Money transfers - Conversion rate
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- If you've sent money abroad and find that it has not been exchanged at the agreed rate, this may be because the exchange rate has changed during the transfer period.
- If your money has to be transferred across countries, this may take some time and might mean that your money has to be handled by multiple organisations.
- The exchange rate may change over the course of longer transfers involving multiple organisations, meaning you'll receive more or less than you initially thought.
- If you feel this has happened because of an excessive delay on the part of the company organising the transaction, your rights say you may be able to claim compensation!
- If you are unable to resolve the issue with the company directly, you can contact the Financial Ombudsman with your complaint.
How long should I wait for a response?
Under the FCA's rules, you should expect a money transfer organisation to give you a prompt response to acknowledge your complaint. This should not take longer than a couple of days.
The money transfer organisation should then aim to give you a final response within eight weeks.
How can I take things further?
Complaints about money transfers can be escalated to the Financial Ombudsman.
All money transfer firms are regulated by the Financial Conduct Authority (FCA).
Always be wary of firms and individuals asking for payment via money transfer – many frauds and scams run using money transfers.
The Consumer Rights Act
The Consumer Rights Act 2015 sets out your shopping rights. It replaces the Sale of Goods Act, the Unfair Terms in Consumer Contracts Regulations, and the Supply of Goods and Services Act, giving you clear, simple rights when things go wrong.
The Consumer Rights Act tackles things like faulty goods, products and services that aren’t as described, supply of services, and unfair terms and conditions.
The Financial Ombudsman (FOS)
The Financial Ombudsman (FOS) is the UK’s official expert body for sorting out problems with financial services. If you can’t resolve a matter with a business, FOS can give you an unbiased decision and has the legal powers to set things right. Generally speaking, you’ve got six months from the time that a business gives you a final response to escalate a complaint to the Financial Ombudsman.
The Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the UK’s regulator for financial services. The FCA makes sure that consumers enjoy good protection from unfair business practices and fraud.
If you encounter an unauthorised money transfer service, you can report it to the FCA!
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