Pricing Guide - Rates and Pricing - FNB

Best way to transfer my salary to myself in Ireland from my South African company.

I recently immigrated to Dublin, Ireland but I am still working remotely for my company in South Africa. What is my best option to transfer my salary as they pay my salary into my FNB account. I have looked at FNB global, but I am wary of fees. At the moment I am just doing a monthly transfer to my bank Irish bank account.
submitted by New_Attempt_9008 to southafrica [link] [comments]

The rough guide to the Islamic Investment world (in South Africa)

So this is my rough guide to Islamic investments within the South African Universe (it can apply globally, except my examples is all South African based). Hope it is informative and encourages halal investing.
Suggestions welcome
Section 1: Investment Universe 
  1. Islamic Bank fixed deposits
About: Invest your money for a fixed period (1 month up to 5 years). Get profit when period is completed
Pros: Reliable profit , Low financial risk, low Islamic risk : covered by a board of Shariah scholars
Cons: Low profit rates.

  1. Unit trusts
About: Collective investment - managed by investment company, protected by SA law, typically invests in equities, sukuks and property
Pros: Plenty of choice, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: Typically High fees, .

  1. ETF
About: Collective investment
Pros: low fees, Provided by registered Financial Service Providers, Sharia Boards , diversification
Cons: only one option in SA, heavily weighted on Resources

About: Pick your own stocks off the exchange
Pros: High profit potential,
Cons: Very Risky, No Islamic oversight (hence need to do your own screening)

  1. Property
About: Tried and test property
Pros: Stable Asset, Tangible, Straightforward, Zakah benefits,
Cons: High capital outlay, expensive legal costs (transfebond registration) , Not very liquid,
  1. Custom Wealth Solutions
About: Customized Wealth management and investments
Pros: Professional advice, custom solution
Cons: Available exclusively to high net worth individuals, Investment advise appears to be fee based

Section 2: Definitely not halal 
  1. Margin based investing: Margin = interest = haram. Also very risky
  2. Futures contracts: Shorting, going long, all CFD's and futures contracts are impermissible. Because a condition for a halal investment is that the underlying asset must be owned
  3. Forex: Or at least forex based on CFD's and margins. Buying dollars to travel should be perfectly fine.
  4. Stocks/Equities that primarily deal in haram activities: Gambling, pork, etc

Section 3: Grey Areas 
  1. Crypto ( Bitcoin ,etc) : In theory these should be more "halal" than fiat currency (what all money in the world is) however there are differences of opinion.
  2. Shares : There are grey areas : Most companies has an element of haram income (interest, etc). Scholars have devised ratios to to filter out "islamic stocks" from haram stocks (30-33% max debt, max 5% haram income, liquid ratios, etc). It is for this reason these stocks requires dividend purification.
However you should be aware of this before venturing into to stocks as you might not be comfortable with that thought (This also affects EFTs, Unit trusts, etc).
3 Easy Equities: Easy equities makes it cheap and easy to own equities. However I would at all times buy/sell only whole shares and not fractional shares. Fractional shares are done as a CFD (a bit different from a forex CFD). You get all the benefits of ownership such as dividends and capital gains on a pro rate basis. But you do not actually own the CFD until you buy enough CFD to get a real whole share. That being said, it is still grey, best to avoid fractional shares entirely
4. Halal Forex Accounts: Somehow these are marketed that way. Here's a link to (Islamic Finance Guru) who has a bit more knowledge on this. (Note: I am not affiliated in any way or get any benefit)
Section 4: Conclusion 
I sincerely hope this helps , and encourages to invest in the Islamic world.
Any ideas, inputs and suggestions welcome.

Disclaimer 1 : Corrections welcome, I am not a learned scholar, this is not financial advice, you bear the responsibility & consequences of your own decisions/investments
Disclaimer 2 : At some point FNB Sharia board quit , they subsequently hired a new board. They don't however make it easy to find who is in the board from their website. However the information can be found in news websites.
submitted by Flying_Koeksister to IslamicFinance [link] [comments]

So I just had the most frustrating experience with Discovery/FNB

Sup mense.
So I had this bad experience with Discovery/FNB that I just have to share, and this is as good a place as any because with 62 000 subs, I have a disproportionately large avenue to voice my frustrations, and hopefully damage their business, because I really am that petty.

It all started this morning. I'd had a killer sesh at Virgin Active and I went to Spar to go get some water and gum or something. I reached for any card in my wallet, and out popped my discovery card. I got it about 6 months ago when I needed to boost my credit rating a bit, and it's one of those pre-funded credit cards. I put the card in, the chip gets in smoothly, and I key in my pin. Then came those words, the words you fear every time you swipe with a card which is dangerously low. "Sorry sir, it says Declined". How could this be? I have a deduction which goes off on the first of every month from my main account into this account and I hadn't used this card since April. So it should have all that money, right? Wrong. I call FNB, they tell me that apparently my account has gone into overdraft and they need me to pay that overdraft fee or else. I phoned my main bank, which tells me that there was no deduction from Discovery this month for my credit card. I phone my bank back, and the man on the line tells me that because the 1st of May was a public holiday, they made no deductions, and then they couldn't the day after either because they had technical difficulties. But I still need to pay the overdraft fees. When I pressed him about this he says "Why can't you just pay the money?". Now admittedly, it really isn't that much money. I just got this card to boost my credit score and thus my monthly deduction isn't huge and my overdraft fee isn't in and of itself worth concerning myself over.

My issue is with the sheer level of incompetence and attitude that I've had to deal with. Firstly from the bank itself. How do you forget to deduct money, not notify me that there has been no deduction this month, and then the first I hear about it is with an SMS threatening my account (and therefore credit) status if I don't pay my overdraft. Also, you can't just ask me why dont I just pay the money. That is an incredibly insensitive question. Literally have no idea how badly an unbudgeted for expense can affect the average South African. Just doos behaviour all the way through.
submitted by Thami15 to southafrica [link] [comments]

Advice/information on transferring savings overseas and closing bank account

I am moving overseas and need to transfer my savings out of my FNB account. I want to do this after I have moved, since I want to keep my South African bank account active for some months, so that I can get my various security deposits back, and have an account connected to my debit and credit cards that I want to keep using until I get a new bank account. I have a few questions about this:
  1. I am thinking doing this through Forex after I get a new bank account overseas. Will this be simple? They ask for supporting documents to justify the transfer when one applies for a Forex transfer - what should I have to provide, in my case?
  2. Will Forex be cheap? I could only find rates from 2012, it says the commission is 0.5% for outward swift, but there seems to be a cap of R 660. Does this mean that they will not charge more than R 660 in fees, regardless of the amount?
  3. Is it possible to close a bank account remotely from abroad, without walking into a branch?
  4. Is there any way to know when the rand will get stronger again? Then I can wait and transfer the money at an opportune time.
I know I could ask the bank all these questions, but I have had pretty frustrating experiences with FNB over the last few years, so I want to ask reddit first and get some crowdsourced information/experiences in case I get conflicting/inconsistent answers from the bank.
submitted by Grahamstownie to southafrica [link] [comments]

What's the best way to send money from my SA bank account to UK bank account?

I just used PayPal (I have one PayPal account per bank account).
Sent R3032.49, recieved £155.67 (Exchange rate according to was 18.39 £)
Are there better ways?
I pretty much have to do this monthly to pay off an overdraft. Need to try reduce fee expenses.
I think next month I might just send R1000 x 3 methods
  1. FNB Forex/Swift native banking method
  2. Paypal method I have been using
  3. Bitcoin conversion
But any ideas up front on the best way?
submitted by dnk8n to capetown [link] [comments]

Emigrating - moving money to Canada

As someone emigrating from SA to Canada, what would be the best way to move money (more than R100k, less than R1M) from FNB to my Canadian bank account?
I've used FNB's online banking forex before. The fees were 0.5% of transfer value, and the exchange rate was about 3.5% worse than what Google's currency conversion was saying at the time.
I've heard suggestions so far of Kruger Rands, bitcoin and travel wallet/traveller's cheques. Does anybody here have experience with these, or a better approach to recommend?
submitted by bradavan to southafrica [link] [comments]

Does anyone have any experience with HSBC bank?

I have to travel overseas and need to pay for things like accommodation, car rental, conference fees, etc. My bank, FNB, says that according to the rules of the Reserve Bank of South Africa, I cannot perform any foreign exchange transactions. I have a 3 year visitor's visa, not a work permit, and that makes me ineligible for foreign exchange services as well as a credit card. This is very restrictive and I need to find another bank.
Does anyone have any experience with HSBC? Can I open an account online without visiting a branch in person? Will FNB allow me to transfer money from my FNB bank account to my HSBC account? Can I then use the HSBC account for forex? Will HSBC give me a credit card? I have credit cards from outside SA but I cannot pay the bill from my current earnings because I am not allowed to do a wire transfeforex.
submitted by Grahamstownie to southafrica [link] [comments]

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