Safricans earning abroad? Stop the bank rip-off!

[AtlanticWatch]

A good friend of mine is flying for an airline in Singapore, while maintaining a household in SA. Every month having to transfer money home to his SA account costs him a fortune in fees and bad forex rates, as we all know that banks feel they have the right to rip off people on all forex transactions - and on bankcharges for that matter!:*

Another mutual friend is involved in a private forex business and is saving mate #1 hundreds of Rands a month now. As I have many friends and acquaintances working abroad, and having a bit of a pet hate for banks (been ripped off big time myself :{ ), I would like to share this with other South Africans abroad. People in aviation and any other profession, earning forex overseas and having to send money home.

PM me for contact details of the forex guy, as I do not want to put his info up here out in the open. Any comments or stories about our beloved banks will be welcome as light entertainment.
:ok:

[Gunship]

Exactly the same problem.

And as soon as my regular income is a little bit higher (due to back pay) the Reserve bank jumps on the band wagon and it is money laundering and rubbish like that.

SA is falling off the band wagon and that is sad for leagl people.

They make us skelm (illegal) :(

Send you an PM

Cheers,

Gunsss

[wheels up]

South African banks have amongst the highest charges in the world, if not the highest.

My British Bank account features:

- No monthly fee
- Free cheques
- ATM transactions free
- Deposits / withdrawals free
- Internet banking free
- No charge for new credit card

and something unheard of to SA banks - service!

Closed my Sub-Standard bank accounts in SA since they were a rip off and the service was appalling.

I could never figure this one out: I deposit cash into my bank account, which the bank uses to run its business while offering me a neglibible rate of interest, and they CHARGE me for the privilege. Looks like it's not only pilots who are suckers.

[Gunship]

Except the high charges I must admit I have had just excellent service from my SA bank (FNB) and I mean excellent through thick and thin.

Yes they charge but they are great - personal service as well. :D

[AtlanticWatch]

Some banks do offer those low charges and the good service, but its mostly the "Private" Banks, where you need a lot of money to get into in the first place. So bank logic is that if you don't earn a lot, you have to pay more, and the more you earn, the less you pay. Guess that is just life in general - the more you have the more you will get! :rolleyes:

To all the guys who replied, its a pleasure and I hope it will help. Tell a friend if it works for you.

From the amount of PM's I have to assume there is a lot of people loosing a lot of money out there, so, if you have not sent me a PM yet, do so and I'll be happy to send the contact info.

You worked hard for your money - try to keep some of it!:D

[B Sousa]

SA Banks seem to be good for doing the necessary transactions of day to day life.
BUT
If you are earning money outside SA and you are putting that money back into SA Banks....................I have some Ocean Front property for sale cheap near Thabazimbi