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KSA money transfer failures and reduced refund

KSA money transfer failures and reduced refund

Old Mar 10th 2013, 11:42 am
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Default KSA money transfer failures and reduced refund

Two fellow workers from two different countries went to transfer money back home, UK and Oz. 11/12 days later nothing has transferred and one walked in today and was given a refund minus about 500sar which was explained as "exchange rate difference between then and now" and he's fuming. The secnd has yet to go in

The first worker checked the initial transfer details were indeed correct and then filled in a complaints form and got it signed by their staff, but does anyone know what went on here?

Both workers are going to go in together next and state that two failures of transfer by two workers with different nationalities visiting on the same counter visit day is highly unusual and surely cannot be their fault so shouldn't they get their original KSA sar figure deposit back??

I know the usual answer is to "write it off to experience" but this is banking, which is legislated, no?
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Old Mar 10th 2013, 12:10 pm
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Default Re: KSA money transfer failures and reduced refund

If it is an error by the bank, then the customer should not lose out.
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Old Mar 10th 2013, 12:13 pm
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Default Re: KSA money transfer failures and reduced refund

Thanks for the reply, I forgot to mention they are on Business Work Visa, not Iqama, so don't have a bank account with the Saudi bank in question. Does this affect things?
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Old Mar 10th 2013, 12:17 pm
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Default Re: KSA money transfer failures and reduced refund

I know little about Saudi, but any bank that makes an error and expects the customer to suffer a loss is in the wrong. How easy it is to get their money back will depend on which bank it is. Do you know? Basically, a non-Saudi bank will probably be easier to deal with.
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Old Mar 10th 2013, 12:22 pm
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Default Re: KSA money transfer failures and reduced refund

I'm going to ask the first guy to complain for his paperwork and check it out, correct numbers and all, just in case he's made an error himself and not seen it. If it all looks correct am I okay to PM you the details later? (to avoid slating a bank publicly online) I've already advised him not to go complainng any higher till basic investigation (and double checking) is done.
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Old Mar 10th 2013, 12:29 pm
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Default Re: KSA money transfer failures and reduced refund

Happy to help if I can, but I don't really have connections with Saudi banks. PM me though and I'll give guidance.
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Old Mar 10th 2013, 2:39 pm
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Default Re: KSA money transfer failures and reduced refund

Originally Posted by Beakersful
they are on Business Work Visa, not Iqama, so don't have a bank account with the Saudi bank in question. Does this affect things?
Yes, it does. They therefore used NOT a bank but rather one of MTO like Western Union, MoneyGram, or TeleMoney. Those have different regulations than banks.
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Old Mar 10th 2013, 3:37 pm
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Default Re: KSA money transfer failures and reduced refund

Originally Posted by northbadawi
Yes, it does. They therefore used NOT a bank but rather one of MTO like Western Union, MoneyGram, or TeleMoney. Those have different regulations than banks.
That.....is going to be unfortunate. I've just found out it was 597sar(ish) that was sucked up by this error. My coworkers don't exactly earn a lot and this is quite a bit to lose. I'm not sure how the exchange rate could have resulted in that much out of a 5100sar transfer. Did the Euro really crash 8.5% against the KSA sar in less than 2 weeks?
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Old Mar 10th 2013, 4:20 pm
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Default Re: KSA money transfer failures and reduced refund

Originally Posted by Beakersful
Did the Euro really crash 8.5% against the KSA sar in less than 2 weeks?
have a look on oanda or another currency website and enter retro dates
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Old Mar 10th 2013, 4:28 pm
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Default Re: KSA money transfer failures and reduced refund

Originally Posted by northbadawi
Yes, it does. They therefore used NOT a bank but rather one of MTO like Western Union, MoneyGram, or TeleMoney. Those have different regulations than banks.
not necessarily. some of the banks in KSA have their own money exchange/transfer subsidiaries which are regulated in exactly the same way as the proper branches. also they do transfers immediately. i remember completing a transfer to the UK and the money was in my account in less than 2 hours.

one example;
http://www.tahweelalrajhi.com.sa/en/

Last edited by norsk; Mar 10th 2013 at 4:33 pm.
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Old Mar 10th 2013, 7:22 pm
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Default Re: KSA money transfer failures and reduced refund

Originally Posted by saudiflares
have a look on oanda or another currency website and enter retro dates
The difference in the dates provided by my coworker using that site are minimal. That 597sar that got eaten up is ludicrous. This will have to go further.
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Old Mar 11th 2013, 9:43 am
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Default Re: KSA money transfer failures and reduced refund

The error has appeared. It seems the teller didn't stick the sort code in the computer system, the transfer bounced back asking for it.

Coworker number one went in flustered, asked for his money back. They gave him his money, but the large cost of doing so needs investigating perhaps, or written up to experience.

Coworker number two went in calmly and questioned. Until on examination they discovered the form he'd handed in (with his correct details on) and the form that went through electronically (omitting the number) were different. The bank admitted their mistake and resent the money correctly (no extra charges)

The adage that here in KSA you must never argue, lose your temper, but instead question, question, question is in force here.
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