Is my Dad being taken for a ride?

BobQ

It seems to me that they are using your Dad's £25K to manage their overdraft.

I am not an expert on international money transactions but I would have thought it was cheaper to send £25K in one transaction than make 10 £2.5K transactions (or whatever). I was in fact wondering if they were trying to negotiate a better deal by grouping together several transactions from their customers and just sending the total amount once a month.

shadowspy24

BobQ wrote: »

It seems to me that they are using your Dad's £25K to manage their overdraft.

I am not an expert on international money transactions but I would have thought it was cheaper to send £25K in one transaction than make 10 £2.5K transactions (or whatever). I was in fact wondering if they were trying to negotiate a better deal by grouping together several transactions from their customers and just sending the total amount once a month.

They are definitely doing this. He as much as admitted it. From what he said I got the picture that he had a 25k overdraft which was in use, then my dad paid in 25k and cleared the overdraft and as soon as he cleared it, barclays took away the overdraft and now they have no money to pay him back. They're not trying to get him a better deal at all, they could care less about that. In fact the rates have gone up since he made the transaction a month ago and the pound has gotten stronger. £1 was worth 122 BDT (Bangladeshi Taka) when he did the transaction and it is now worth 124 BDT so they would stand to make a profit if they send it now at the original rate agreed to the tune of 400 quid if my sums are right.

Ifts

shadowspy24 wrote: »

NO NO NO, I'm not that much of an idiot! I'm sorry it came out wrong.
WE ARE NEVER EVER DEALING WITH THIS COMPANY EVER AGAIN!!!

Glad to hear it!!!

Good luck getting whats outstanding returned to your father or finally sent through to where he was intending it to go, hope its a happy ending.

BobQ

shadowspy24 wrote: »

They are definitely doing this. He as much as admitted it. From what he said I got the picture that he had a 25k overdraft which was in use, then my dad paid in 25k and cleared the overdraft and as soon as he cleared it, barclays took away the overdraft and now they have no money to pay him back. They're not trying to get him a better deal at all, they could care less about that. In fact the rates have gone up since he made the transaction a month ago and the pound has gotten stronger. £1 was worth 122 BDT (Bangladeshi Taka) when he did the transaction and it is now worth 124 BDT so they would stand to make a profit if they send it now at the original rate agreed to the tune of 400 quid if my sums are right.

In that case it appears you are using a firm that is not licenced by the FCA and fails to keep its customer's money separate from their own. Does not look good. I would go to a solicitor rather than seek advice on here.


I doubt they are going to send it now. They do not have the money anymore from what you say. They may of course just be waiting for more customers
so that they can service your deal and keep the next customer waiting.

Just to clarify I was NOTsuggesting they might be delaying the deal to benefit your Dad. Only that they might be delaying so THEY get a better rate. If you look on the money transfer websites you usually lose less on sending money the more you send.