Tt Transfer From The Uk Came Thru At Offshore Rate

[Smithson]

I was sent 2,574 GBP yesterday by TT and it's come in at B58 = 1GBP, which is obviously the offshore rate.

The same person sent me money to me before and I got the onshore rate. I haven't been able to check with my bank, but the guy in the UK has been to his bank who claims that sterling was sent.

Of course his bank says the problem is at my end, but it appears that Baht has been sent to Thailand. My guess is it's the intermediary bank has done it.

Any ideas as to what's gone wrong? This is quite a problem because the difference is around 27K, I don't see how I'm at fault, but making my customer pay the extra won't make him happy.

[Maestro]

Smithson, I suggest that on Monday to go to your bank and ask for a printout of the transaction receipt. It will give you details of the GBP amount received by your bank, the exchange rate used, and the bank fees.

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Maestro

[Morden]

58 Baht seems low even for the non-Thailand rate.

Are you in a position to open a Nationwide Flexaccount? ATM and Thai bank withdrawals from those accounts are at the local rate and there's no charge for the withdrawal. You can manage the account (up to five of them) on line and also have an interest earning online savings account.

[Maestro]

Different banks probably use a different format for their receipts for incoming foreign remittances but for your information I attach the receipt I got last December from the Bank of Ayudhya, so that you may get an idea of what you can expect to receive from your bank.

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Maestro

[Maestro]

58 Baht seems low even for the non-Thailand rate.

Are you in a position to open a Nationwide Flexaccount?...

Morden, I suspect that the amount remitted in GBP is lower than stated by the OP but I prefer not to speculate on this until we hear back from the OP after he gets the receipt from his bank on Monday. Until then, it would seem futile to give any recommendations or further comment.

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Maestro

[Smithson]

Thanks for the advice, I'm familiar with the transaction receipt printout and plan to go to the bank Monday.

I'm thinking it will almost certainly tell me that Baht was received, so would the intermediary bank have done the exchange in the UK? Would can my customer do if he instructed his bank to send Sterling?

[Smithson]

58 Baht seems low even for the non-Thailand rate.

Are you in a position to open a Nationwide Flexaccount?...

Morden, I suspect that the amount remitted in GBP is lower than stated by the OP but I prefer not to speculate on this until we hear back from the OP after he gets the receipt from his bank on Monday. Until then, it would seem futile to give any recommendations or further comment.

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Maestro

Back when the offshore and onshore rates were the same, overseas banks that did the exchange before sending to Thailand still gave a lower rate than what the Thai banks did, this would explain why I was given B58.

Although I agree, until Monday it's futile,

[Smithson]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

[cmsally]

If the transaction record shows only Baht then it must of been sent from foreign bank in Baht. He needs to have copy of fax or print out of online transfer and then take it up with his bank. (This is the reason I never do transfers by telephone ).

For Bank of Scotland complaints

RBS complaints

But if he has written proof I think a persistent visit to his branch should be enough. If a telephone transaction find out if they tape the conversations.

[ace]

BTW, The transaction charges (as much as 55 quid) could account for the calculated rate being 58, instead of 61 - 61.5.

[pete_r]

There was a similar story a few months ago on the forum. If I remember well, the Thai bank had received GBP, but less than what was sent, because the money had been converted into THB somewhere on the way, then reconverted to GBP before arriving to Thailand. The customer was able to get hold of the paper trail and rectify the situation, but it took some hassling with the bank.

[sonicdragon]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

[Maestro]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank...

Puzzle solved, but now the sender needs to get satisfaction from his bank. I found this recent topic about an identical case, identical, that is, if the sender can prove that he specified GBP to be sent, respectively "in the currency of the 'from' account" or whichever means his bank provides for specifying the currency.

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Maestro

[Smithson]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds? Seems incredible, the exchange rate was B58, about 15% difference.

[cheshiremusicman]

58 Baht seems low even for the non-Thailand rate.

Are you in a position to open a Nationwide Flexaccount? ATM and Thai bank withdrawals from those accounts are at the local rate and there's no charge for the withdrawal. You can manage the account (up to five of them) on line and also have an interest earning online savings account.

Thanks 'Morden' for this tip with the Nationwide. Will definitely try and open same for missus and I.

[sonicdragon]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds? Seems incredible, the exchange rate was B58, about 15% difference.

I'm not really sure what you mean by italicized phrase above. Please advise further. To be honest I would expect there to be little chance of recovering the difference unless the bank has not carried out the instruction specified, but the sender should obviously try. Banks are quite good at covering themselves in situations of dispute.

For your info, the reason that most UK banks will convert into foreign currency before making the payment is because they have extremely lucrative arrangements with their own foreign exchange counterparties and senior correspondent banks and would much rather use these relationships than to simply credit the account of the receiving banks correspondent bank in sterling (for which they earn comparatively little).

[Smithson]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds? Seems incredible, the exchange rate was B58, about 15% difference.

I'm not really sure what you mean by italicized phrase above. Please advise further. To be honest I would expect there to be little chance of recovering the difference unless the bank has not carried out the instruction specified, but the sender should obviously try. Banks are quite good at covering themselves in situations of dispute.

For your info, the reason that most UK banks will convert into foreign currency before making the payment is because they have extremely lucrative arrangements with their own foreign exchange counterparties and senior correspondent banks and would much rather use these relationships than to simply credit the account of the receiving banks correspondent bank in sterling (for which they earn comparatively little).

He forgot to tick the box on the transfer form,

Lucrative arrangements indeed, the difference is close to 26K!

[sonicdragon]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds? Seems incredible, the exchange rate was B58, about 15% difference.

I'm not really sure what you mean by italicized phrase above. Please advise further. To be honest I would expect there to be little chance of recovering the difference unless the bank has not carried out the instruction specified, but the sender should obviously try. Banks are quite good at covering themselves in situations of dispute.

For your info, the reason that most UK banks will convert into foreign currency before making the payment is because they have extremely lucrative arrangements with their own foreign exchange counterparties and senior correspondent banks and would much rather use these relationships than to simply credit the account of the receiving banks correspondent bank in sterling (for which they earn comparatively little).

He forgot to tick the box on the transfer form,

Lucrative arrangements indeed, the difference is close to 26K!

Repeating something verbatim does not make me understand it any better. What box on the form ? Please remember that I haven't actually seen the form. Is this a box to specify that the transfer is to be made in sterling ? If that is the case the clearly the bank is not at fault, and you should take it up with the sender.

[Maestro]

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds?

No chance at all, I’m afraid.

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Maestro

[Smithson]

I have the transaction record, B150,965.1 was received from the Bank of Scotland to my bank, so it looks like the rate is B58 = 1GBP. This customer has sent me money before and it arrived in GBP. If he sent with the same method as last time and/or if requested his bank to send GBP and they sent Baht does he have anyway to appeal? Is there an ombudsman or similar for such matters?

As I have said over and over again, the way to avoid this problem is to specifiy the correspondent bank for sterling remittances when making the transfer. You can get this information from your bank and give it to the sender. It is normal UK banking practice, unless otherwise instructed, for banks to convert sterling funds into the home currency of the receiving bank. If you have previously received pounds from the same person, then it's possible that their bank is at fault, but it would be the sender who has to take it up with their bank.

The person knew to specify the currency but forgot to tick the box. Does he have any chance of claiming with the bank, as last time the sent pounds? Seems incredible, the exchange rate was B58, about 15% difference.

I'm not really sure what you mean by italicized phrase above. Please advise further. To be honest I would expect there to be little chance of recovering the difference unless the bank has not carried out the instruction specified, but the sender should obviously try. Banks are quite good at covering themselves in situations of dispute.

For your info, the reason that most UK banks will convert into foreign currency before making the payment is because they have extremely lucrative arrangements with their own foreign exchange counterparties and senior correspondent banks and would much rather use these relationships than to simply credit the account of the receiving banks correspondent bank in sterling (for which they earn comparatively little).

He forgot to tick the box on the transfer form,

Lucrative arrangements indeed, the difference is close to 26K!

Repeating something verbatim does not make me understand it any better. What box on the form ? Please remember that I haven't actually seen the form. Is this a box to specify that the transfer is to be made in sterling ? If that is the case the clearly the bank is not at fault, and you should take it up with the sender.

I haven't seen the form either, but seems fairly safe (and simple) to assume that 'box on the form' means there is in fact a box on the transaction form to indicate you want to send sterling.

The sender is accepting full responsibility and sending the outstanding amount.