Tuesday, July 05, 2011

Nefarious practices

How much does it cost to move money across international borders? More than you might imagine, once Red Triangles Bank gets involved. I read the Schedule of Services and Tariffs before punting money across the Gulf, and it appears that Bank will charge Dh50 to move my money from my Red Triangle in Sharjah to my Red Triangle in Doha. This is provided that I tell a computer to do it rather than a person.

So it was to my dismay and annoyance that Dh100 was deducted from my account about two seconds after the money was moved. As is entirely predictable, I complained. Less predictably, someone from the bank actually called me as promised, and explained what was going on.

  • Essentially, if the Dh50 charge is paid by the receiving bank, the price you see is the price you pay.

  • However, if the Dh50 charge is paid by the transmitting bank, there’s an additional Dh50 fee.

At the bottom of the page of tariffs, there’s another entry that states:

    “Additional charge to send payment in full within [Red Triangles] Group (Charges “OUR”) - Electronic / Manual" AED50”

I put it to the Bank that arranging the Schedule of Services and Tariffs in this way constitutes devious practice. Most people would look down a table to the item they’re interested in, and then across to the fee. There’s no indication to a customer that, having found the fee, he should refer elsewhere for additional fees. Be aware that Red Triangles’ customers should read the entire ten-page document in case there’s an additional fee buried elsewhere.

Of course, the Bank hides behind “It’s on the form in black and white”, so there’s no chance of a refund. At least they didn’t make any money out of the transaction. Sorting out my complaint cost the Bank Dh77: the cost of a 36-minute international phone call.



Anonymous said...

I guess this is the true meaning of the phrase "they get you coming and going" Tony

Seabee said...

On top of the outrageous fee I discovered my bank was going to give me a very bad exchange rate. I now take cash out and transfer it through Al Ansari Exchange. It's a much better deal.

Lebanon News: Under Rug Swept said...

That's nothing, my bank charged me for something that wasn't even mentioned on their schedule of fees.

According to their list, transfers of funds within the same account (savings to current) is free. I was charged AED25 because it was a "special savings account". When I told them that the schedule of fees says its free, they acknowledged that it was a typo and that they will inform their management.

That's what I call pathetic.


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