Complaint / review text:
For India Remittance DBS claims that they apply only a charge of $5 and there is no other charges applied for the remittance. Today morning I saw the exchange rate for 1SGD = 46.50 INR on (www.xe.com) so I transferred some amount back in India.
After doing the transaction within a few seconds the money got transferred, I could see some extra money being deducted from my DBS account. So I called up the Customer care which told me that the exchange rate applied is 1 SGD = 46.08 INR. When inquired further she told me that you should have seen the exchange rate before transferring. I told her that DBS never shows up the exact exchange rates and the exchange rates shown are always approximate.
Inquired further the customer care representative told me that the bank exchange rates are different than the global exchange rates shown on (www.xe.com).
There is a huge difference between 46.50 and 4.08, isn't it fooling customers by claiming that they don't apply any charges for exchange and only applying the $5 exchange rate fees, when they can claim to have their own exchange rates which are different than the global exchange rates.