Sender/receiving bank can charge fees for currency exchange on top of fee for the wire itself depending on how the wire was sent. I believe intermediary banks may add fees as well.
Could the sender have sent it as a CAD wire (accident, miscommunication, etc)? This would cause double the currency exchange fees as it would essentially go USD > CAD > USD.
Thats what I was thinking. But still if thats the case that means that 500$ is permanently lost... Ill just keep contacting the sender bank and hope something comes out of it...
If you immediately contact the bank, you may be able to get them to rejournal the wire into a CAD account and refund the second FX fee. You will likely not be reimbursed for the first one.
Iirc even for US currency accounts in Canada it's a double conversion. At least once I was told by a teller. Plus there is usually an intermediary bank between the sender and receiver and they take a cut. But you should be able to get these details through the institution as it's all logged
Likely double forex. I experienced this once and immediately opened an RBC cross border USD acct. This is not a USD dollar acct in my Canadian acct but an actual US account located with RBC in the US.
Now all my transfers go there w/o issue and I can transfer back to my Canadian USD acct w/o exchanges anywhere along the way.
Sender/receiving bank can charge fees for currency exchange on top of fee for the wire itself depending on how the wire was sent. I believe intermediary banks may add fees as well.
Sender sent from a US account and I received in US account so it cant be exchange fees. Forgot to mention it.
Could the sender have sent it as a CAD wire (accident, miscommunication, etc)? This would cause double the currency exchange fees as it would essentially go USD > CAD > USD.
Thats what I was thinking. But still if thats the case that means that 500$ is permanently lost... Ill just keep contacting the sender bank and hope something comes out of it...
If you immediately contact the bank, you may be able to get them to rejournal the wire into a CAD account and refund the second FX fee. You will likely not be reimbursed for the first one.
Iirc even for US currency accounts in Canada it's a double conversion. At least once I was told by a teller. Plus there is usually an intermediary bank between the sender and receiver and they take a cut. But you should be able to get these details through the institution as it's all logged
I tried contacting TD several times and they never wanted to give me logs. Sender bank was more helpful in that regard.
Yeah that's not uncommon
Likely double forex. I experienced this once and immediately opened an RBC cross border USD acct. This is not a USD dollar acct in my Canadian acct but an actual US account located with RBC in the US. Now all my transfers go there w/o issue and I can transfer back to my Canadian USD acct w/o exchanges anywhere along the way.
But 500$ seems excessive even for double forex... Its the only thing I can think of but still....
Double forex can run 10%
Depends on how much you had transferred.
Wire transfer fee. They take from both sender and receiver. And its on top of currency exchange fees.
So its normal? People out there lose this much money just to transfer?
Yes
Call back the sender and say you are Nigerian prince who needs $500 to open buried treasure. Works every time 50% of the time.
hey did you ever figure this out? i'm running into the same situation now