Poor conversion rate for Foreign Currency

Dear Mr.Tan,
I gave instructions that on maturity of my FD to convert GBP to NZ$. I got a poor exchange rate. I checked the conversion on the Internet and, in my opinion, a fair value is 2.3% higher.

I made numerous calls to the bank to ask how their rate was derived. They have not replied to me. As guideline. I understand that direct conversion GBP to NZ$ will give a higher figure than converting GBP to SGD and then changing to NZD.

So I want to get redress from MAS. Who shall I address to?

REPLY

Read these pages:
http://tankinlian.blogspot.com/2008/09/monetary-authority-of-singapore.htmlhttp://www.moneysense.gov.sg/contact_us/Consumer_Portal_Contact_Us.html

You probably have to take the following steps:

1. Write to CEO of the bank
2. File a complaint with FiDREC.
3. At last stage, approach MAS