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Banking Requirements Verification etc

Banking Requirements Verification etc

Old Jun 15th 2019, 7:50 am
  #16  
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Default Re: Banking Requirements Verification etc

Originally Posted by Pulaski View Post
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.
The problem is that you have no way of knowing how much will be received in the Philippines
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Old Jun 15th 2019, 12:59 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Gazza-d View Post
The problem is that you have no way of knowing how much will be received in the Philippines
That is correct, though it would be unusual to have more than two fees deducted. It is, of course, annoying to not know how much you will receive if you are sending money to yourself, but much more problematic if you are sending money to buy something or settle a debt.
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Old Jun 15th 2019, 11:02 pm
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Default Re: Banking Requirements Verification etc

Maybe my BPI bank or my circumstances are different, but I had the occasion to send money to Switzerland from here and I was told the full cost prior to sending. I noted on the yards of printout I received (but didn't understand) that at some point the money was sent to an American bank (converted to USD) and converted to Swiss Francs. The money incidentally was for a friend and not funds squirrelled away for nefarious purposes.

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Old Jun 16th 2019, 9:02 am
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Default Re: Banking Requirements Verification etc

Hi,thanks for all the advice,my bank in the UK has told me i need the person i sent the money to.to go into her BDO Bank and cancel the Transaction as i now have a Reference number from the Citi Bank in America,and they should refund my money,thanks Frank.
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Old Jun 16th 2019, 5:35 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Philosophical 11 View Post
Maybe my BPI bank or my circumstances are different, but I had the occasion to send money to Switzerland from here and I was told the full cost prior to sending. I noted on the yards of printout I received (but didn't understand) that at some point the money was sent to an American bank (converted to USD) and converted to Swiss Francs. The money incidentally was for a friend and not funds squirrelled away for nefarious purposes.

Regards
When I sent money from my HSBC account I was told and charged the HSBC fee but no mention of the $25 that Chase took.
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Old Jun 27th 2019, 8:46 am
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Default Re: Banking Requirements Verification etc

Hi,ive still not had my money returned to me by the BDO,its been over 1 month now they dont even reply to my emails,any suggestions what else i can do,thanks Frank.
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Old Jun 27th 2019, 4:42 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Frank2 View Post
Hi,ive still not had my money returned to me by the BDO,its been over 1 month now they dont even reply to my emails,any suggestions what else i can do,thanks Frank.
You need to pressure your UK bank.
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Old Jun 29th 2019, 7:23 am
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Default Re: Banking Requirements Verification etc

Hi Gazza,my bank have been in touch with the BDO many times but they have never replied to them once,the person i sent the money to has also been into her bank and told them the transaction was cancelled over 4 weeks ago,but they still wont refund my money,thanks for your advice.
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Old Jul 26th 2019, 12:23 pm
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Default Re: Banking Requirements Verification etc

Apart from BPI is there any other reliable way of sending money to the Philippines.

I have just transferred £276 to my BPI account in London from my other UK bank that all funds going into BPI London come from. I have now received a demand requiring me to confirm fund origin to comply with money laundering regs, in original copies, signed, stamped etc. I am now looking to close BPI accounts and find some other way to transfer funds.

Any ideas??
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Old Jul 26th 2019, 4:22 pm
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Default Re: Banking Requirements Verification etc

Originally Posted by Stokkevn View Post
Apart from BPI is there any other reliable way of sending money to the Philippines.

I have just transferred £276 to my BPI account in London from my other UK bank that all funds going into BPI London come from. I have now received a demand requiring me to confirm fund origin to comply with money laundering regs, in original copies, signed, stamped etc. I am now looking to close BPI accounts and find some other way to transfer funds.

Any ideas??
Just use World Remit or similar.
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Old Jul 26th 2019, 9:45 pm
  #26  
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Default Re: Banking Requirements Verification etc

Try Transferwise. Speedy, top drawer exchange rates and cheap
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