4 Ways to Check FNB Forex Rates for International Transfers
When sending money internationally, one of the important things to consider is the forex rate. The FNB forex rates help you understand what your money is worth in another country. If you are sending or receiving money internationally using First National Bank (FNB), it is important that you understand how to check FNB forex rates.
This blog will give you 4 simple options to check FNB´s forex rates prior before transfering money internationally. Whether it is to send money to family, pay for your studies, or if you are doing business, this blog will help you to save money and make better choices.
What Are FNB Forex Rates?
Before we look into how to check them, let’s first understand what FNB forex rates are.
FNB forex rates are the rates at which First National Bank (FNB) convert one currency to another. For instance, if you wished to send money from South Africa (ZAR) to the United States (USD), FNB would use a forex rate to determine how many dollars your rands would become.
These rates derive from the global foreign exchange market, but banks also add a small margin to make a profit when exchanging currency. This is why it is always good to compare and check the rates before sending money.
Why FNB Forex Rates Are Important
When transferring funds to an international beneficiary, even a slight variance in FNB forex exchange rate can cause considerable differences in the total amount received. A negligible change may cost you hundreds of rands for larger transfers.
Therefore, always check to see what the FNB forex exchange rates are prior to making any transfers. If you are not happy with the rate today, you can wait for a better rate.
1. Check FNB Forex Rates on the FNB Website
The simplest manner of checking FNB forex rates, is by using their official website. Just follow these steps:
1. Go to FNB’s official website: www.fnb.co.za
2. From the home page, look for and click on Forex.
3. Look for the FNB forex exchange rates table.
4. Select the currency you want to send or receive.
5. Review what the current rate is.
The website will usually show the rates as either the buying rate or selling rate:
- Buying Rate: This is what FNB will pay you if you are selling foreign currency.
- Selling Rate: This is what you will pay if you are buying foreign currency.
Be sure you are looking at the correct rate depending on your activity.
2. Use the FNB Forex Rates Calculator
FNB also has a foreqi calculator so that you can calculate the exact amount you are going to receive or need to send.
How to Use the FNB Forex Rates Calculator:
- Visit the FNB Forex page
- Select Forex Calculator
- Select your “From currency” (for example, ZAR) and “To currency” (for example, USD, EUR, GBP)
- Enter the amount
- The calculator will give you the total using the latest FNB forex rates available
This is an excellent tool if you want to budget your international transfer or you want to compare a few currency pairs.
Example:
- You want to send R10,000 to the USA. The calculator says that with today’s rate, the person is getting $525 (after fees and charges). If you decide to wait and the rate improves the next day, they may get $540.
3. Check FNB Forex Rates Using FNB App
Use the FNB app to check the FNB forex rates on your mobile phone is another simple method.
1. Download and open the FNB app on your mobile phone.
2. Log in with your username and password.
3. Go to the Forex section on the menu.
4. Click on View Forex Rates or Forex Calculator.
5. Select the currencies and find the current exchange rate.
You can also view your previous forex transactions and monitor changes to the exchange rate. This allows you to assess when is the ideal time to send money.
The FNB forex exchange rate on the app is the same as on the website, but if you are moving all the time, the app is a quicker and more convenient option.
4. Visit an FNB Branch or Call Customer Care
If you don’t do online banking, take a deep breath! You can also find out the FNB forex rates by visiting your nearest FNB branch or calling their customer service.
At the Branch:
1. Go to the Forex desk or counter
2. Ask them what the forex exchange rates are for the currencies that you need
3. They can also help you understand the fees and paperwork
Call FNB Forex Department:
1. Dial 087 575 0000 (inside South Africa)
2. Ask the agent what the latest FNB forex exchange rate is
3. They will tell you the buying and selling rate, you can ask questions
This is a good option for people who are unsure using digital tools. If you want one-on-one help with forex rates, this option is probably best.
Quick Tips Before Sending Money
- Compare rates: Check other banks or services too, so you get the best deal.
- Look at the total cost: Don’t just look at the rate. Also check fees and commissions.
- Use the calculator: The FNB forex rates calculator gives a full breakdown.
- Time your transfer: Rates go up and down. Wait for a better rate if possible.
- Double-check the currency: Make sure you choose the right “to” and “from” currencies when checking the rate.
| Method | What You Need | Benefits |
| FNB Website | Internet, Browser | Full rate table, updated daily |
| FNB Forex Calculator | Internet, Browser | Instant rate calculation |
| FNB Mobile App | Smartphone, Login | Fast, convenient, always on |
| FNB Branch / Call Center | Phone or visit branch | Personal help, good for beginners |
Conclusion
It is important to know how to check the FNB forex rates if you do international money transfers. By checking the FNB forex exchange rates online, using the calculator, or speaking to a bank agent will allow you to make better money decisions and avoid hidden costs. Whether you are sending money to family, paying for something abroad, or running a business, you should always check the FNB forex rates prior to any transaction. Even a small difference in the FNB forex exchange rate can make a big difference to your wallet. So next time you are planning to send money internationally, follow these 4 easy ways to check your FNB forex rates in a smart way!
FAQs
1. What are FNB forex rates?
FNB forex rates are the currency exchange rates offered by First National Bank for converting one currency to another when sending money internationally.
2. How can I check the FNB forex exchange rate online?
You can check the FNB forex exchange rate by visiting www.fnb.co.za, selecting the Forex section, and viewing the live rate table.
3. What is the FNB forex rates calculator?
The FNB forex rates calculator is an online tool where you can enter the amount and currency to get the estimated conversion rate, fees, and total cost.
4. Can I check FNB forex rates on the mobile app?
Yes, the FNB mobile app lets you view the FNB forex exchange rates and use the calculator for transfers on the go.
5. Is the FNB forex exchange rate the same for all customers?
The rate may vary slightly depending on the amount, service type, or account type. Always check using the FNB forex calculator or by calling customer care.