Fnb retail forex contact number

It's worth noting that FNB, just like most other South African banks, charges lower exchange rate margins on the three major world currencies i. What's more, currencies that are pegged in value to the South African rand i. With both the service fees and the exchange rate margin fees taken into account, it becomes obvious that the cost of international payments with FNB can be monumental.

After you'd paid R Contrast this to making the same transfer with Skrill , a London-based money transfer specialist available to South Africans and the cheapest on our comparison engine for this transfer at the time of writing.

With Skrill, you'd pay no service fees and an exchange rate that's better than the mid-market by 0. In addition to the mandatory fees highlighted above, you may meet other fees still when sending money abroad with FNB. Depending on your individual circumstances, these fees could include:. Avoid "OUR" Payments. These instructions can open the door to your beneficiary's bank or the intermediary bank levying further fees from you long after the transfer has been sent. Unless you made a point of digging for those fees, you'll very likely only see them for the very first time just before the money leaves your account.

It's for exactly this reason that, in our opinion, FNB can do a much better job at laying out its international money transfer fees more clearly to its customers.

On FNB's global payments page, for example, where it lays out its international money transfer services, the bank gives no indication of how much you'll end up paying, mentioning only that its fees are "competitive. Even on its foreign exchange rates page, FNB says that the exchange rates it quotes are "indicative and exclude commission and charges.

Know your Balance of Payments BoP code. Whenever you transfer funds out of South Africa, you'll be required by South African Reserve Bank regulations to declare the reason for your transfer in the form of a three- or five-digit code. The most common codes for ordinary international transfers are:. All things considered, FNB is indeed a world-class partner for your everyday banking needs, and as a customer, you'll be able to rely on a secure and distinguished institution to help you with a wide range of services.

As such, if you're somebody who's happy to pay a little bit extra for the comfort and security of making an international money transfer with a bank such as FNB, then we'd recommend you stick with them, as they'll most likely give you everything you need. However, if you're somebody who values saving money on these oftentimes expensive services, then FNB may not be the best choice for you.

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Instead, we advise that you explore your options on the many money transfer specialist services out there to see which one will offer you the best rates. To get the job done, run a search on Monito's comparison engine to find real-time rates and fees with all of the major providers available to South Africans.

As a major world-class banking institution, FNB most certainly does currency exchange. These services range from international wire transfers as we explored in this article , to multicurrency bank accounts and travel cards, to buying foreign banknotes, as well as to currency exchange with MoneyGram and PayPal.

While most of this you can do using your FNB online banking, you can also go to your bank branch. To see the most up-to-date figure, visit the bank's foreign exchange rates page and click on the "View rates" button. Although it's based out of South Africa and a vast majority of its customers are South African, FNB has operations in neighbouring Botswana and Namibia, making it an international bank, strictly speaking.

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Last updated December 31, For this service, FNB charges a combination of commission fees and fixed fees , broken down as follows: A 0. There is no limit to the amount of eBucks that they can earn," says Jordaan. FNB Internet banking clients can buy for themselves as well as for family members or friends travelling with them, providing that they give full beneficiary details including identification document numbers and residential addresses.

Jordaan says: "While overseas travel is more affordable now than it has been in years, South Africans still need to watch the value of the rand carefully.

He says travellers using this facility, but who cannot provide a business address for deliveries, can elect to take delivery of their foreign exchange from specified FNB branches. FNB first with online retail foreign exchange via eBucks. Read time 2min 10sec.

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