1 reviews | Active since Apr 2018
Inconsistent FX service
Last Tuesday, I had an inbound SWIFT transaction cleared into my account without a call to confirm the rate and clear funds, which has been my past experience.
I subsequently emailed the FNB Forex team and they advised that they auto clear if transactions are less than a certain threshold.
However, this is at odds with my previous experiences where I have been notified in the past for rate confirmation. I was also advised on my last transfer when I spoke to FNB Forex rep that I could choose to authorise the transaction via Online Banking, which suggests that I can confirm the rate prior to clearance. Furthermore, there is no mention of the threshold or auto-clearing on the Forex T&Cs on the FNB website that relate to a SWIFT transaction:
"1.1.3 When receiving funds from abroad the Client will be provided with a quote, which has to be accepted within 30 (thirty) days, failing to do so will result in the funds being returned to the originating bank. Should the funds be returned to the originating bank the Client will be responsible for the costs and fees involved therein. "
When I pointed out the conflict with the T&Cs on Thursday, I received no further communication from the FX team despite a follow-up email.
@FNB: please advise how my experience fits with your SWIFT T&Cs, which make no mention of autoclearance or a threshold?
I'm further confused by the advice that if I can now authorise clearance via Online Banking as per the steps provided, how will I get the opportunity to do this if my transactions will be auto-cleared?
Good Day Mr Richard Hadley
Thank you for bringing this to our attention.
We acknowledge your complaint.
It has been routed to the relevant department to investigate and provide resolution.
Feedback will be provided shortly.
I do apologise for any inconvenience caused.
***
Regards,
Client Experience Team
Email address: ***
Tel number: ***
Good Day Mr Richard Hadley
Thank you for bringing this to our attention.
We acknowledge your complaint.
It has been routed to the relevant department to investigate and provide resolution.
Feedback will be provided shortly.
I do apologise for any inconvenience caused.
***
Regards,
Client Experience Team
Email address: ***
Tel number: ***
