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Low Exchange Rate - I think NatWest is profiteering!
bombata
Posts: 50 Forumite
Hello,
I am in the process of completing on a shared ownership flat. My father agreed to give me 20k towards my deposit. Because he is German he was going to transfer the money into my NatWest account.
He transfered 25500 Euros, expecting the interbank exchange rate of 1.25. However in my bank account £19783! Which is around £400 - £600 less than it should be at the interbank rate.
How do I go about claiming that money back? They used the abnormally low exchange rate of 1.20! That must be fraud?
What is the use of IBAN transfers if Banks don't make it any cheaper for you!
I am in the process of completing on a shared ownership flat. My father agreed to give me 20k towards my deposit. Because he is German he was going to transfer the money into my NatWest account.
He transfered 25500 Euros, expecting the interbank exchange rate of 1.25. However in my bank account £19783! Which is around £400 - £600 less than it should be at the interbank rate.
How do I go about claiming that money back? They used the abnormally low exchange rate of 1.20! That must be fraud?
What is the use of IBAN transfers if Banks don't make it any cheaper for you!
0
Comments
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They have not commited fraud and you have no basis for claiming anything back!
If ''interbank'' rate was 1.25 why did your father not buy sterling from his account and transfer that to yours. I'll tell you why because the rate did not exist.0
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