On June 10, 2024, I initiated an outward foreign remittance transaction from India to Europe. The platform was notably user-friendly, seemingly designed to attract customers effortlessly. However, this convenience masked deeper issues.
DBS Bank advertises two primary features: Same Day Delivery and Zero Fees. I sent €100 at an exchange rate of 1 EUR = 91.7926 INR. The transaction details were as follows:
- Remittance Amount: ₹9,179.26
- Remittance Charges: ₹45
- Total Debit: ₹9,224.26
Initially, everything appeared to be in order. The twist came on June 19, 2024, nine days post-transaction, when I received an email from DBS Bank requesting information about the remitter and recipient. The email, shockingly, included a demand for details of a random person named “AMIM,” who had no connection to my transaction.
I raised a complaint through the bank’s mobile app, DigiBank. The complaint was resolved without contacting me, but on June 21, I received another email requesting the same details, including those for the mysterious “AMIM.” In response, I provided the necessary details for both the remitter and the recipient.
On June 23, 2024, I raised another complaint regarding the unknown “AMIM.” Again, the bank closed the ticket without resolution. By June 25, I received yet another request for AMIM’s details. I replied, reiterating that “AMIM” was not relevant to my transaction and resubmitted the remitter and recipient details.
Despite escalating the issue to the grievance officer, the ticket was closed without resolution. On June 29, I received yet another email asking for AMIM’s details.
Frustrated and dealing with what seemed like incompetence, I eventually concluded that this might be a scam. My suspicion was confirmed on July 2, 2024, when I received an email stating that the transaction was rejected by the beneficiary bank and the amount was credited back to my account.
However, upon checking my account statement, I noticed that the amount was credited back at an exchange rate of 1 EUR = 87.6396 INR, resulting in:
- Remittance Reversal: ₹8,763.96
- Remittance Charges: ₹45
- Actual Credit: ₹8,718.96
This discrepancy meant I lost ₹505.30 due to the exchange rate difference and dual GST imposition, despite the failure being on the bank’s part. DBS Bank’s policy states that the exchange rate for the day applies to any transaction, but this situation arose from their negligence.
Key questions arise:
- Where did the ₹505.30 go? Who benefited from this?
- Why advertise next day transfer falsely?
- Why am I bearing GST twice for a failed transaction?
Despite multiple follow-ups with their customer helpline, I received no satisfactory answers. They promised to call back, but I am still waiting.
Consequently, I am pursuing legal action against DBS Bank. I will provide updates as the case progresses.
Below are all the screenshots for your reference:
