[Resolved]  Citibank — International Transfer Rate cheating

We run a software company - Gloscon solutions Pvt Limited and have a Gold Corporate account with citibank. We were told that we would be charged 5 paise spread on IBR rate on international fund transfer. We kept getting wires but never bothered to check the rates.

A competitive bank came and gave us 4 paise offer and we gave them a ref transaction to check what would we be getting in INR if we were to do this through them. The difference was whopping Rs. 24, 000 on one transaction itself of $60K. We followed up with Himanshu Mehta their relationship manager in writing on this and seeked clarification. We were told that we were put on 15 paise spread!!!

We still asked for the IBR rate for that date and the exact time the transaction was done and the same for all previous transactions as we realized that all this time Citibank was ripping us off. Even after repeated email follow ups and even writing to their ombudsman, no response was provided.

During this period(of 30 odd days) their relationship managers kept changing from Himanshu Mehta to Biju Thomas to Yogesh Mehta. Himanshu Mehta who assured this rate and even put 15 paise spread in writing has gone underground and transaction details are not provided.

Citibank Grievance cell has also not responded. We are now looking to take it up with RBI Ombudsman.

I have a voice recording