scam?

Martin189
Level 1
Cape Town, South Africa

scam?

Hi

 

I am expecting my first payment from AirBnb.

 

I have received the following email from Exchange4Free [reporting@exchange4free.co.za]:

 

Your Airbnb payout

Airbnb has a pending payout of ZAR XXX for you. To receive your payout via bank transfer, the South African Reserve Bank requires that you fill out a short reporting form.

Fill in the South African Reserve Bank electronic form for this year here: SIGN THE REPORTING MANDATE

Please call us on 010 500 7819 if you have any questions.

Thanks,

Exchange4free

Email: reporting@exchange4free.co.za

------------------

 

Is this normal? Or is it a scam? The listed phone number is not a local number...

 

Feedback would be appreciated.

18 Replies 18
Marié1
Level 1
Emalahleni, South Africa

I have been on Airbnb since Feb 2019 and never had to sign this form, I have hosted nearly 40 groups, receive payment like clockwork. 

 

 My sister, who recently joined, received the  email.  I have major concerns if a financial-type company ask you to click on a link.  It certainly does not look like a professional company's email!

I have been receiving money via Payoneer and PayPal for about 10 years and this week, for the first time, I received a notification from Exchange4Free to sign their form. Payoneer will not release my money unless I sign it! Standard Bank has no knowledge of these people! I'm not surprised since, while they have an office in Jhb, they are based in London. Somehow they have got themselves set up to appear to be representing the SA Reserve Bank. I'll bet they are receiving commission. The thing is that they have us by the short and curlies because they have formed partnerships with the likes of Payoneer and PayPal! NOT because of SA Exchange Control Regulations as far as I can see. So in my book it is a scam that has "legal" backing. 

Hi Penny 

 

Did you complete the form? I also received this. Does this mean we will have to do this for each person we host. Please advise me I am new to this. Thanks

 

Looking at all the comments below, I am closer to understanding what Airbnb allowed a service provider to fill a gap here. 

First of all - there is no such thing asa a free lunch. Or, for that matter, an “exchange for free”. 

This is a type of clearing house that sends mandates to SARS on behalf of businesses - where your bank typically also does this and provide this service for you anyhow. 

This company just decided to “specialize” in airbnb mandates to make it easier/faster to process incoming foreign transactions.

 

They themselves are not an authorised financial services provided, but as affilited with bidvest in this regard in order to secure bidvest and themselves the “service fees” from SARS.

 

But here is the true COST to sign up for this as an airbnb host: exchange for free will allow you to complete the mandate - except the BOP REASON for the exhange that enables SARS to identify the type of transaction. They essentially report a business transaction as a personal travel payment. 

 

This is where they offer “free” business exchanges and the HOST are forced to accept the reason code. This is misuse of the reserve bank BOP codes and exchange for free makes sure the HOST approved this misrepresentation. This INDEMNiFies them and secures their fees and your cost fre transfer without having to speak to your banks clearing team everytime you receive funds. 

This is essentially “legal” avoidance of the correct international BOP declarations, on the side of “exchange4free” but NOT for the Airbnb host.

 

Why does Airbnb partner with them? Because international law is always a “hinderence” to international business and you signing the mandate indemnifies Airbnb from misprepresentation of cross border funds movements and makes it “simpler” for everyone to get on with making money.

 

Small crime, is still crime.