Citibank and the story of "preferential rates"

Well,

One more insightful story and review of how Citibank India (esp NRI Services division) works - rather crawls.

The adventure of Citibank transfer into NRE account has started about a month back and on both occasions the trials have gone horribly wrong. Not sure others are also in the same boat though....(your comments are welcome).

I transferred money into my account few days back only find no action was taken for 3 days and I had to remind them of the transfer. Then they credited the amount and sent a mail stating the my account will be credited with "preferential rates" within 3-4 working days. Well, waited for another 3-4 days and another followup. This time around a lady proclaimed its already a preferential rate which has been credited already and there is no more preferential rates.

Worst is there is no way of knowing what are the rates that they are going to effect your transfer with. For security reason they cant publish it on the Internet -- I was told !

The point here is Citibank officials visit corporates (Infy, Wipro, Satyam alike) and proclaim that they offer so called preferential rates and the actual matter of the fact is that their "preferential rates" are way below markets rates for that day.

Just wondering how many are in the boat ?!

For reading similar story go here: http://www.mouthshut.com/review/Citibank-121822-1.html