High Premium Rates for Forex

<p>I have been a loyal FNB Private Clients customer for some time now. My wife and I are heading overseas for a holiday next month and approached FNB to purchase our Foreign for the trip. We ordered some forex last month and had planned to purchase some more this month and place it directly into a cash passport. The forex we bought last month came at a premium higher than what we could get it from competitive banks. Again this month when I was attempting to get some for the cash passport. It feels like a customer trap and incredibly disappointing to say the least. We love FNB for the most part and feel that they are an innovative institution. Their forex department though needs a lot to be desired. Their rates are more than 10c higher than competitors. Furthermore, when you start to book your forex for the cash passport, the exchange rate jumps up a further 3c. They claim its a quote on their site, which leads you to believe that the rate may be better following the quote. The forex agent I spoke to said that this is not the case -, that is what you'll end up paying. Why do I have to pay such a premium for forex from FNB for the forex? Likelele, the agent I spoke with, said if I ordered R50000 of forex, they could negotiate a better rate which was still 7c higher than the cost I could get cash notes in forex from a competitive bank. This is truly disappointing FNB. SHOCKING in fact. Stop *********** your loyal customers!!! </p>