Name of company/service: Matrix Cellular services
I had taken a postpaid number from Matrix for usage in Switzerland and Austria. However I was advised that my number would be a UK number because of some telecom regulations and that I would be charged in Britain Pounds. I agreed to it and then bought the sim card. What I noticed in the bill is the exchange rate that is calculated for GBP is 91.59 to which I absolutely don’t agree. I have been following the forex market very closely and have checked with various banks too. All the banks were quoting approx 87.50 to 88 pounds as the rate of exchange on 29th June’2012 (the date the bill was generated).
Request a clarification on what basis is the ROE calculated. Matrix has reverted saying that they use the cash selling rates of Standard Chartered bank. I did an analysis and found out that Standard Chartered bank sells forex cash at a very high rate compared to other big private players. Also, at the time of selling the sim card, this was not mentioned to me. I screened the rates of atleast 5 banks and all of them were quoting a cash selling rate of 88 to 88.90 rupees for 1 GBP. I just don’t believe Matrix is a cheaper option and the services are just not good.
Matrix has already charged me on my credit card for the usage however I wish to pursue a complaint against billing customers for usage abroad on forex cash selling rates which are the way expensive than what other global banks sell at.
Hope to get a resolution on the same.