I do not have internet banking with FNB
Step 2) Enter your name and ID
Step 3) Enter your login information???? Cmon FNB!?

https://www.fnb.co.za/Sales/main.jsp

I'm trying right now to sign up for an FNB check account online.
Step 1) I do not have internet banking with FNB
Step 2) Enter your name and ID number
Step 3) Enter your login information???? Cmon FNB!?

https://www.fnb.co.za/cheque-accounts/index.html

OK, that phone call I just made made up for everything.
I can honestly say that FNB are way ahead of Nedbank in terms of telephone support.
In the space of 15 minutes I now have a new cheque account with overdraft, linked 32 day notice account (no extra cost) and global currency account along with internet banking. I could have done the credit card as well but I'm not ready to move that yet. I'm now going to systematically move my monthlies to FNB.
Sorry Nedbank, but your staff just don't know their stuff. What a difference.

I have a 50 year association with Nedbank and decided to call it a day.They are now in free fall mode due to their useless IT Department.This post is now 4 years old,however,can members please advise me on the following.My son who is on holiday in South Africa, gave me some US Dollars and members in the know, please advise whether I can open an FCA account with a Bank, with the US Dollars.(possibly FNB)Can a member please outline the mechanics of operating a FCA account.Are there any pitfalls.

I've quite recently had a discussion with somebody up to date at Nedbank and they are sending me structures. I've been told the sender will pay a few charges to move to my record after which I don't pay anything - they give me a swapping scale on the day I need to move and there is no exchange expense for moving to my present record. No commission, no expense. I'll refresh this post when it appears.Tutuapp 9apps Showbox

Blonko be very,very careful dealing with Nedbank.

Eric said:

Give FNB a call, you'll get your answer quickly. I reckon they will just take your dollars over the counter at their Forex department, take their share and stick the rest in the account.

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Can you open a foreign account through FNB, as in a bank with $$$$$?

Apologies for the stupid question.

Good question.I also want to know.

Eric said:

Yes.
That's what this thread is about.

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Thank you @Eric. As you can tell I'm dof with these things

Actually,I phoned FNB and they told me that I could not deposit US Dollar notes into a Global account.These notes were given to me by my son who is in Zimbabwe.I had to make purchases for him in SA and he paid me in US$.
Eric I require your guidance.

archibald said:

Actually,I phoned FNB and they told me that I could not deposit US Dollar notes into a Global account.These notes were given to me by my son who is in Zimbabwe.I had to make purchases for him in SA and he paid me in US$.
Eric I require your guidance.

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My understanding of the forex global accounts (with most South African banks) is that you cannot deposit the foreign currency into that account, as in giving in cash Dollars at the bank to deposit into the account (I think it could be potential money laundering that way). With the Global account you can transfer Rands from a normal bank account and get it converted into the currency your global account is in. Alternatively your son can make a direct deposit from Zimbabwe into the Global account in dollars (I have never done this but I am assuming it is an option).

I have a Pound Global account (FNB) and I have only transferred money into it via my bank account.

Well the bottomline is that one cant deposit US$ notes into a Global account.Do I have an option other then leaving it under the mattress.