Delays, Poor Forex Handling & Unreasonable Demands from FNB

I recently moved to FNB, intending to grow my business and benefit from what I hoped would be a more business-friendly banking experience. Unfortunately, my experience has been marred by unnecessary delays, rigid compliance demands, and a lack of common sense in handling a straightforward foreign exchange transaction.

As an IT Consultant, I provide services to ***X Consulting, an international client. I have been receiving payments from them without issue through another bank for a long time. However, the first payment made to my new FNB business account was returned simply because I had listed my name (I am the sole director of my company) on the beneficiary details instead of the business account name.

Once corrected, the bank still delayed the payment by two additional weeks, citing requirements that made little sense considering the context:

They requested a contract between companies, even though the agreement with Scale S**** was signed long before I opened the FNB account. The contract is legally between me and ***XX Consulting — I can provide company registration certificates proving that I own the business and operate as its sole director.

After submitting the invoice and agreement, they then insisted on seeing the invoice every single month before releasing funds — an invasive and operationally disruptive demand that I have never experienced with any other bank.

To summarize the core issues:

Poor Communication: There was no clear guidance on what was wrong or how to resolve the issue quickly. I had to follow up repeatedly just to understand what they were asking for.

Unrealistic and Rigid Requirements: FNB’s compliance team demanded documentation that didn’t apply to the situation, ignoring the context of my contract timeline and company structure.

Business Disruption: Waiting over two weeks for an international payment caused cash flow issues and operational delays for my business.

Lack of Support for Entrepreneurs: I moved to FNB to scale my business — instead, I’ve been made to feel like a compliance burden rather than a valued client.

Unnecessary Micromanagement: Demanding my monthly invoices before releasing funds feels like micromanagement and a lack of trust in legitimate client relationships.

Embarrassment with Client: I had to explain the delays to my international client, which made me look unprofessional and risked damaging that relationship.

No Issues with Other Banks: With my previous bank, these payments went through smoothly. FNB’s forex process is unnecessarily complex, slow, and completely disconnected from the needs of modern business owners.

Conclusion: FNB has not only failed to meet the expectations of a bank that claims to support business growth, but they’ve actively hindered it. Unless they review and improve their processes, particularly in areas such as forex payments and compliance handling, I cannot recommend them to any entrepreneur relying on international business. I regret moving to FNB.