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Fx wire transfers and banks. Am I being bullied?

Potato

New Member
Dear all,

I would appreciate if anyone can offer me advice on my predicament.

I recently wire transferred quite a sum of Euros to Canada so as you would expect have been following the Euro/CAD mid-market rates closely (every hour or so).

I got a phone-call early last Friday am from my bank to say the money had arrived and they quoted me a rate of 1.3918 CAD for my Euros. I was astonished at this rate as the previous day the mid-market rate had been 1.42075 CAD. Granted the CAD dropped just over a massive 2 cents from midday Thurs am to Friday am with most of the damage done on Thursday night/Friday am.

I asked when the money had arrived in the bank and she told me at 1650 on Thursday (the rate was about 1.417 ish then) so I questioned why I wasn't getting the rate at the time it arrived at the bank. She basically told me because they didn't see it until Friday am. When I still questioned that that was not my fault and I was entitled to that rate I got the astonishing reply and I quote: "Tough, you HAVE to take this rate NOW!).

Needless to say things quickly got very heated (as they do when you are backed into a corner) and I demanded full tracking details of exactly when the money arrived in Canada and how long it took to get to my branch. I was suspicious of the time quoted.

The lady in question flat out refused to get this information for me and at one stage even denied that such information was available. When I questioned her about how it was so simple to track a postage package surely with an electronic money transfer there would be records of times that money arrived. I then told her that I know exactly what time it left Europe (after security checks) and I was suspicious of the time quoted. She now changed her story and said that they didn't provide that information.

At this stage I took her name and told her I wanted nothing more to do with her and would be taking the matter further with the branch manager and the conversation finished with her asking me if I wanted to take the rate or not to which I replied "whatever happened to You HAVE to take this rate NOW!

I spoke with my personal banking manager after to complain who after speaking with said woman said that they would hold the wire for me for 7 days where I could take any rate that came up then, thereafter I had the option to return the wire.


My questions:
Is FX and wire transfers the only example of a business transaction on earth where the seller can say to the buyer, "this is my price, non-negotiable and you HAVE to buy NOW?

Am I entitled to the rate at the time the money arrived? I know from previous dealings employees at the bank finish at 1700 so it still landed in business hours.

The branch obtained their rates from a FX centre (Toronto I think). Is it possible that I could be subjected to the next day rates if say they closed at 1630? Any suggestion on how I might find out what is the last time for quoted rates? Indeed is there such a thing? Is it not possible to pull up historical records of rates and adjust my quote from that.

I presume I am legally entitled to see the transfer records for my money to verify if the times quoted to me are correct. Am I right in this assumption?

Can I ask to see the banks fx policy to verify this "next day" thing.

Apologies for the long post but I would appreciate any comments/suggestions.

Thanks.
 
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