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POSTED BY ON March 6, 2013 11:07 am COMMENTS (6)
Can a complaint be lodged against bank for giving very low conversion rate.I know banks are free to decide the rate but their should be a limit or barrier. Bank gave me 52.26 when the RBI rate was 53.72 and other banks offered atleast above 53.Can i go to banking ombudsman as i lost quite a bit of money in conversion changes.Please advise what action can i take….
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Personally, I used to have SBI GLS services to remit money from US few years back. Their rates used to be competitive compared to ICICI, CItibank.
I guess they still offer good exchange rates. You may want to give it a try
I do not think you can do much with the rates you got, since each bank has its own loading charges
Dear Vivek, moving the account to a better rate bank is a sensible option as every time, you ‘ll come to know the conversion rate only after getting the money credited into your account.
thanks
Ashal
Which bank are you referring to?
ICICI bank has one of the best exchange rates. If you send more $$$$ you can get a better exchange rate.
well i work outside india and my company sends the monthly remittances. when ii raised the isssue with the bank they simply said u should have informed on the day of conversion, they can offer better rates. according to them they diff rates for different denominations.so jus wanted to know wat action can i take apart from closing the account an moving to better rate giving bank like SBI?
Vivek,
If you want a good exchange rate or in par with that of RBI visit your local jewellery store.
They will give you a good rate and you can bargain if you have higher denomination to exchange. But then this will be their black money which they want to get rid of.
Many people do this!!!
Dear Vivek, on day to day basis, each bank declares it’s conversion rate for both Dollor purchase by it or Dollor sell by it. It’s upto the customer to accept that rate & do the transaction or go to the bank where the conversion rate is favorable. Your complaint is valid only if on the given date, the bank was offering 53 rs. to other customers & offered to you lower than that. Please do check if this is the case, please file a complaint.
Thanks
Ashal