As a smal business owner doing a lot of imports, I'm 100% with you, ReneVanSon. I also phoned SB y'ay. Spoke to Queen (a lady). She was clueless and escalated my query to management. Apparently, the 2.75% transfer fee has been a standard (ahem) feature of all SB credit card transactions for some time, but it was bundled into the price. Now, for the sake of greater transparency, the bank fee is reported as a separate line item. IOW, we are not paying more than in the past, we're just more aware of it than in the past. I'm just reporting what was told me. I told Queen that SB could have had the decency to inform card holders of this change. At least their call centre would have been spared some calls. As it is, management did not even bother to inform their own call centre agents about this change. Looking ahead so we don't see you cry. The change was instituted on 15 April 2018. On a slightly happier note, I had to reverse the payment that attracted the Intl Transfer Fee. Due to the slide of the Rand since the time I made the payment, I got a really good deal out of the refund. The Intl Transfer Fee was also reversed, also at the new rate. A tidy profit was made, enough to pay for a weekend for two away. This could become a great way to trade forex on the side? Regards,
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The same thing happened to me. I have personal and business credit cards with SB. Since mid-April, all my international card payments got charged a hefty 2.75% an "Intl. Trans Fee". No explanation, no warning. Anybody at SB willing to respond to this?
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