Banking Requirements Verification etc
 

I remember a few on here have mentioned the constant requirement to fill out endless forms and prove where the funds originated from etc, especially when dealing with BPI Europe. I used to transfer lump sums to it about 3 times a year to BPI Europe from my other UK bank account and each time I ended up having to fill in forms and show where the funds originated from. Now I transfer up to a few times a week a sum less than £300 a time and different amounts. the amount I have transferred in the last 6 weeks is more than I used to do in a single transfer before but no request for funding proof or form filling. Seems like keeping it under a certain level does not attract the attention larger single amounts do.

Re: Banking Requirements Verification etc
 

Funny you should say this. I received yesterday my check list to comply with the BPI KYC for the UK. I filled it in and posted it back this morning. Shame they can not do this on line with an e signature it would make life so much easier,. As for transferring large sums in to your UK account, if you keep it under £10,000 for the month then you should not be called into explain yourself. I transferred £23,000 over 3 months and none of the payments were over £9000 so I was never placed on notice for an explanation..

Re: Banking Requirements Verification etc
 

Last time I had to explain myself was about 6 months ago when I transferred one £1,500, one £400 and one £1,000 over about a two week period.

Re: Banking Requirements Verification etc
 

I had a similar problem a month or so ago. I was transferring more than normal amounts from my UK bank to BPI Europe for use here and out of the blue came an e.mail from BPI Europe asking for proof of income and savings. They were at that point either holding onto transferred money or refusing to accept from my UK bank. Cannot remember which. I needed the money urgently as my wife was ill in hospital and medical expenses needed to be paid. Fortunately I fired back an e.mail with proof of earnings and a UK bank statement and all was well. Guess this palaver lasted about 8 - 10 hrs. Quick....although it did not seem so at the time.

Regards

Re: Banking Requirements Verification etc
 

Re: Banking Requirements Verification etc
 

Hi,has anyone had any problems with the BDO Bank from sending money to the Philippines from there bank in the UK.I sent money 3 weeks ago now the BDO are wanting a receipt from me my bank in the UK cant understand what there playing at,thanks Frank.

Re: Banking Requirements Verification etc
 

Frank2...

If I have understood you correctly, are you suggesting that the bank in the Phils has not received the money you sent from the UK?

Regards

Re: Banking Requirements Verification etc
 

Hi,yes they have received the money but they wont release it coz they keep asking me for a receipt,why i dont know this has gone on for 3 weeks now,thanks Frank.

Re: Banking Requirements Verification etc
 

Do you have a bank account with BDO here? If not I have heard that you have to produce some proof that you sent it for you to pick up. But have never heard of bank account to bank account requiring anything, I would go into your local BDO and if they still require a receipt then just march into the managers office, demand loudly the telephone number of his boss at head office and then use his phone to call them. Normally everything sorted out before you finish dialing.

Re: Banking Requirements Verification etc
 

Re: Banking Requirements Verification etc
 

Re: Banking Requirements Verification etc
 

Hi,no i dont have an account with the BDO,i sent it to my partners sister,my bank in th UK informed me yesterday that the BDO have now sent my money to the City Bank in the USA,i find this all very strange,thanks Frank.

Re: Banking Requirements Verification etc
 

When I sent some money from HSBC it went via Chase who also took a cut, sounds like the money has been sent back to the intermedatory then it will go on to your uk bank

Re: Banking Requirements Verification etc
 

You might find it "very strange" but that is how banks transfer money internationally - each bank only deals with other banks that it has an account with, exactly as they only provide services to people that have an account. The process is similar to long distance phone calls, everything has to be connected for you to be able to speak to someone at the other end, and the same is true for money to get transferred to the end account.

Therefore when money passes internationally it passes between several banks, typically with large US or European banks operating as the hub, transferring money between smaller banks around the world, so most international wires, especially those denominated in USD, are going to go through one of only a handful of US banks, notably Citibank, Bank of New York, JP Morgan, or Deutsche Bank. Ultimately if the funds cannot be "applied", which might happen for several reasons (with name or account number not recognized being probably the most common reasons), rather like a letter not being delivered by the Post Office and sent back, it gets "returned to sender". It sounds like your money might have not been applied and then stalled while passing back through Citibank in New York.
Yup, totally normal, with intermediary banks typically taking a $25 or $35 fee as the wire transfer passes through. :nod:

Re: Banking Requirements Verification etc
 

Hi,thanks for that,my bank told me yesterday its in the Citibank USA,thanks again Frank.