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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44375
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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The national Australia bank converted Euros to Australian

Customer Question

The national Australia bank converted Euros to Australian dollar, that cost around $860 to convert, E 14.066; the exchange rate at the time was $ AUD 1,50. to a Euro
NAB converted, and there there was $ 860 difference from the exchange rate on the day in Europe; Around 20 percent difference,
I wish to say, as a pensioner this was a life changing amount of money, paying off my mortgage ;
But I am sorely hurt, At the refusal of the banks information number consultant to consider my complaint, by saying that was their exchange rate;
when I originally inquired at the local branch Bellingen nsw about exchange costs the manageress, said it would be about $30 but failed to tell me they had their own exchange rate. When I complained to her about the exhorbent charge. she referred me back to the complaints department. who of course gave me the bum brush off.
I have cancelled my accounts with NAB but feel bullied by a system I cannot At least Kick!
WithThanks
Philip Edwards. ***@******.***
Submitted: 2 years ago.
Category: Australia Law
Expert:  Leon replied 2 years ago.

Good Afternoon,

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

It is horrible how they make money out of people and do not offer anything close to the market rate.

You can try and lodge a complaint with the ombudsman about the bank.

The Ombudsmans website is as follows

https://www.fos.org.au/

All banks are the same and they do the same thing.

Finally if you wish to shame them, contact the media such as Current Affair and they will take it on and shame them on the air and this may cause them to fix the problem.

I am sorry I cannot offer you more than this. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon