Money lost on International Money Transfer

JustRaider

 

  I used an International Money Transfer company to transfer money from the UK to my European bank. The company confirmed my transaction to convert £350.00 to     402.75 euros. I received the payment into my European bank but the amount credited to my account was only 371.25 euros. On checking the recipient bank transaction   details I noticed they were different to my past usual transactions. For example, I had not seen the following detail before :

  "WE HAVE TODAY RECEIVED A PAYMENT REQUEST WITH REFERENCE FRT18102HTQNFLDS FROM CREDIT COMML 

    DE FRANCE SA//HBFR LEVALLOIS- PERRET." 

 Why was a French bank making the payment ? I was transferring money from the UK to another European country – not France. This appears to me to be a   suspicious transaction. I asked the International Money Transfer company to investigate this and asked for advice on how to recoup the missing 31.50 euros.

 Their reply was not helpful. They stated :

   “Thank you for contacting us about the additional bank charges on your money transfer. We always send the exact amount you ask us to when you confirm your money             transfer. We never send less. However, there are rare occasions where the person you’re sending the money to may receive less than expected. This is beyond our              control. Sometimes the recipient’s bank or an intermediary can add a fee or charge which is then deducted from the amount received by your recipient. They don’t inform      us if they do this so we can’t let you know in advance.”

 There was no mention of an investigation into this suspicious transaction and no advice of recovering the 31.50 euros.

  I know that under the Consumer Rights Act, companies should be clear and honest about the costs of any services they offer. I feel that I have been misled in that the    costs weren’t made sufficiently clear to me beforehand.  Has anyone had a problem with a money transfer like this ?   

 

 

Westin

Who is the International Money Transfer company?

eDicky

If there is an 'intermediary' involved in a (non-bank) international transfer service, or SEPA payment is not used within Europe, then you are using the wrong company. Who are they..?

CKhalvashi

A French bank will be able to pay money to any EUR account using SEPA. I hold EUR bank details and these are in Belgium, despite never having been to Belgium (apart from driving through) and never accepting payments from there.

I'd also question which company you've used, as fees of this nature (I pay a few cents, detailed upfront) definitely aren't my experience with international transfers.