Consumer complaint received 2022-06-12
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Wrong amount charged or received — 
Company: TD BANK US HOLDING COMPANY (NY)

We are submitting a complaint because TD Bank signed a contract with us saying the recipient would receive a certain amount in XXXX  reais, but the recipient received the money in US dollars, in a much lower amount than was sent. The XXXX wire was not received from TD Bank, it was received from XXXX  XXXX XXXX. And besides receiving a lower amount in dollars, the money was converted to reais at an exchange rate that we did not agree upon. The total amount received is significantly less than what we agreed to. We have been trying to get answer from TD bank for almost 12 weeks, and they never explained to us the reason for the discrepancy. TD Bank originally said that perhaps there were fees charged by the local recipient bank. We have shown documents provided by XXXX  XXXX XXXX and the recipient that the only fee charged is the IOF fee of 0.38 %. Another very strange fact in this transaction is that XXXX  XXXX XXXX did not receive the money directly from TD Bank or in reais. The money was sent by another bank, XXXX  XXXX XXXX. Even with this, TD Bank still has not given us the missing money back. Because they keep blaming the discrepancy on fees charged by the local bank, which we have proven no fee has been charged, we also decided to send a wire through XXXX XXXX to the same recipient, and there have been no issues and the recipient received the expected amount which we also communicated to TD Bank through three people. 

We first contacted the branch manager ( XXXX XXXX, XXXX ), who then quit and we were never notified. Then we contacted the branch manager who replaced XXXX XXXX XXXX XXXX, XXXX ) who informed us they would do an investigation, and so far we have not received an outcome. Initially XXXX did not want to give me his managers contact information, and after weeks of not resolving the problem, he finally provided me with his managers name ( XXXX XXXX, XXXX ). XXXX called us on XX/XX/XXXX, and we made him aware of the entire situation. Today is XX/XX/XXXX and we have not received an email from XXXX nor a resolution from XXXX. In this entire process, TD Bank said that they dont know why XXXX  XXXX XXXX is involved, why they took the money in reais and converted it to dollars, at an exchange rate that we did not agree on. We were never informed that a middle bank would be part of the process, but the main issue is that a middle bank converted the money to dollars, and then the XXXX  XXXX XXXX converted the dollars to reais. So TD Bank said we could send the money in reias, so in this process the money started in dollars, TD Bank sent it in reais, XXXX  XXXX XXXX converted it to dollars, and then XXXX  XXXX XXXX converted it to reais again. The agreement in our contract with TD Bank was supposed to be them converting the amount to reais which would be received by XXXX  XXXX XXXX, but it went from dollar to real, converted to dollar, then back to real again without our consent. Because of all that, the amount received was much less than promised because of all the conversions. Please note that none of this was communicated prior. We were originally going to send the money in dollars from TD Bank, but XXXX ( the TD Bank employee who sent the wire ) advised that we could send the money in reais, and the advantage is we would know exactly how much the recipient would receive. If we knew this would be the process, we would have sent the money in dollars which was our original plan. 

Here are the details of the transaction : XX/XX/XXXX : We went to TD Bank and sent the wire. XXXX advised that we could send Brazilian reais, and a benefit of that would be we would know exactly the amount the recipient would receive since the exchange rate would be locked. The value in US dollars that was withdrawn from our account was US {$76000.00}, the exchange rate was XXXX, and the recipient was supposed to receive the money in reais in the value of R {$350000.00} ( see document called TD Bank Wire Contract ). However on XX/XX/XXXX, the recipient sent documentation that the XXXX XXXX XXXX received the amount in dollars, in the amount of {>= $1,000,000} ( see document called XXXX XXXXXXXX XXXX  ). We also provided 2 more documents to TD Bank that proves that XXXX  XXXX XXXX converted the dollars using the exchange rate of XXXX, and that the only fee applied was for 0.38 % of the value received in the amount of XXXX reais. See documents called XXXX XXXX XXXX. And we also have the recipient bank statement showing that she received XXXX reais, showing again that XXXX  XXXX XXXX only charged the 0.38 % XXXX fee see document Recipient bank statement. We also provided TD Bank with the official document from XXXX  XXXX XXXX showing the details of the wire received in dollars and the exchange rate that they used to convert to reais. See document called XXXX  XXXX XXXX exchange contract. 

XX/XX/XXXX : We went to TD Bank and spoke with XXXX XXXX and gave him all the information. Two weeks later after many phone calls, we found out that he was no longer with TD Bank, so we started contact with XXXX XXXX the new branch manager. We shared all documents with XXXX, and he told us that he was forwarding all documents to his manager. 

XX/XX/XXXX : XXXX sent us an email showing that TD Bank was trying to communicate with the XXXX  XXXX XXXX through the XXXX XXXX. We worked with XXXX and did not get a resolution, so he finally told us that his manager would contact us. 

XX/XX/XXXX : XXXX XXXX, XXXX XXXX, first contacted us. Since then, we have not heard from XXXX, and there is still no resolution.