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Sending Money to India
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EXCHANGE RATE SCAM
Hi
I recently used HDFC Quick Remit service to transfer some funds to India. I was so disappointed with their service.
The conditions state that the funds will be transferred in 3-4 working days, well they were debited from my US a/c the next day, it took them a week to transfer the funds and the exchange rate provided was around 0.70 paise less than the market rate for the day.
I called the service centre and asked them for an explanation and the answers was 'Sir that was the exchange rate when we transferred your funds'. I checked 5 websites for the exchange rate, all of them quoted around 42.20 - 42.53, the exchange rate given to me was $41.85.
For the date of 02 June 2008, the rupee was never below the Rs. 42 level.
I tried twice to contact a Manager, but as always there are unavailable and I was kept on hold.
How can there be such a huge difference between market rates and the rate HDFC applies.
They say no fees, but then they make complete fools out of customers by applying very low rates, better to use services which tell you the rate when you transfer the funds and charge you a fee upfront instead of guessing all the time and being fooled to think that it is a free transfer.
This is my first experience with HDFC Quick remit and I will not be using their services again.
I recently used HDFC Quick Remit service to transfer some funds to India. I was so disappointed with their service.
The conditions state that the funds will be transferred in 3-4 working days, well they were debited from my US a/c the next day, it took them a week to transfer the funds and the exchange rate provided was around 0.70 paise less than the market rate for the day.
I called the service centre and asked them for an explanation and the answers was 'Sir that was the exchange rate when we transferred your funds'. I checked 5 websites for the exchange rate, all of them quoted around 42.20 - 42.53, the exchange rate given to me was $41.85.
For the date of 02 June 2008, the rupee was never below the Rs. 42 level.
I tried twice to contact a Manager, but as always there are unavailable and I was kept on hold.
How can there be such a huge difference between market rates and the rate HDFC applies.
They say no fees, but then they make complete fools out of customers by applying very low rates, better to use services which tell you the rate when you transfer the funds and charge you a fee upfront instead of guessing all the time and being fooled to think that it is a free transfer.
This is my first experience with HDFC Quick remit and I will not be using their services again.
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