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Att: South African Nedbank Users

by Gasen
10 replies
Nedbank is no longer accepting foreign cheque deposits.

Previously I would fill out the foreign income declaration form and hand it to the teller with the cheque. I am in Greytown (KZN). The form and cheque would be sent to Durban and would be cleared within 2 - 3 weeks. Cost was R100.

On 19 March 2010 I completed the form and handed it to the teller with the cheque. On 8 April it was still not cleared. I queried and was told that the teller did not stamp the form. It was returned to Gtn, stamped and resent to Dbn. It happened within 2 days.

It was still not cleared on 14 April. I queried and was told that Nedbank is no longer accepting foreign cheque deposits. Apparently it cost too much to clear. I told them that I need the cheque back so that I can return it to Clickbank. I received the cheque on 4 May.

This means that the only income I can receive is Google since the chq is in SA Rands. This will cut out income sources which only send cheques to SA.

Clickbank will do a wire transfer, but the minimun is $500 per pay period.

I guess I need to change my bank. FNB offers Paypal, so I will look into their accounts. I just need a current account for SARS and a credit card account.

So if you use Nedbank, start preparing to move your account.
#african #att #nedbank #south #users
  • Profile picture of the author theimdude
    Use ABSA. No cost to clear and money in your account with 24 hours. a friend of mine have Standard and it is also cleared with 24 hours no cost.

    Sorry need to add - as you stay in the bush they might charge you for the clearing part as I do mine in Durbs (more of a bush that where you stay lately)
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  • Profile picture of the author Oscar D
    Good day Gasen,

    I feel for you, but I am with FNB and they are in my eyes, the leaders in dealing with foreign cheques and foreign money. I mean instead of just leaving customers simply turning you away FNB are looking forward and taking action by introducing Paypal.

    I myself actually went to FNB yesterday and I handed in a foreign cheque. It does cost me R 100 each time, so the trick is to increase your payment threshold, make is something like $300 so that the R 100 charge is at least worth it.

    With FNB they take my cheques and I think they actually send the cheques back overseas or something because the payments take forever, like 4 to 6 weeks atleast, but at least I get paid

    Sorry to hear about your problem, hope you can get it sorted out. Keep me updated if you find a better solution. Thanks

    Originally Posted by Gasen View Post

    I guess I need to change my bank. FNB offers Paypal, so I will look into their accounts. I just need a current account for SARS and a credit card account.
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  • Profile picture of the author RGallowitz
    I'm with ABSA and my foreign funds clear within 48 hours. Cheques also clear very quickly. But your first few cheques will take longer. Later your account will clear faster.
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    • Profile picture of the author theimdude
      Originally Posted by RGallowitz View Post

      I'm with ABSA and my foreign funds clear within 48 hours. Cheques also clear very quickly. But your first few cheques will take longer. Later your account will clear faster.
      As long as you have +- double the funds in the account they will clear it within 48 hours for the first one only there after no cost and all in 48 hours. Find it strange how the guy from FNB thinks they great if he gets charged R100 and 4 weeks to clear the funds.
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      • Profile picture of the author Oscar D
        Maybe I did not explain my whole story.

        When I receive checks from certain companies for the first time FNB and I decide to opt for a payment on delivery system and that is when it takes about 4 weeks for me to receive the payment because its payment on collection.

        With other checks that I know will be cleared and will get paid eg: checks that I have handed in before then I can possibly opt for a different option.

        I have not had any joy with ABSA, nothing like you guys are describing here. I have tried to hand a foreign check into my ABSA branch and they tell me to travel to a forex branch . So that is why I use FNB, the ABSA foreign exchange branch that they are referring me to is at least 45 minutes to an hours drive from where I live, so I rather use FNB.

        What type of ABSA branch are you guys using?

        Originally Posted by theimdude View Post

        Find it strange how the guy from FNB thinks they great if he gets charged R100 and 4 weeks to clear the funds.
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        • Profile picture of the author theimdude
          Originally Posted by Oscar D View Post

          Maybe I did not explain my whole story.

          When I receive checks from certain companies for the first time FNB and I decide to opt for a payment on delivery system and that is when it takes about 4 weeks for me to receive the payment because its payment on collection.

          With other checks that I know will be cleared and will get paid eg: checks that I have handed in before then I can possibly opt for a different option.

          I have not had any joy with ABSA, nothing like you guys are describing here. I have tried to hand a foreign check into my ABSA branch and they tell me to travel to a forex branch . So that is why I use FNB, the ABSA foreign exchange branch that they are referring me to is at least 45 minutes to an hours drive from where I live, so I rather use FNB.

          What type of ABSA branch are you guys using?
          Ok for it to work you have to goto Forex as it is Forex but you don't have to wait a few weeks. So if you can wait that's fine. Maybe it is the same with FNB that have a Forex devision then it will be faster as well. I goto Musgrave as that is the closest Absa Forex for me.

          As far as I know most Standard Banks have Forex at the branch.

          I do not have a FNB account yet to get paypal but at the moment I keep my money offshore. I read somewhere that you will have to withdraw all funds within 30days to your FNB account. Not to happy about that.

          I normally just buy stuff and bring it in and resell it so make triple + money that way. (mostly jewelery)
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  • Profile picture of the author Gasen
    Ok, so it's between ABSA and FNB
    ABSA - quick clearance
    FNB - Paypal
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  • Profile picture of the author RGallowitz
    Make sure you read about Paypal FNB before you jump in. It's not all it's cracked up to be apparently. There are several drawbacks.

    Fact is. No bank is perfect.
    Just get one that gets your money into your pocket in a timely manner and who doesn't charge an arm to do so.


    Cheers
    Reinhardt
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  • Profile picture of the author SpeakToTman
    I used ABSA in the past...but i think foreign checks is general are a major pain in SA...especially with larger amounts...the SARB has just got too much red tape.

    If the check is small, they basically "BUY" the check by you (Thats why it clears so fast), then they send it back to the US and claim their money from the US bank...but this puts them at risk...so thats why you need money in your account to start with and they check your account history to ensure you have salary or a wage going in...this way if they dont get their money back from the US bank, they will take it from you salary as it comes in...so in fact..YOU are also at risk in this scenario

    Also, if they cannot get their money from the US bank...(This could be for any reason incl postage delivery..check signiture in question...us bank just not approving etc..) and decide to take it back from you...they check the exchange rate on THAT day...and that is what you owe them.. X dollars at THAT days exchange rate...NOT the exchange rate that you originally got...this means that if the currency weakens...then you pay them more than they paid you!! RISKY BUSINESS!!

    For checks over R10,000 they dont even consider instant clearing...they work ONLY on a collection basis. So they will send it through all the channels here in SA, then back to the bank in the US...once the US bank clears the money to them...ONLY THEN do they pay it into your account - This takes between 6 to 8 weeks with ABSA.

    International Checks SUCK in SA...but if you really want to work with clickbank...ask them to set up a wire transfer for you..they did this for me in a day with no problems. Now i get my money like clockwork. The $35 is SO worth it!!
    Else you could probably work with paydotcom or something similar offering paypal payment. OR why not look into Plimus..and copeac..i know they offer payments via a payoneer debit card..
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    • Profile picture of the author seasoned
      Originally Posted by SpeakToTman View Post

      Also, if they cannot get their money from the US bank...(This could be for any reason incl postage delivery..check signiture in question...us bank just not approving etc..) and decide to take it back from you...they check the exchange rate on THAT day...and that is what you owe them.. X dollars at THAT days exchange rate...NOT the exchange rate that you originally got...this means that if the currency weakens...then you pay them more than they paid you!! RISKY BUSINESS!!
      Are you SURE about that? They basically paid you XR for the check. If the check is bad, they should have you pay XR back +fees. If they did it as you say, and the currency dropped so the check was 1000R LESS, then THEY lose 1000R, and you effectively MADE 1000R! Further, in the US, there is a concept of a "stale check". They tend to go stale within 3-6 months, or the period on the check, whichever is less. SOME actually say it is not valid after 30 days, and they are then not valid. So they could be left with merely a worthless check.

      Steve
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