Remittance Services of USD via Intermediary bank?

Question

I am NRI settled in Cambodia. I had transferred USD to bank in Kolkata via the intermediary Bank BANK, N.A as advised by However received money with way lower exchange rate. On checking, it was informed that received money as NEFT from Bank. While my remittance slip has clear instructions for transfer to My local bank in Cambodia suggests it to be some understanding between bank to bank fool customers and gain from such fraudulent practice. I stand losing around INR 10000.00 while bank has washed its hand's off. Whom to complaint

 

Answer 1

Dear Ashfit

Funds are always transferred in the currency, you request for.  If you have asked your bank in Cambodia to transfer USD to your bank in Kolkata, the remittance should invariably in USD only and the Indian banks, as a matter of practice, always speak to their NRI customer, before converting the currency into INR.  Many NRIs would like to have FCNR term deposits too.  

In the backdrop, you have every right to ask your bank, as to why the USD got converted into INR without your consent and that too at a lower rate (you have to be sure on this).  In the absence of any / proper response, you may take it up further as following.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

RAJA