Africa-Press – Eswatini. Sending money through banks can feel like navigating a financial maze, riddled with unexpected fees and opaque exchange rates.
Traditional bank transfers often come with a price tag which was declared by the four banks that published their fees for 2024 namely; EswatiniBank, Standard Bank, First National Bank, Nedbank and Swaziland Building Society.
For EswatiniBank payment and transfer fees range between E6.33 for bulk local payments to E400 for sweeping instruction per month.
First National Bank, on the other hand, reported that payments and transfers ranged between E7.45 for internal debit orders to E118.18 in commission local transfers (third party payment).
Nedbank reported payments to range from E8.42 for online transactions up to E1 000 to E273.52 for incorrect payment recall fee.
Standard Bank stated that in 2024 payments ranged from E16.28 for beneficiary payments digitally, to E1 084.70 for back valuation of inward teletransmissions.
Building Society ranged from E82 for electronic payments to other banks to E164.01 to transfer to other countries.
Banks further offer exchange rates below the mid-market rate, essentially taking a cut from every conversion.
The hidden fee can eat away at a significant portion of a transferred amount.
There are additional charges levied by correspondent banks involved in the transfer process, particularly for cross-border transactions.
Depending on the destination bank, receiving funds might also incur fees.
Pertaining to foreign exchange, EswatiniBank reported that foreign currency notes purchases or sales in 2024 had commission of 3.5 per cent with a minimum of E104.
It indicated that exchange control application CBS form G were E581.07
Incoming payments (local) SWIPPS below E50 000 had a commission of 0.5 per cent for a minimum of E52.77 and a maximum of E263.85.
It highlighted that for funds above E50 000, the bank had commission of 0.70 per cent for a minimum of E55.50 and a maximum of E364.60
For cross-border, the bank revealed commission of 0.70 per cent for a minimum of E52.77 and a maximum of E364.60.
Eswatini bank further highlighted that outgoing local below E50 000 had a swift charge of 0.74 per cent for a minimum of E80 and a maximum of E316.60, plus E 72.14 swift charge
First National Bank has commission of 0.65 per cent with inward swift at a minimum of E90.68 and a maximum of E838.72.
Outward swift has a charge of E78.85, which is added to 0.65 per cent commission for a minimum of E175.05 and a maximum of E864.77.
Forex trade for FNB to non-FNB within the common monetary area is E20 for funds below E100 000.
Forex
For forex between E101 000 to E250 000 the fee is 0.02 per cent of the payment and forex over E250 000 has a fee of E50.
Nedbank pertaining to foreign exchange indicated that normal controls application has a fee of E504.96 while complex exchange control applications have a fee of E841.60.
Follow-ups on exchange control application at the bank attract a fee of E146 and the attestation of Form 178 has a fee of E146.
Standard Bank, on the other hand, declared that exchange control application have a fee of E795.92.
It indicated that attestation form 178 has a fee of E110.99 while follow-up on Form 178 has a fee of E260.
The bank further outlined that the bank had a compilation and submission fee of E415.
It indicated that the back had commission of 3.35 per cent on the purchases of foreign currency notes for a minimum of E158.55 and maximum of E4000.
Standard bank sales maintain the commission of 3.35 per cent for a minimum of E158.85 with no maximum.
The financial landscape is evolving with the fintech companies and online money transfer services emerging as attractive alternatives. Offering flat fees, transparent exchange, faster transfer speeds and greater accessibility.
For MTN Mobile Money, service charges range between E2 and E13 for transaction of a minimum of E1 to E4 000.
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