LA
Lawrence A

1 reviews | Active since Oct 2012

07 May 2025, 11:31

Nedbank Forex Problems

Hello, Nedbank. I have started manufacturing units that require parts from China. A couple of weeks ago I successfully paid for a part using US$.

At the time it I could only use my savings account to pay the Forex against Chin'a invoice. Now, I have been attempting to pay another provider in China and your system/Compliancy dept/Whatever stops me from even doing that!

I am NOT impressed, Nedbank. There is obviously a lack of communication in your organisation that is VERY frustrating. Especially when the payment is urgent, as in this case! The least the Bank could do is inform a customer if there is a hold on their procedures for whatever reason.

I need to make many more such payments in the near future so how do YOU propose I handle it? I have called your help desk including Global Payments and no one there has the ability to call me back or provide a solution or define the problem!

This is NOT good enough for an international finance company! After 2 days of phone calls and bad lines, I am very frustrated as is obvious!

All I want to do, Nedbank, is to pay a simple bill!

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Replies (2)
LA
Lawrence A's update11 May 2025, 11:41
Reviewer Update
4 days later, Nedbank have not yet responded. I solved my problem by transferring money from the Nedbank account to my FNB savings account. Within an hour their Forex Compliance department had contacted me and another department paid the Forex.
Mu auditors are not going to be happy with this move. Mind you he recently changed to another bank because of issues with Nedbank too. I trust this will not be necessary because I will have many such Forex requirements in about 6 weeks from now and I am NOT going to battle or jump through so many hoops, because of incompetence!

Nedbank did offer to pay it for me but sent me a 4 page form of detail I had to fill in. Just not good enough Nedbank, I thought you were a better bank than the others!
LA
Lawrence A's update03 Jul 2025, 12:33
Reviewer Update
Good day, it is now 6 weeks + later and I still cannot use my Nedbank accounts to pay forex! 6 weeks where Nedbank has offered no solution!