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Getting money to RSA without going through FNB / PayPal & getting a better exchange rate!!!

JansenSensei

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This is not entirely on topic for this thread but I've been meaning to share this for a while now and not entirely sure where to share this info. This seems like the most relevant section...

First, the link: https://transferwise.com/

Now the sales pitch :p
Basically, when you read their website you are going to say "Yeah, right. Too good to be true. I call bull****" which is why I am here as a happy customer of theirs to tell you "This is soooo legit! Too good to be true and yet exactly what they claim it is!"

Open up a "balance" in whatever currency you want and then keep your money in your account over there and spend from it like you would from any bank account. More importantly, if you are receiving money in EUR, GBP, NZD or AUD (legal restrictions between RSA and other countries limit your receiving to these currencies only) then you actually get your own personal swift code and personal banking details that you can give away to your clients or setup on websites etc and use it like you would any other bank account to receive your money into...

AND NOW FOR THE GOOD STUFF!!!

1. Transfer your money directly from that account to your local bank account. Receive your money in HOURS, not days
2. Skip PayPal entirely and thus no more 1.5% fee to FNB for the transaction
3. You do NOT receive the exchange rate FNB offers you, you get the exchange rate XE.com shows you !!!
Take a moment to let that sink in... you are getting more money per $ due to you getting the XE.com rate, not the FNB rate!!! This was the part I found hard to believe and yet, it was absolutely true!
4. Their fees are insanely low !!!!

Two months ago I received a payment in EUR from a client in France. He paid the money into my PP account and PP immediately took a $75 cross border fee. After that I had to sell my USD @ the FNB rate and loose pennies for every $ and for that privilege of giving them my money I was still charged a 1.5% fee by FNB as well. All and all, the XE.com value of the money the client paid and the USD value of the money I received meant that I had lost nearly $200 going from client -> PP -> FNB.

So last month I used TransferWise and the TOTAL fees for everything from the client's bank account to my FNB bank account was $31. That was it! The client paid me the same but I received over $150 more just by skipping PayPal and not paying the FNB exchange rates!

Unfortunately, though (as I said, due to country specific laws) you are able to CONVERT your balances to anything you want including USD and then spend it however you want like you would from any normal bank account... but as someone with a South African address you are NOT allowed to RECEIVE money in USD. It's a bit of a drag but if you work mostly in EUR, GBP, NZD and AUD then you absolutely have to check out this place, guys! Truly awesome! :D

They even offer a debit card for you to access your finds through directly... but of course, it's not available in South Africa "yet" (as all those companies like to say :( ) Maybe one day but for now we are limited to spending the money online or doing bank transfers @ super low fees and receiving our money within hours... I say it's a sweet deal but I leave it up to you to decide! :)

NOTE: In the spirit of full disclosure, the above link includes me as a referral. You can always opt to NOT use me as a referral but I would be grateful if you do. :) Thanks.

And now, why are you still reading MY measly post for? Go view that page instead and see for yourself why I was so excited when I found I could open up a GPB and EUR bank account in seconds without all the hassle of having to fly over there to do so in person or without having to make a minimum deposit or hold a minimum balance etc! :D

Like I said... it all sounded too good to be true... and yet, then the money appeared in FNB and I was smiling... a Cheshire Cat size smile! :D
 
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JansenSensei

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Interesting takeaway :p

I complained to them about being forced to sign in with two factor login as I HATE that more than anything on the entire internet! I noticed there is an option in setting to "Turn off two step signin" and when I click on it the only thing that happens is it pops up a window saying "You can't turn off two step signin while you have a balance in another currency"... and after discussing my hatred of twostep signin with them they just say "Sorry" and the only way I can turn it off is by NOT having any balance with them.... Ughgh. Frustration much! Did I mention I hate two step sign in?

So yeah: "Not secure because of Facebook" is definitely NOT a response I was expecting to see :p
 

Kloppies

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Interesting takeaway

I complained to them about being forced to sign in with two factor login as I HATE that more than anything on the entire internet! I noticed there is an option in setting to "Turn off two step signin" and when I click on it the only thing that happens is it pops up a window saying "You can't turn off two step signin while you have a balance in another currency"... and after discussing my hatred of twostep signin with them they just say "Sorry" and the only way I can turn it off is by NOT having any balance with them.... Ughgh. Frustration much! Did I mention I hate two step sign in?

So yeah: "Not secure because of Facebook" is definitely NOT a response I was expecting to see
Lol, why do you hate two-factor auth, it's there to protect you! It should be mandatory.
 

JansenSensei

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I work from home and sit behind my PC for work and play (my job is also my hobby so for me "taking a break" or "get back to work" just means which folder I have open). I have way too many Gigs of data so I email everyone... I have 3 phones (Windows, Android, iOS) for work purposes but don't have R1 airtime on any of them and most of the time they are not charged even (maybe one at a time, sure).

So I go to a website and they ask me my username and password. I enter that and then they tell me to get up, walk to my bedroom, try to ninja my way around the room so I don't wake my wife until I finally find the phone in the dark or until I give up and just turn on the right and wake up my wife so I can say "Got it. Sorry, go back to sleep", then walk back to the other room, plugin the phone, wait for it to charge a bit, wait for it to boot up, go back to the site, enter my username and password again, wait for a sms, open my message app, copy a code from one device to the other device and FINALLY, after only half an hour I manage to log in to the website.

I tell you, I would give Hitler a lollipop and take the bullet to the guy who first thought up this idea of two factor authentication. HE/She is the TRUE most evil person in history!

If I want to put my money at risk it should be my choice. If I want my password to be 12345 then that should be my choice. It should not be up to THEM to tell me "Pick a password. But not that one. Or that one. No, not that one either. Almost. Nope, you might actually remember that one, Try again, one more time... yeah, okay, that one will do. That is your password from now on" followed by a half hour login process that requires walking around the room and using multiple devices that may or may not be with me at the time...

MY security should be MY business and these places that force me to pick a password that I can't remember and force me to carry devices I would otherwise NOT carry just to inconvenience myself to THEIR satisfaction, places like those suck serious elephant sack and I hate it more than anything on this planet! Satan himself gets angel wings in my book compared to two factor authentication...

Yeah... Not created with me in mind at all. If they cared about what I felt about my security then I would have gotten a say in my security
Nothing more annoying than being at the mall, trying to do a transaction / view a bank statement only to read "We just sent a code to the device you left at home. Please read the code that is on the device you left 150 miles away in order to complete this transaction"

BitCoin is currently at it's peak. Sell NOW to make a fortune or wait 10 minutes to loose all your money. Okay, we got your username and password. Great, now open authenticator and enter the code. Oh, authenticator doesn't have a WinPhone version? Too bad then, you should have brought your OTHER phone with you. Say good bye to your money. How can you possibly expect to log in to your account if you only know your login details? What an idiot!

Or I happen to beat the mall with the two phones this time. One has full signal, the other does not. I go to my bank and they tell me they need me to sign in via the app... but they don't HAVE a WinPhone version of the app so I have to use the app on the Android device... the phone that has no airtime/ data on it... Sorry, can't authenticate the transaction...

Do you have any idea how crap it feels to try and buy airtime with your phone but it first needs you to sign in with another app on another device that has no airtime before you can complete the transaction to buy airtime?

Death to whoever thought up that cr**! 🤬🤬🤬🤬🤬🤬

Debit cards and emails. THOSE should be mandatory. Airtime and TFA should be outlawed!
 
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