Hello guys, Yesterday one of my partner send me a wire from Indonesia of $550 but I received only $520 in my SBI local bank. I asked morons and they are clueless says Kolkata FD operates such things and we can't help. Now I'm helpless I tried calling Kolkata FD here:- E-mail: Tel-(033) 22886631 22888871, fax no. (033) 22889235 but no one picked the call. Could any experienced guy solve the problem? as I intend to make bigger transactions this way and it was just a test. Now if we take it as % factor it is more than 5% charges they are charging. However SBI only charges 25 INR for this and it shows in my bank statement but then where $30 gone? Please any experienced guy focus on this issue and also suggest best and cheapest and secure option to transfer money from Indonesia to India. Will Western Union work? I'm not sure about them and about their charges. Please help me.
How are you calculating $520? Banks do charge currency conversion fees for converting one currency to another. For SBI, last time I checked, it was 2.5% of transaction amount.
NO man they charges INR 25 only. SBI morons said that they have received only 520$ only whereas my client sent me 550$. I guess everything is clear now.
Probably the $30 was the charge incurred by your client that was deducted by his bank from the $550 total. Unsure what the conditions for international wire transfers are but Government banks in India aren't as co-operative as the major private banks.
^^ No it was not deducted from payee bank. They charged $5 for it and my sender sent me a receipt of $550 sent.