Bad conversion rates of remittence in Standard charteredd bank


I have recently opened a bank account with Standard chartered bank (saadiq islamic current) for my remittence purpose. But when i am very disappointed to see their conversion rates for my remitence. The amount was in SEK and it was converted at rate of 11 appx. while the open market rate is around 13.6 and the inter bank rate is also 13 plus. Before this SCB account i was using UBL acount and their conversion rates were always very close to the market rates. but i had to change the bank due to some other issue.

does anyone experience the same issue with SCB accounts, and which bank would you suggest is the best for remittence. (i am thinking to switch bak to ubl because thats the only 1 i experienced for good remittence and dont know about others).

my remittence is only in SEk, so would it be best to switch to another bank and a dollar account or will a normal rupee account is ok, as sometime i have observed that i get better rates in sek i.e. a small rise result a big rise in rupee. i.e dollar is 87 and sek 12-13 and vice versa.

It depends on weather or not many intermediary banks are involved - they deduct as much or more than a wire transfer cost (some as high as $100). So it depends both on the sending bank and the receiving bank. I have had best rates with standard chartered for most US remittances because of no intermediary banks. Also there's a clearance fee but it's like 500-1000rs (not sure about the latest).

Usually, all banks use the inter-bank rates so that's not generally a factor.

I hope that URL helps.

Every bank has a schedule of charges and link is usually present on the home page of respective websites.

So, cost of wire transfer is just $15 generally. if you face any more deductions, that is due to pathetic exchange rate and involvement of intermediary banks. Intermediary banks don't have fees. They have extortion. Hope you will get the gist.

In remittances, you get internet-bank exchange rate, not open market rate.

And you get TT exchange rate. And please dont ask what does TT mean. I guess its just a noun for exchange rates.

if you run a search on WP, you shall find loads of info especially in threads about paypal.

Thanks for the replies bros..

I agree that it should be inter-bank rates, I dont know about which intermediaty banks are involved this time, but when I used to receive the money in my UBL account the rates were always very good (i.e. close to open market) and experienced many times, and now my first transaction in SCB account resulted in very low rate.

According to schedule of charges of SCB, there is no fee for Inward remittence. (dont know if there are any hidden charges or other confusing terms in it).

I even tried to contact SCB customer service and branch also, but no one can exactly tell me how much charges were deducted and what rate was used for conversion, they say everything is done in karachi.

^ So get them to get those details for you from Karachi. Are you a paying customer or not?

Guess what? Write an application to your branch manager. Tell him to close your account because the bank stole your money from your wire transfer which is ascertained by the fact that they are not willing to share any details with you. There is something called swift statement or maybe nift statement. See if they know what is it.

Also, run a google search and you shall find so many search results with lots of info about wire transfers.

SCB sucks. They have many hidden fees. A couple of years before, I had an account with them but because of their higher hidden fee, I closed it down.

UBL and HBL both are good for remittance.