Absa
Unethical Bussiness Practices

I get my salary from the US every month and every month the same fight with ABSA, and have not been successful in this battle.
My salary was sent from the US to ABSA, which they need to clear - all normal - but what is not normal is they the don't clear USD based on the current exchange rate, they use the one they very well feel like, and always to their benefit - customer losses out again.
This month ABSA offered me an exchange rate of 8.7682 when the actual exchange rate was 9.001 (28 Jan 2013 @ 10:40AM), now that is a difference of 23.28cents, due this difference, I lost over 2.5k on the exchange rate alone, and then ABSA still had the audacity to charge me a service fee of over R400.00, for this transaction alone excluding the monthly transaction fees. I had to accept this or else ABSA would withhold payment and I have bills to pay, as it's my only source of income.
The explanation I got was ridiculous about "Midrate", buying, selling etc.etc. - that is not my problem all I see is ABSA ripping me off month in month out. I am now going the Ombudsman route, so everyone out there, seriously consider using ABSA, they are a bunch of ripoff artists using unethical practices.

Company: Absa
Country: South Africa
City: Foreign Exchange

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