ICICI Foreign Exchange

Requesting consumer affairs to investigate/look into how banks handle inbound foreign transfers and how they manipulate rates from (prevailent rates on that day) and fleece customers and make profits. more  

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I booked a transaction on foreign website. The card issuer charged me exorbitantly. On writing to them I received reply as under.
The value of any transaction made in foreign currency on your credit card will be first converted to USD and then billed to your credit card account in Indian Rupees (INR). The exchange rates prevailing at the time of transaction would apply. This also applies to cancellations of transactions made in foreign currency. Further, the credit card account will be charged with 3.5 % of the transaction amount with Service Tax at 12.36% as foreign transaction charges. more  
I also receive some remittance from Canada every month through ICICI Bank. The Bank takes about 7 days to afford the credits to my account and I am sure they are manipulating the rates to their favour. It is not clear as to why they need 7 days to complete the transactions of a remittance received through e-transfer.

The RBI/Govt. should look into the issues to ensure that the Bank is not engaged in indulging in any manipulation/irregular practices. more  
Can anyone tell what is the correct procedure and what is actually happening ? more  
Govt. must put in place quick redressal system on consumer complaints. Consumer courts are hard to reach / access & take years to decide / awards. Consumer forums / help are fund starved & unable to be of much help. Can we start a petition to the Govt. as has been done in no. of other cases? Important - it is a very crucial issue. more  
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