1 reviews | Active since May 2022
Dishonourable conduct by various employees of FNB regarding Foreign Exchange Deal.
We approached FNB-Greenstone to facilitate a foreign swift currency transfer this year, 2022. The FNB employee was asked what was the exchange rate of RANDS to AUD as the transfer was been done. The exchange rate was no ways near what we go in the end in the Australian Bank Account. We also asked if the bank transfer would be done from FNB Acct to the Australian Bank Acct. The current exchange rate was quoted and illusive answers were given when asked if the currency exchange would be bank to bank direct with No intermediary banks. After we complained internally as a delay occurred and that the transaction could be cancelled as it was delayed. Soon after our complaint the amount then arrived in the Australian Bank Account. Unfortunately, the transferred in Aud was much less than expected/ FNB employee information and including having used the FNB Currency Calculator as reinforcement. After again bringing the matter to the attention of FNB seniors we were smoked screened with a story that the bank in Australia had charged a large amount of fees hence the lesser amount than what was predicted on the FNB currency calculator and employee. The truth came out after we had spoken with a senior manager at the Australian Bank dealing with foreign exchange. The whole documentation trail from when the Rands left our account and then another RSA intermediary bank was used and kept the money in Rands and transferred it to the Australian Bank. The transfer into Aud was only done in Australia by the Australian Bank giving us less AUD less beneficial then doing the transfer of Rands into Aud in RSA. The bank in South Africa should have exchange the rands into aud and then transferred the aud to Australian giving us more Aud. It is a process that FNB employees should have said they did not do or want to do (not transfer rands to aud in South Africa) and that FNB uses a intermediary bank not honest . That in turn gives the FNB client less good value in Aud in this case and the intermediary bank charged us a significant sum of money again not disclosed by FNB. Instead the statement was done by various employees that they transfer the sum but vague and less than open transparent information was relayed to the client. We did not been told stories to through off the scent of FNB about this transaction and blaming the Australian Bank for the whole scenario. We have now cut our links with FNB and will rather use the intermediary bank in this case in future to have a direct transfer from RSA bank to AUS Bank with less intermediary costs as they do direct transfers including exchanging already in RSA to AUD when advising clients and been instructed to do so.
