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Our client made a payment from USA in USD to our USD bank account in Singapore, but fund was credited as SGD and converted to USD by which we have lost around 1140 USD in exchange rate loss. Swift copy and transfer copy shows as USD and our bank says they received in SGD, no bank is taking responsibility.
Kindly guide us how to recover this.
First you need to know what went wrong.
If the client didn't provide clear enough instructions to their bank, they need to take it up with their bank. Meanwhile, I would say they still owe you the amount unpaid... though you may want to eat that difference this time, if it's an important sale.
BUT: If you provided them with the instructions they provided to their bank, I'd say that's your fault and they shouldn't have to pay to fix it. Work with your own bank to find out how to prevent this from happening in the future.
My perception is that international funds transfer is a problem waiting to occur, since there are a lot of restrictions and opportunities to make mistakes. Verify EVERYTHING before sending the money. In fact, you may want to send a small amount first, to confirm that the right processing happens and correct any errors before committing a large amount.
