Tide stole my money

Tide_is_Out

Why is it possible for Tide to fail so simply and yet charge you for their error's.
The portal allowed me to make a euro transaction and took the funds. Then later the same day returned them less over £200, blaming me for not adding the address of the account I was paying.

1. Why did the portal not flag this ?

2. If it asked for the address and it wasn't given, how was it possible to proceed?

3. Why when the transaction was on the same day with interest rates remaining the same was such a large amount charged, when the rate difference would have been no more than £1.

MeteredOut

Can you provide more details. Was this a purchase and then refund, or was it a transfer/exchange that got rejected and returned?

How much did you transfer, and what were the exchange rates (not interest rates) on each transaction.

Tide charge 1.5% for each transaction, so you'll have lost at least 3% if the exchange was done twice. Any fees will be on top of this.

https://www.tide.co/support/features/payments/what-foreign-exchange-rate-will-be-used-to-convert-euro-payments-that-i-send/

"For any rejected outbound payments we will apply the exchange rate available at the time of the return. This means when the payment is returned to you, it might be a different amount."

I suspect the Tide T&Cs will have covered them here, but have you raised a formal complaint? If that doesn't work, next step would be the financial ombudsman, but you need to be clear on what you believe Tide has done wrong.

(using emotive language accusing Tide of stealing money won't help)

flaneurs_lobster

Have you asked Tide? complaints@tide.co 

born_again

It's not interest. It the exchange rate, which is at the point transaction is made.

grumpy_codger

£200 difference seems to indicate that it was a pretty big amount, in which case it's very unwise to use any bank for this.
MSE: 

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