Consumer complaint received 2018-02-24
Company: WELLS FARGO & COMPANY
State: TX
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Confusing or missing disclosures

Complaint:
I did 2 wire transfers in XXXX dollars from XXXX XXXX in XXXX to Wells Fargo in XXXX XXXX where they converted the money to USD and sent it to my account in XXXX XXXX, TX. One was on XX/XX/XXXX for AUD XXXX, and the second was on XX/XX/XXXX for XXXX. Before doing so, I called XXXX XXXX XXXX in XXXX XXXX and got wiring instructions by email from XXXX XXXX of Wells Fargo. 
I also asked about the forex or exchange rate that would be used to convert the money. I explained that I was aware that it was a common practice, say in the case of tourists getting pocket money for a trip, to change the money at a rate of around 5 points less than the real, official exchange rate of the day. I said that I wanted to be sure that this would not happen as it would cost me several thousand dollars on the amount I would be transferring. She told me that I would not be shorted that way and that the bank would use the official, public exchange rate for the specific date and time. Just prior to the transfers, I called again with a couple more questions and repeated my concerns about the exchange rate that would be used. She told me the same thing. 
When Wells Fargo changed the money on the XX/XX/XXXX and XX/XX/XXXX, the published exchange rate on internet sites was about XXXX. My money converted at just short of XXXX, and I calculate that I received just over {$8000.00} less because of this difference. Prior to XX/XX/XXXX, I sent wires to XXXX in XXXX and also to XXXX, and they always used the official rate of the day. Even this summer, my daughter changed some XXXX dollars at the branch here in XXXX XXXX, and it appears that they used the day 's official rate. 
On XX/XX/XXXX, I talked to XXXX with Wells Fargo again and XXXX with XXXX XXXX XXXX. He then explained that they only used that official, public exchange rate for very large transactions, like XXXX XXXX dollars. 
XXXX XXXX with my branch in XXXX XXXX also followed this up for me. It was agreed that the communication with me about the exchange rates fell short, but they made no offer to compensate me for some or all of the difference. 
I believe that they had to understand what I was asking, and I do not believe that the disclosure was complete and adequate. I understand that it is probably legal to give whatever exchange rate they want as long as they disclose how it is done. In this case they did not, and it seems that they should take responsibility for that. If I had had full and complete information, I may well have done things differently. I would have certainly talked to other banks, and I would maybe have tried to do the whole XXXX in one transaction ( from within my XXXX account, my daily transaction limit was XXXX ). As I've said, I feel Wells Fargo should be responsible for incomplete, inadequate disclosure and the money I may have lost due to this.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief