Bidvest Bank News and Updates on Services and Fines

Bidvest Bank has made some significant updates to their services and fines in recent times. They now offer a range of digital banking services, including online banking and mobile banking, making it easier for customers to manage their accounts on the go.

One notable change is the introduction of a new fee structure, which aims to simplify and reduce the number of fees customers pay. This change has been well-received by customers who appreciate the transparency and clarity of the new system.

Bidvest Bank has also increased the daily transaction limit on their debit cards, allowing customers to make more transactions without incurring additional fees. This change is a welcome relief for customers who frequently make online purchases or pay bills.

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Bidvest Bank's customer service has been a major letdown for many users. Some have reported being unable to contact their customer service line, which simply redirects them to send an email and never responds.

One user had their mandate rejected without explanation, despite it being valid into 2025. They were also left with no communication or assistance from the bank.

Another user was frustrated with Bidvest Bank's interference in their Airbnb payments, causing unnecessary delays and disruptions to their business operations. Their customer support was described as slow and unhelpful, with the team seemingly incapable of resolving issues or explaining their role in the process.

Bidvest Bank's customer service has been a major letdown for several users. They've experienced unnecessary delays and frustrations with international transactions, and in some cases, their bank accounts have been locked without explanation.

One user had funds sent from France, but the bank rejected their mandate, citing no explanation. The mandate was valid until 2025, but the bank still refused to release the funds. The user was left with no choice but to send emails, which went unanswered.

Another user had their Airbnb payments interfered with by Bidvest Bank, causing delays and disruptions to their business operations. The bank's system flagged the user's mandate as "unauthorized", creating further delays. The user was left with no clear explanation of the issue or how to resolve it.

In some cases, users have been asked to complete new mandate forms, but the forms were never sent or provided. One user was asked to complete a 2024 mandate form while still in 2023, despite their mandate being valid until March 2024. The user was left with no choice but to search online for the forms, which they couldn't find.

The lack of communication and follow-through from Bidvest Bank's customer service has been particularly frustrating for users. They've been passed from department to department, with no resolution to their issues. In some cases, users have been asked to email the bank's mandate department, but the emails were never replied to.

Bidvest Bank's customer service has left users feeling shocked, disappointed, and even demeaned. One user was asked for transaction details, despite the bank not providing them with the necessary information. The lack of professionalism and efficiency from Bidvest Bank's customer service is unacceptable.

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Service from SA can be top-notch. Bidvest Bank in Johannesburg, South Africa, is a great example of this, with the customer having a seamless and efficient experience with their World Currency Card.

Their digital service has been surprisingly good, with immediate responses to emails and well-trained, courteous call center staff. This is a testament to the bank's commitment to excellent customer service.

The customer was particularly impressed with the bank's efficiency, citing that they could have saved themselves anxiety by expecting the same level of service. It's clear that Bidvest Bank has set a high standard for customer service in South Africa.

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Bidvest Bank offers a range of banking services that cater to the diverse needs of its customers.

Their transactional banking services include internet banking, mobile banking, and phone banking, allowing customers to manage their accounts and perform transactions remotely.

With Bidvest Bank's online banking platform, customers can view their account balances, make payments, and transfer funds with ease.

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Finding your branch code is a straightforward process. You can find it on your monthly bank statements, which typically include the branch code of your home branch.

If you're having trouble finding it on your statements, you can visit the official Bidvest Bank website, where you can find a list of all branch codes.

Contacting customer service is another option, as they can provide you with the branch code specific to your branch. They're available to help you with any banking queries.

If you're registered for online banking, you can also find the branch code in the account details section. This can be a convenient option if you're managing your finances online.

Visiting your local Bidvest Bank branch in person is another way to get your branch code. The staff will be happy to provide it to you.

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I used bidvest for foreign currency payment, and they'll give you a quotation including costs upfront.

You can request a bank transfer from your bidvest account to another bank, but be aware that funds may be left in your account due to exchange rate fluctuations.

Bidvest charged R165 for a domestic bank transfer, which I found to be a ridiculous transfer fee.

If you no longer need a bidvest account, you can request a transfer of any remaining funds to your savings account at another bank.

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HSBC's Johannesburg branch was hit with a R9.5 million fine for non-compliance with the Financial Intelligence Centre Act (FICA) by the South African Reserve Bank (SARB).

The fine includes a R4 million portion that was conditionally suspended.

The non-compliance at HSBC was discovered by the Prudential Authority (PA) during an inspection in 2021.

HSBC failed to comply with its customer due diligence (CDD) obligations in terms of sections 21(1) and/or sections 21A to 21H of FICA.

HSBC's non-compliance included deficiencies in the identification and verification of the beneficial owners of clients.

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The PA cautioned HSBC not to repeat the conduct that led to the non-compliance.

The fine for HSBC's non-compliance with customer due diligence (CDD) obligations is R5 million, with R2.5 million conditionally suspended for 36 months from 10 June 2024.

HSBC also failed to comply with Directive 5 of 2019 by not attending to automated transaction monitoring system alerts within the required 48-hour period.

The fine for this non-compliance is R1.5 million.

Here are the areas of non-compliance identified at HSBC:

Bidvest Bank has undergone a significant transformation in recent years.

The bank has been actively expanding its services and footprint across South Africa.

In 2020, Bidvest Bank acquired a 51% stake in VBS Mutual Bank, marking a major milestone in its growth strategy.

This acquisition has enabled the bank to tap into new markets and customer segments, further solidifying its position in the industry.

Bidvest Bank will prioritize a buyer who will make minimal retrenchments as the bank goes up for sale. The bank currently employs over 1,500 employees.

The CEO of Bidvest Group, Mpumi Madisa, emphasized the importance of saving jobs during the sale process. Beyond looking for fair value of the asset, they will prioritize potential buyers who will save as many jobs as possible.

Bidvest Group will divest from financial services to focus on other services, including hygiene, facilities management, and distribution of plumbing products. This strategic shift means limited investment will go into the bank.

The bank holds R8 billion ($437 million) in customer deposits, and recorded trading profit and operating income of R234 million ($13 million) and R219 million ($12 million) respectively in its latest financial results.

Bidvest Bank makes it easy to navigate their banking system. Their universal branch code is 462005, which simplifies transactions across all branches.

You can easily find your branch code by reviewing your bank statements, visiting the official Bidvest Bank website, contacting customer service, visiting a local branch, or checking your online banking account details.

The SWIFT code for international transactions is BIDBZAJJ, which is essential for global banks to accurately identify Bidvest Bank.

Here's a quick reference to help you find your branch code:

Bidvest Bank has a rich history that dates back to 1998, when the Bidvest Group acquired Rennies Foreign Exchange as part of the Rennies Group acquisition.

This marked a significant turning point for the company, which would eventually become a major player in the South African banking industry.

In 2000, Rennies Foreign Exchange was granted a banking license by the South African Reserve Bank, allowing it to expand its services beyond foreign exchange.

This license enabled the company to offer a wider range of banking products and services to its customers.

By 2007, Rennies Bank had rebranded into Bidvest Bank, a name that reflects its new identity as a full-fledged retail bank.

Today, Bidvest Bank maintains over 140 retail banking outlets across South Africa, making it a major presence in the country's banking landscape.

Additional reading: South African Reserve Bank