I gave instructions that on maturity of my FD to convert GBP to NZ$. I got a poor exchange rate. I checked the conversion on the Internet and, in my opinion, a fair value is 2.3% higher.
I made numerous calls to the bank to ask how their rate was derived. They have not replied to me. As guideline. I understand that direct conversion GBP to NZ$ will give a higher figure than converting GBP to SGD and then changing to NZD.
So I want to get redress from MAS. Who shall I address to?
Read these pages:
You probably have to take the following steps:
1. Write to CEO of the bank
2. File a complaint with FiDREC.
3. At last stage, approach MAS
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