I made a USD $5996 purchase on 5 Aug 2013 on my FNB credit card. When it cleared I was charged R62 194.14. I was expecting a final amount of around R60 000.00. Based on the R62 194.14 charge, this equates to R10.3726 to the dollar.
On the day in question, the Reserve Bank's website one dollar its quoted at R9, 81 and on the Oanda Currency Converter website its quoted around R9.83. As this is around 56 cents HIGHER than the Reserve Bank's rate, I queried the transaction with the FNB contact centre. I was shunted around from department to department without an answer to my query.
I finally sent an email to my Premier Banker - after A WEEK I got a reply saying that Visa charges a fee plus Credit Card charge a fee and that the exchange rate for the day was R10.08735843 before any fees applied. Also, I found a discrepancy in the figures provided to me by FNB.
BASED ON THE FNB R10.087 rate, THIS IS STILL 28 cents HIGHER than the Reserve Bank's rate. SHAME ON YOU FNB.
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