hattrick_12a
Registered User
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Hi there folks,
I am an expat working and living in New Zealand. I recently tried an International Transfer to my irish account and had the below experience, which I have posted on some NZ forums. But it might be of interest here and there might be some advice I can get from here also, as I think this is a very food site.
I am an expat working and living in New Zealand. I recently tried an International Transfer to my irish account and had the below experience, which I have posted on some NZ forums. But it might be of interest here and there might be some advice I can get from here also, as I think this is a very food site.
Basically I made an international transfer from my New Zealand bank account to my European account. I made it from the branch on the Tuesday (12th Oct). I checked my NZ bank account online on the Thursday (16th Oct) and notice that the money was transferred back into my account with a substantial loss compared to the original NZ Dollar transfer.
The reason for this substantial loss is that the NZ Dollar was transferred to my euro account, in Euros, and on receipt of this the euro bank converted the Euros back to NZ Dollar and sent it back to my NZ account. Now the reason it turns out this happened is that the European banks introduced that some transfer code be alongside this transfer (i.e. the transfer I made included my back account number and name and (euro) address, my European bank name and address). So that is why the money was returned to my NZ account. This is what my NZ bank is saying.
Now I have asked for refund of the difference that I have lost, as I do not feel this was my mistake. But my NZ bank is saying that it is not their fault, as they try and keep up to date with all these type of details and that they were not informed by the euro bank of such details. They are saying that I should try and get my loss back from my euro bank.
I hope I have explained this as best as possible. I really feel this is the NZ banks responsibility, so they should refund me and if it is the euro banks fault, then the NZ bank should still refund me and look for the money back from the euro bank.
Now what is my best form of action? I still have to contact the euro bank to see what there take is on this. I have done a transfer like this before, providing the same destination details, but I done this online whereas this time I done it in there branch. The loss is about 300-400NZD. Are there any consumer protection agencies, financial regulator, or other type body that can help?
Thanks