TH
Trent H

1 reviews | Active since Feb 2021

27 Feb 2021, 10:23

Flawed Forex Withdrawal - exchange rate outdated

The Forex withdrawal system for PayPal is flawed. The exchange rate is currently ZAR15,12 to the USD but on FNB, the exchange rate is outdated, it is ZAR14,78 to the USD. That means I'll lose 0,34 for every USD I withdraw, so if I withdraw 1000 USD, I would have lost R335,10. FNB would have gained R335,10 because the exchange rate quote for withdrawal from PayPal is outdated. Isn't that *****ing? Whether it is intentional theft or not, it is theft. The exchange rate needs to be up-to-date. You cannot quote a withdrawal from PayPal with exchange rates that are not current because then YOU (the bank) will benefit. Please fix this flawed and unjust system.

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