Oct 27, 2018, 12:42 am
Last edit by: T8191
This thread relates to SPG Law's proposed Group Proceedings against British Airways, in respect of the Data Protection Act 2018 (which incorporates the GDPR).
There is a separate thread that relates to the actual data breaches and their implications for customers, which is to be found here: BA Investigating Theft of Personal and Financial Data
The one law firm that currently seems to be persuing a Class Action against BA is SPG. They have a specific site set up at https://www.badatabreach.com/ - please make sure you check all the FAQs and terms and conditions and make sure the Class Action is right for you before you sign up.
* SPG is now PGMBM.
* Payments are being made through Shieldpay, who are seeming to be both lethargic and/or inept.
There is a separate thread that relates to the actual data breaches and their implications for customers, which is to be found here: BA Investigating Theft of Personal and Financial Data
The one law firm that currently seems to be persuing a Class Action against BA is SPG. They have a specific site set up at https://www.badatabreach.com/ - please make sure you check all the FAQs and terms and conditions and make sure the Class Action is right for you before you sign up.
* SPG is now PGMBM.
* Payments are being made through Shieldpay, who are seeming to be both lethargic and/or inept.
BA data theft: should I join the class action suit?
Aug 19, 2021, 5:31 pm
#721
Join Date: Sep 2010
Location: UK oop north
Programs: BMI Diamond Club RIP,BAEC Silver
Posts: 1,692
Aug 20, 2021, 12:43 am
#724
FlyerTalk Evangelist
Join Date: May 2000
Location: Little dot in Asia
Programs: AA-EP, TK-*G, HL-DM, HY-GLO, MR-LTP
Posts: 25,932
Ive now written to Shieldpay to ask if I can change my account details as the link they originally sent no longer works. They’ve replied with the original letter and link and told me to resubmit the new bank details.
I originally sent them my Singapore HSBC account which does not charge a fee for incoming remittances, but the Ł to S$ is usually quite bad.
Thank you, MatthewRob!
Last edited by Guy Betsy; Aug 20, 2021 at 12:16 pm
Aug 20, 2021, 10:23 am
#725
Join Date: Feb 2002
Location: New York City, Northern NJ
Programs: AS, AA, Hilton, Hyatt
Posts: 1,041
Aug 20, 2021, 11:33 pm
#726
Join Date: Oct 2013
Location: Dubai
Programs: BAEC Gold
Posts: 396
I also bank with JP Morgan Chase and have my business bank accounts with Wells Fargo. The two banks offer roughly the same when it comes to FX but seeing as you quoted Chase, I'll use them in my live example below for a $10,000 transfer to GBP.
Below are three screenshots taken contemporaneously. They show the following:
Chase and other high street banks do not offer the mid market rate.
They may waive their fees but they make up for it many times by applying costly exchange rates.
Wise.com and other similar financial institutions offer an exchange rate very close to the mid market rate and then charge a fee.
Using Wise would save Ł155 in the above example compared to Chase.
I transfer 5 and sometimes 6 figure sums between the UK and the USA on a monthly basis and it would cost me a small fortune if I used Chase or Wells Fargo instead of Wise. If you're simply transferring a few hundred pounds you may not notice a significant difference but I can assure you Chase is not offering you anything like mid market current rates as you suggest above.
I hope that this helps explain what I have been trying to point out to you today.
Below are three screenshots taken contemporaneously. They show the following:
- The mid market rate from XE.com generated Ł7,335.24 from $10,000 at a rate of 1.3628.
- A transfer using Chase generated Ł7,136.00 from $10,000 at a rate of 1.4013. Chase doesn't charge a wire fee for larger transfers because it makes its money on the exchange rate so it can afford to look generous and bundle the $15 or $25 fee.
- The same transfer using Wise.com generated Ł7,291.34 at a rate of 1.3634 with a cost of $59.34 in fees. This is an effective rate of 1.3715 including fees.
Chase and other high street banks do not offer the mid market rate.
They may waive their fees but they make up for it many times by applying costly exchange rates.
Wise.com and other similar financial institutions offer an exchange rate very close to the mid market rate and then charge a fee.
Using Wise would save Ł155 in the above example compared to Chase.
I transfer 5 and sometimes 6 figure sums between the UK and the USA on a monthly basis and it would cost me a small fortune if I used Chase or Wells Fargo instead of Wise. If you're simply transferring a few hundred pounds you may not notice a significant difference but I can assure you Chase is not offering you anything like mid market current rates as you suggest above.
I hope that this helps explain what I have been trying to point out to you today.
Aug 21, 2021, 4:00 am
#727
Join Date: Jun 2006
Posts: 533
check out Revolut. Confident they will have better rates than wise, I use them every month. I’m the example above you’ll get about Ł60-Ł70 more with Revolut but you need a premium account to get the better rates, which is about Ł70 a year, but sending 6 figure sums monthly, you’ll be far better off using Revolut.
Aug 23, 2021, 12:05 pm
#729
Join Date: Oct 2013
Programs: BA Gold, VS Gold, IHG Platinum, Hilton Gold, Hertz Presidents Circle.
Posts: 1,448
Is it just me that still hasn't got the 'give us your details so we can pay you' email........?
It's going to a charity one way or another but not if I never get it.
It's going to a charity one way or another but not if I never get it.
Aug 23, 2021, 12:59 pm
#731
Join Date: Feb 2003
Location: NCL
Programs: UA 1MM/*G. DL Gold for one more year.
Posts: 5,305
Aug 23, 2021, 2:28 pm
#734
Join Date: Jan 2010
Location: UK
Programs: BAEC Silver
Posts: 755
no not just you. My wife nor I have had the notification. I called them around 12 days ago and was promised they’d get back to me within the day. I have emailed since then, but still nothing!
Aug 23, 2021, 3:03 pm
#735
Join Date: Dec 2012
Location: YVR, HNL
Programs: AS 75k, UA peon, BA Bronze, AC E50k, Marriott Plat, HH Diamond, Fairmont Plat (RIP)
Posts: 7,832
Nor have I or Mr. Fink. The last email was July 5 saying BA have settled and we would be hearing from them soon. I have emailed three times since with no response. Pretty pissed off at the whole thing.