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Finance
>> Remit
Money to India >> Experience
with Online Remittance Portal
The
main motivator for individuals from India to migrate west
is the opportunity to earn in dollars, a part of which many
of us send back as remittance to our families. In 2005, NRI
remittances surpass $ 23 b mark! Behind the glamour of
NRI remittances lies a murky world of hidden fees, transfer
charges, exchange rate fuzziness and several ways one can
get shortchanged. Following is my experience in dealing with
a leading Indian forex remittance service and
my correspondences with them.
During
the past few months, I attempted to get the issue resolved
with an online remittance portal. Following is the series correspondence
with them: Formal Complaint Letter
// Call from Customer Rep // Formal
response to my complain? // Mail
exchange that prompted the complain. During the few months,
to my chagrin and anguish, I discovered the following:
- There
is legal recourse for NRIs remitting money using online
services:
Unlike a bank or financial institution, online remittance portals
and other money exchange firms do not have formal ombudsman.
Note: Banks can assure a rate only when the exchange rate
is agreed before transmitting.
- Cannot
go to a Small claims / pro-se court: With no address
of business in Canada, I am not sure if I could take them
to a small claims court
- Pathetic
customer service: The firm that regularly advertises
in desi media and websites and offers "promotions"
and "gifts" but doesn't care to keep an existing
customer who has transferred a LARGE sum of money happy.
Bottomline:
Is it surprising that these firms could be helping illegal
money transfer, money laundering Funding for radicals, or
other extralegal activities if they are not accountable to
anyone?
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Formal
complaint letter
Online.com
account 120XXXX
I
would like to introduce myself as a senior executive
with xxx
The
reason for this mail is to bring to your attention my
extreme dissatisfaction with your service and
also to request a refund for losses suffered.
I
initiated two transfers from my account
and this mail is regarding transaction 120xxxxx This
transaction, for CA$ 23,500 was initiated on 13th
March 2007. After initiating on the
website, I made a wire payment direct-deposit to your
designated bank in Canada (HSBC) on 14th
March 2007 (Attached receipt)
As
per your website, following are the exchange rate between
Canadian $ and Indian rupees for the seven days past
my transaction.
|
Rate
March 14
|
37.34
|
| Rate
March 15 |
37.22
|
|
Rate
March 16
|
37.17
|
|
Rate
March 19
|
37.17
|
|
Rate
March 20
|
36.89
|
|
Rate
March 21
|
37.01
|
|
Rate
March 22
|
37.23
|
Though
I was told that it would take 2 or 3 business days for
a transfer to be done, my transaction was applied only
on 20th march, clearly two days after
it should have been done. This was also a day when the
rate on your website was the lowest due to which I have suffered a loss.
This
is clearly a case of YOUR operations staff trying to skim a rate of 0.28/per dollar by not being transparent. The
direct loss I have suffered due to this is over Rs.
7000. I request you to initiate an internal investigation
and settle with me.
Alternatively
I will be forced to take this up with appropriate financial
regulatory authorities in
Canada and
North America and also the media
Regards,
DesiGuy
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Initial
Call from Online representative
|
From:
"OP"
Date: Tue, 27 Mar 2007
Dear XXX,
Please provide me your contact details so as I can call
you.
I apologize for the inconvenience coused.
Thanks and regards,
OP Pal
<<
Funny thing: Doesn't OP have access to
my record or contact details?>>
|
Formal
response to my complain?
|
Dear
DesiGuy,
Thank
you for using Online service.
The
amount for your remittance reference number 120XXXX
has been dispatched to your recipient's bank on 21st
March 2007.
Money
will be credited to your beneficiary’s account within
next 24 to 48 working hours subject to:
* There being no mismatch in the name and account number
of the beneficiary
* Bank holidays.
The
letter for the same is sent to your beneficiary, we
request you to please confirm the credit of the same.
Assuring you of our best services always.
Please also provide us your feedback and help us serve
you better.
Should you need any clarifications, e-mail us at service@portal.com
Thank you for your continued patronage and support.
Warm Regards,
JN
Relationship Management Centre
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Mail
exchange that prompted the complain
|
Following is the email exchange with the portal that prompted me to send the formal complaint
Date:
Fri, 16 Mar 2007
Subject: RE:{TOML#003-475-508}Remittance Request Reference
Number :1204xxxx
To: "Service" <service@portal.com>
This
is really funny. Why do you say that funds have not
been received for 1204896005?
I had mailed a scanned copy of this deposit for C$ 23,500
two days ago to service@portal.com
OP also called me and talked to me to confirmed.
Copy is attached AGAIN
Please get back ASAP
- DesiGuy
Service <service@portal.com> wrote:
Dear DesiGuy,
Thank you for writing to us.
With regards to your email we would like to inform you
that we will be processing the transaction 120xxxx on
March 15th, 2007.
The amount for your remittance reference number 120xxxx
would be dispatched to your recipient's bank on the
March 16th, 2007.
Money will be credited to your beneficiary’s account
within 24 working hours subject to:
* There being no mismatch in the name and account number
of the beneficiary
* Bank holidays.
We request you to please confirm the same and get back
to us if any issues.
Please note we have not received the funds for the transaction
120xxxx.
We urge you to please let us know if this payment has
been made and the date of debit from your bank account.
We would also appreciate if you could send us a scanned
copy/screenshot of your bank statement showing the debit
of the amount to ensure a smooth transfer.
In order to do so, please follow the below mentioned
steps:
* Open your online bank statement showing the debit.
* Click print screen button (PrtSc) on your key board
* Copy {Press Control ('Ctrl') and 'C'}
* Paste {press control (Ctrl) and 'V'} it in MS Word
or MS Paint and send it as attachment
We would take utmost care to ensure that there is no
delay with your transaction.
Looking forward to your continued patronage and hope
that you find online services convenient.
Assuring you of our best services always.
Please also provide us your feedback and help us serve
you better.
Should you need any clarifications, e-mail us at service@portal.com
Thank you for your continued patronage and support.
Warm Regards,
Harish S.
Relationship Management Centre
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