Consumer complaint received 2024-09-24
Product: Money transfer, virtual currency, or money service — Foreign currency exchange
Issue: Incorrect exchange rate — 
Company: CITIZENS FINANCIAL GROUP, INC. (OH)

Particulars : In XX/XX/year>, we sold our property in XXXX XXXX  and had the funds deposited into our account with Citizens Bank, XXXX XXXX XXXX. 
It was our intention to transfer the proceeds of the sale from our account with Citizens Bank to our account with XXXX XXXX for the purchase of a new home in XXXX XXXX. 
The funds in US dollars in Citizens Bank were to be exchanged to arrive as XXXX XXXX dollars at XXXX XXXX. 

Preparation : Advanced notice of approximately 7 days of our intention was given to A, manager of the XXXX XXXX XXXX Citizens Bank, to ensure an appropriate staff member would be available in case specialist knowledge was required for a transaction that maybe wasnt routine to the daily working of the branch. 

Transaction : On XX/XX/year>, I requested the transfer of {$370000.00} US dollars from our account with Citizens Bank to our account with XXXX XXXX  with the funds to arrive as XXXX XXXX dollars. 
B was the branch staff member tasked to carry out this transaction. It was established that he had no previous knowledge or experience of such a transaction but he was confident that it would be accomplished. The first thing B did was to offer me a credit card and savings plan, even though I had made it clear that I intended to transfer funds from Citizens Bank to XXXX XXXX. 
After a protracted procedure lasting 90 minutes involving delays, false starts, log ins and phone calls to various departments of Citizens Bank, he informed me that the exchange rate on offer from Citizens Bank was XXXX, with us receiving XXXX XXXX XXXX dollars for each US dollar exchanged. 
Exchanging {$370000.00} US dollars, we would therefore receive {$570000.00} XXXX XXXX dollars. 
This was far below the amount expected and I questioned the figures multiple times but they were confirmed as correct by XXXX. 
I cancelled the transaction knowing something was very wrong. 

On XX/XX/year>, I returned to the branch to request the transfer of {$370000.00} XXXX dollars from our account with Citizens Bank to our account with XXXX XXXX  with the funds to arrive as XXXX XXXX dollars. XXXX was the branch staff member tasked to carry out this transaction. 
The time took to receive the information on XXXX XXXX rate on offer was again XXXX minutes. The exchange rate offered by Citizens Bank was XXXX, with us receiving XXXX XXXX XXXX dollars for each XXXX dollar exchanged. 
Exchanging {$370000.00} XXXX dollars, we would therefore receive {$590000.00} XXXX XXXX dollars. 
Once again this was far below the amount expected and I questioned the figures multiple times but they were confirmed as correct by C However, C was doing her own research and making her own independent calculations as to what the exchange rate should be and she could not explain why the rate offered by Citizens Bank was so low in comparison to what she expected. 
I again cancelled the transaction. 

As we were scheduled to fly from the XXXX to XXXX XXXX on XX/XX/year>, the only realistic option left for us was to open a foreign currency account with XXXX XXXX  and transfer the funds as XXXX dollars with no exchange from XXXX dollars to XXXX XXXX dollars necessary. The funds would be exchanged by XXXX at a later date. On XX/XX/year> {$370000.00} was transferred from Citizens Bank to our XXXX dollar XXXX XXXX account at XXXX Bank. 

On XX/XX/year> I contacted Citizens Bank to complain about the service we had received. This was addressed first by A, branch manager, and D, area manager. Neither could provide an explanation so the case was transferred to E from the Office Of the Customer around XX/XX/year>. 

After six telephone conversations, all recorded by Citizens Bank with my knowledge and permission, and a similar number of emails exchanged, XXXX confirmed in a letter dated XX/XX/year> that the information on the exchange rate given to me by xxxx and was incorrect. I should have been given a negotiated rate and not a standard rate. Had that been the case, the rates would have been more in keeping with what I was expecting. 

The differences are as follows : On XX/XX/year> - the rate quoted to me by the branch ( B ) was XXXX. 
According to the ( negotiated ) rates quoted in the letter dated XX/XX/year>, the rate we should have been quoted was XXXX meaning we would have received an additional XXXX {$22000.00} compared to the standard rate we were offered. 

On XX/XX/year> - the rate quoted to me by the branch ( C ) was XXXX. 
According to the ( negotiated ) rates quoted in the letter dated XX/XX/year>, the rate we should have been quoted was XXXX meaning we would have received an additional XXXX {$17000.00} compared to the standard rate we were offered. 

At no time were the negotiated rates given to me. I only ever received the standard rate quotes. 

Complaint : 1. Citizens Bank had assured me in advance that they could accommodate our request to transfer the funds as stipulated by me. Namely the transfer of XXXX dollars with the funds arriving as XXXX XXXX dollars. 
2. The assigned staff were obviously, unprepared and inexperienced for the tasks required.

3. The systems the bank had in place were not fit for purpose. It took 90 minutes for the bank to be able to provide any information on the current exchange rate. In other banks this process takes a maximum of 15 minutes and is more often available on line.

4. The process was not transparent.