Consumer complaint received 2017-09-06
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: International money transfer
Issue: Wrong amount charged or received

Complaint:
In the past I have sent money a couple of times from my bank account with TD Bank in XXXX to my bank account in XXXX with XXXX. These transfers were done without any problem. I asked to send US dollars to XXXX. TD Bank sent the dollars and my bank in XXXX made XXXXhe exchange from US $ to XXXX Pesos. 

Now, onXX/XX/XXXX I asked again my Bank ( TD Bank ) to send US {$XXXX} to the same bank account in XXXX with XXXX, the same one used before, for buying a property for investment. I asked to send the amount directly in pesos.  My data were exactly the same : same bank ( TD Bank in XXXX ) sending the money from the same account and same bank in XXXX ( XXXX in XXXX XXXX ) receiving it to the same account of mine previously used. They told me that the amount I should have received in Pesos was XXXX pesos. As per XXXX, the official closing exchange rate that day was XXXX. So the official exchange for US {$XXXX} was XXXX pesos. Just with that operation TD Bank earned XXXX pesos ( or US {$3200.00} ). But this is not the reason of my complaint. We all know that banks earn commissions from exchange rates and {$3200.00} is expensive but acceptable for wiring {$XXXX}. 

After 2 weeks the money was not arrived. I asked TD Bank and ( just because I asked ) this time TD bank said that XXXX XXXX in XXXX had refused the wire for wrong account number in spite of the fact that previously they had sent money from my account with them to the same account in XXXX. No changes in my accounts. SO XXXX CAN NOT HAVE REFUSED THE WIRE. I again sent all the needed information but on XX/XX/XXXX I had the surprise to see my money returned to my account without any wire done and without asking my agreement to do it. The exchange rate was changed from the purchase of XXXX pesos to their sale. On XX/XX/XXXX the exchange rate was XXXX so I received US {$XXXX}. They sent me another form to fill with all the needed information. 

At this point I asked my banker in XXXX to fill directly the form of TD Bank to do it again without risking to put any wrong information. So he sent to me all the required information and I asked to send the XXXX dollars with this information provided by XXXX. I asked to use the same rate exchange ofXX/XX/XXXX, my original request, but they said that this was a new request done on XX/XX/XXXX.. According to XXXX the official exchange rate that day was XXXX so the official exchange for US {$XXXX} should have been XXXX pesos. Again TD Bank had another earning. But this time they made 163,176 pesos ( or US {$8800.00}! ) for this second operation because I received an amount of XXXX pesos ( XXXX pesos less than the official exchange rate, as their second earnings, and XXXX pesos less than the previous wire ), since the American Dollar was lower now. I complained and I said that if this was a new request I was the XXXX but I preferred not to further delay the wire for not losing my business and confirmed my will to send this money. 
So, I was charged XXXX pesos ( or US {$3200.00} ) for the first attempt and XXXX pesos ( or US {$8800.00}! ) for the second one of the same amount. This is unacceptable. After giving my consent I verified the official exchange rates and I discovered all I said before. Totally unacceptable! How can customers trust this bank anymore? 
Also I lost the first exchange rate that was better for me because I was obliged to sell my original XXXX pesos and re-buy them at a much more expensive rate and at a much more bank expenses for the same amount. 

But again, I didnt receive the money and after 10 days I asked again about. Just because I asked, they said that XXXX XXXX had rejected the wire due to incorrect account number. All this time I have been in touch with XXXX and they confirmed in writing to me that they never received any attempt of wire for me from TD Bank nor the first time and neither the second time. They ( XXXX ) also told me to ask TD Bank a proof of their rejection. I asked this but TD Bank never provided any document or communication from XXXX stating anything. 

I asked to keep these pesos for me, losing already XXXX pesos if compared to the first original wire, but they responded that they can not have the funds returned in Pesos to my account and it has to be in dollars. I responded that of course I know that this account is in dollars. But having been working in a bank for 11 years I know that they can create a pesos account for me or just keep the funds where they are keeping them in pesos now until I decide what to do with my money. 
In spite of all my instructions, I have been again forced to exchange my pesos back in dollars. As a matter of fact onXX/XX/XXXX I received on my account US {$240000.00}. According to average official rate exchange of the day. 

It is evident that TD Bank has some reason for keeping exchanging my money from dollars to p esos and from pesos to dollars several times, charging every time ridiculous expenses. We are not talking about XXXX dollars but about a quart of million dollar on which they have an incredible advantage ( at my cost ) every time they make an exchange and they did it already 4 times : first exchange from dollars to pesos, second exchange from pesos back to dollars, third exchange again from dollars to pesos and fourth exchange from pesos back to dollars. I can not let them have more advantage with my money, especially if at my cost. It is a fact that XXXX states that they never received anything neither sent a communication rejecting the wire due to incorrect account number and also that TD Bank never provided such a document proving that they honestly tried to send the money to my XXXX bank.
Banks are at the service of clients and not vice versa. But in this case it looks like clients are at the service of banks and that those banks apply arbitrary conditions to their clients.
The proof of their incontestable arbitrariness lies in the ridiculous difference between the first and the second gain ( the gain, not the rate exchange, we all know about rate exchanges continuous variations ) for the same amount of money ( US {$XXXX} ), and also in the fact that they, after saying that XXXX XXXX had rejected the wire due to incorrect account number, never satisfied my request of showing me the original message of the receiving bank stating, as above mentioned, that XXXX XXXX had rejected the wire due to incorrect account number.

Company response to consumer: Closed with monetary relief