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Banking Requirements Verification etc

Banking Requirements Verification etc

Old Mar 7th 2019, 1:35 am
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Default 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.
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Old Mar 7th 2019, 5:39 am
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Default Re: Banking Requirements Verification etc

Originally Posted by Stokkevn View Post
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.
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..
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Old Mar 7th 2019, 6:58 am
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Default Re: Banking Requirements Verification etc

Originally Posted by mikemike View Post
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..
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.
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Old Mar 7th 2019, 8:09 am
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Default 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.

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Old Mar 7th 2019, 12:44 pm
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Default Re: Banking Requirements Verification etc

I have been sending large amounts to our BDO bank account (over 30K in most cases) and have never been asked any questions. I use XE currency which offers a good rate and does not charge for sending the funds. When registering for their services I had to supply a UK utility bill showing a current UK address.Money sent must be from our UK bank account to our Philippines bank account. Transferring funds to a third party account is not allowed.
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Old Jun 12th 2019, 11:45 am
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Default 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.
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Old Jun 13th 2019, 1:11 am
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Default 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?

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Old Jun 13th 2019, 7:47 am
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Default 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.
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Old Jun 13th 2019, 8:36 am
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Default Re: Banking Requirements Verification etc

Originally Posted by Frank2 View Post
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.
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.
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Old Jun 13th 2019, 8:42 am
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Default Re: Banking Requirements Verification etc

Hi Frank,


I find it unusual for the BDO bank to ask for a receipt. I have never been asked for any receipt and have sent funds many times. I normally use XE currency for sending money, but have on occasions used my UK bank ( too expensive and poor exchange rate).I bank with BDO.
All my transactions have been carried out online as I live in the Philippines and cannot easily go back to the UK to facilitate sending funds.
Why don’t you print out your bank statement with the transaction,it will be evident when, how much, and the end recipient this, should suffice.
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Old Jun 13th 2019, 8:55 am
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Default Re: Banking Requirements Verification etc

Frank,

I should point out that XE currency will only send funds to an account that is in the senders name. They will not transfer funds to a third party account. Obviously this is to comply with money laundering regulations.
A UK bank account in your name will send money to a third party, provided that the recipient has a bank account in whatever country you choose to sent it. Surely you have a BDO account?
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Old Jun 14th 2019, 7:00 am
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Default 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.
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Old Jun 14th 2019, 6:28 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Frank2 View Post
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.
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
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Old Jun 14th 2019, 7:25 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Frank2 View Post
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.
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.
Originally Posted by Gazza-d View Post
When I sent some money from HSBC it went via Chase who also took a cut, ,,,,
Yup, totally normal, with intermediary banks typically taking a $25 or $35 fee as the wire transfer passes through.

Last edited by Pulaski; Jun 14th 2019 at 8:47 pm.
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Old Jun 14th 2019, 8:36 pm
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Default Re: Banking Requirements Verification etc

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