Standard Bank
Where do they find their forex rates?

I had to wire a large sum of money to a Canadian company last week. After checking the exchange rates on the Std Bank website I was expecting a maximum of R9.65 to the Canadian Dollar. The payment went through at R10.36 to the CAD which is closer to what I would have expected if the conversion was to US dollars. I queried forex in Port Elizabeth, suggesting that an error had been made and the US dollar rate had been used but was told there was no error, that is Standard Banks rate. I am unconvinced and very unhappy but there seems to be nothing one can do except never use Standard Bank again. I shall definitely look into closing my account because this is just one of many unsatisfactory experiences I have had with this bank.

Company: Standard Bank
Country: South Africa
City: Foreign Exchange

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