Now here is an account from a reader of Mr Tan Kin Lian’s website. Having put his money into a New Zealand currency deposit, he did not get the sum he thought he would get:
Dear Mr. Tan,
I had a foreign currency account in NZ dollars with X Bank. On 16/04/10, I went to the X Bank to withdraw the foreign currency time deposit account. I was attended to by a Relationship Manager Ms Y. I had specifically asked her to quote how much would I get back in Sing dollars should I wish to withdraw the foreign currency account. She did some calculations and said the amount was $31,326.07. She did not at any time informed me that the amount she quoted was in NZ dollars. I assumed that the amount quoted was in Sing dollars. I did a quick mental calculation and I would gain $1,326.07 over my original investment of S$30,000. I then agreed to the withdrawal.
I was then asked to sign a foreign currency withdrawal form. Upon signing, I noticed that amount of $31,326.07 was not written on the form. She said the amount quoted was only an indicative price and therefore cannot be written down. I trusted her and X Bank wholeheartedly. That was my biggest mistake.
True enough, I was shocked to receive only $30,257.85 when I went back to X Bank to collect the cashier order on 22/04/10. I approached Ms Y for the shortfall of $1,068.22. She said that the amount she quoted on 16/04/10 was in NZ dollars and after conversion to Sing dollars, would be $30,257.85. I remembered vividly that she did not at any time on 16/04/10 informed me that the amount quoted was in NZ dollars. She insisted that she did. It was her words against my words. She then showed me a document with the word NZD written in blue beside the amount of $31,326.07. I told her that the word NZD was not written in my presence on 16/04/10. If it was written in my presence, I would have realised that the amount she quoted to me was in NZ dollars. My natural instinct would ask what would that amount be in Sing dollars.
[Read the rest of this Article @ Mr Tan Kin Lian’s site >>]
Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.
Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.
Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend.
You can view Kyith's current portfolio here, which uses his Free Google Stock Portfolio Tracker.
His investment broker of choice is Interactive Brokers, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.
You can read more about Kyith here.
- How to Buy Singapore 6-Month Treasury Bills (T-Bills) or 1-Year SGS Bonds - August 13, 2022
- Why a 60/40 Balanced Portfolio Is So Defensive - August 10, 2022
- S&P 500 versus the MSCI All Country World Index and the Dimensional All Country World Research Index. - August 7, 2022