Can an intermediary bank in a transaction apply currency conversion?
January 24, 2013 1:11 AM Subscribe
I have a USD account in the UK and received an incoming amount in GBP. However, it was supposed to be sent in USD from the US (so that's a cross-border transfer). The sender also claims that the amount was sent in USD. My bank claims and also the statement tells that the money came in GBP. Because of the double conversion (usd->gbp->usd) I received significantly less than if it happened without any conversion. My only idea at the moment is that an intermediary bank applied a conversion.. Can this happen? How can I clearly find out what happened? How to avoid this from happening again? Thanks for your suggestions!