Submitted by: Kannan Sankar
I had booked sale of TC of value US$2000 vide transation ref. FX00052968.
I later received a call from the branch selected (Hiranandani Estate Thane – from the dropdown provided by the system and not keyed in by me) to inform that they do not deal in TC and I had to go to another branch in Teen Haath Naka Thane for the same. What is the point of having multiple branches when there is no convenience to the customer?
When I went to the branch in Teen Haath Naka, Thane I was informed that the exchange rate was not the one provided by the system but someting much less. Rate provided for USD/INR by the system was 67.1 while the quote at the branch was 63. Why does the system not reflect the correct rate for each type of currency? I do understand business and forex spread and all that but a difference of Rs.4/- which translates to a loss to me of Rs.8000/- is not acceptable, which again does not include the transaction fee for each check leaf. The TC are supposed to be a safe way to carry forex but it seems at a huge carrying cost. The customer ends up paying for purchase, usage and sale of the TC.