Forex Services - Foreign currency related
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If your account has been debited but the transaction has not been completed, you should immediately inform the money exchange portal. Your bank should make the reversal immediately.
If you’ve not received forex or have received what seems to be fake currency; tampered bills; or the wrong currency, you should alert your bank immediately.
Do not accept currency from an unauthorised dealer.
If you cancel the transaction, applicable differential loss arising due to fluctuations of exchange rates, a fee will be deducted from the amount refunded. However, if there is a profit, it will not be passed.
Submit and follow-up with your complaint via Resolver.You should know
If you face an issue with the Foreign Exchange Service Provider, You may:
- Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Specify all the essential details and documents to support your complaint.
- If the Bank is unable to resolve the issue you may contact the Grievance Redressal Officer of the concerned Bank. Thereafter you may approach the Principal Nodal officer.
- Thereafter, take the complaint to the Internal banking ombudsman.
- If still not satisfied, escalate the matter to the External Banking Ombudsman, appointed by the RBI.
- If the issue still persists, you may lodge the complaint with RBI online by accessing the website of the Reserve Bank, under the link ‘For Common Person’ on the Home page.
- The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
- Further, you may also take a long route by taking the bank to the Consumer Court.
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