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Old 05-10-2012, 09:58 AM   #1 (permalink)
 
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Need Help on Foreign Exchange Money Transfer


Hi Everyone,
I need all your help to resolve an issue with money transfer. I locked the rate USDINR for 59.42 on 2nd of May with money transfer. Please note there was spike after hours where the exchange rate jumped to 59.93 for an hour and i watched it every minutes. So i decided to lock the price, so i locked the price with this money transfer account for 59.42 and i did this all online. Then i transferred the funds as requested, but after a week , they called me and said the rate was locked by an error and they want to refund the funds. I am sure that company wants to make profit out of me by refunding this amount and make 3000 USD. I watched this price movement on FOREXPROS where it spiked to 59.80 when i booked the price. I am sure about this, so i am ready to make complaint with BBB, FTC and financial regulator in Ireland as i am from Ireland living in USA. I need your advise on this. Is there anyway to resolve this issue, you experience and advise needed here and appreciate for help and information here. Please let me know that there's any organization for complaints for this specific issue.

Please see the chart as below
http://www.forexpros.com/currencies/...advanced-chart


Kind regards,
Rajan

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Old 05-10-2012, 10:12 AM   #2 (permalink)
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hi rajan,

unfortunately i'm not sure if there is a solution here. the forex market is decentralized and so any broker/currency converter can charge whatever rate they like; it is not like a centralized stock exchange in which all orders are routed into a single exchange resulting in a single price. as a result, banks/brokers can charge whatever exchange rate they like.

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Old 05-10-2012, 10:17 AM   #3 (permalink)
 
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Quote:
I am sure that company wants to make profit out of me by refunding this amount and make 3000 USD
How did you come up with that? 51 pips and $3000? Did you wire an equivalent of $Xmn?

I wouldn't bother with such an issue. Unless you're transferring huge sums the forex risk is negligible (exempt black swan events).
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Old 05-10-2012, 10:17 AM   #4 (permalink)
 
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Hi Simit,
Thanks for your reply. I locked this price online on their website and it was showing for an hour, so they should pay me the same rate i booked . Do you think i should ask for the same price i locked. I booked it for the rate of 59.42, what would happen if i make complaint on BBB and FTC.
Please help me out here with some advise.
Thanks,
Rajan
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Old 05-10-2012, 10:22 AM   #5 (permalink)
 
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Hi forexer,
Yes i booked the price and did a wire transfer next day, amount of 26000 USD where there is a loss of 3000 USD on today's price of 53.30. Now they are saying that the price was locked by an error and they want to refund the funds. How does the FOREXPROS and their website rate was by error, i don't think so. What is yoiur advise here forexer.
Thanks for asking the question
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Rajan
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Old 05-10-2012, 10:37 AM   #6 (permalink)
 
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Are you selling INR for USD?

If so, $1591 would be the 'gain', not a $3000 'loss'.

You can't sue them since no material loss has occurred. Even if you feel you have been the victim of the other party violating its terms to the contract it established with you, you have to prove your point. I mean what you're talking about is really opportunity cost, not material loss.
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Old 05-10-2012, 10:43 AM   #7 (permalink)
 
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Sorry for the confusion, i am selling USD for INR of amount 26000 USD. I have account with them and logged into my account and locked the price of 59.42 on 2nd May as they offered. I am losing 3000 USD here approximately. I can prove here that the rate was 59.42 for an hour on both their website and FOREXPROS. So i think they want to refund and make profit out of this. I didn't do any mistake here, booked as they offered . please advise
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Old 05-10-2012, 11:18 AM   #8 (permalink)
 
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They told me that i have time until Friday, I am in the position to call BBB and explain my position. Is there any advise from all the traders here. I really appreciate for this.
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Rajan
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Old 05-10-2012, 12:16 PM   #9 (permalink)
 
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Have the fund been wired? Or did it bounce back?
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Old 05-10-2012, 12:34 PM   #10 (permalink)
 
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Funds are wired and was successful on Monday and i called them on Tuesday and funds are received by them. I called them and told i am going to BBB and in few minutes they called me and giving live rate for on today which is 52.93,on OANDA the live rate is 54.1, but still i am losing around 3000 USD. I didn't agree for anything now. Trying BBB for a while, i didn't get through. I am still didn't know what happened here. I am filing complaint with BBB and FTC and doing this now.

Regards,
Rajan
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