PominOz1

Then I suggest you write to the banking ombudsman and ASIC, do you want the email address of both?

Red_V_Roger

Yes, could you please PM them to me?

PominOz1

Done

IndieG

I think most banks charge you for an incoming transfer. This charge depends on what the correspondent bank (of your bank overseas - e.g. ANZ, Barclays in Australia) charges to process the wire transfer.

The correspondent bank in Australia receives the money from your overseas bank and in turn wires the amount (after deducting their charges) to CWB (in your case).

CWB then processes this payment and simply transfers the net amount into your account.

The transferor is provided with all the details of the charges. Hope that helps

IndieG

I think your bank overseas has 2 correspondent banks in Australia - ANZ and Barclays. They have obviously negotiated a better rate with Barclays, so next time you send money, insist on routing it via Barclays. Your overseas bank/transferor should have informed you of all the charges.

These are not CWB's charges but what the correspondent banks (ANZ & Barclays) have charged you for processing the payment in Australia.

Edit to add: Call centre staff and even staff at branches haven't the faintest clue how international payments work...so no wonder you couldn't get any answer out of them.

No - the issue is with your bank overseas, They should have explained the correspondent bank's charges to you.

PominOz1

By law, fees deducted should appear on your statement, not simply deducted without notification in the hope you don't notice.

FOS taking it to next stage.

PominOz1

Schedule 2—The Australian Consumer Law

note under this law, it refers specifically to bank services (see clause 2 - Definitions):

services includes:

(v) a contract between a banker and a customer of the banker entered into in the course of the carrying on by the banker of the business of banking; or

This law applies to banking services, under the following clauses:

Part 2‑1—18 Misleading or deceptive conduct

(1) A person must not, in trade or commerce, engage in conduct that is misleading or deceptive or is likely to mislead or deceive.


Part 3‑1— Division 1— 29 False or misleading representations about goods or services

(1) A person must not, in trade or commerce, in connection with the supply or possible supply of goods or services or in connection with the promotion by any means of the supply or use of goods or services:
(i) make a false or misleading representation with respect to the price of goods or services; or

34 Misleading conduct as to the nature etc. of services

A person must not, in trade or commerce, engage in conduct that is liable to mislead the public as to the nature, the characteristics, the suitability for their purpose or the quantity of any services.

IndieG

FWIW:

Just checked my own account with CWB - we transfer funds from our overseas account regularly. No charges have been deducted for any incoming deposits by CWB.

This might be useful for your case against CWB

Edit to add: Refer page 2 - according to this schedule, they charge upto $11 for an incoming transfer depending on their arrangement with the overseas bank.

https://www.commbank.com.au/content/...ms/ADB1784.pdf

They appear to have charged you much higher than their published tariff of charges.

PominOz1

There appears to be absolutely no consistency to it. Another poster also had fees deducted and not shown on his statement but was given a 'tax credit' for him to present to ATO.

I have achieved what I set out to - inform the people most affected.

Swerv-o

I just received a payment from overseas, and HSBC deducted a $10 handling fee for the incoming telegraphic transfer. However, it was clearly declared on the statement.


S