Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




SWIFT International Money Transfer Warning

Reply to topic
Money Talk > The Green Room

Author Thread
ThatManViv
New Member


Cash: $ 0.65

Posts: 3
Joined: 20 Aug 2010
Location: UK
SWIFT International Money Transfer Warning  Reply with quote  

.
.
In case anyone is tempted to use this service here's my story.

On July 29th I sent 1250 to an account overseas using a "Nationwide" B.S. (Banking Service ???). They told me it was a 48 hour service, but, three weeks later the money has not arrived in the account.

Quite frankly there are so many errors in the transfer form that a ten year old could have completed it better.

But, (and here is the warning part) in the small print it practically says that I, and I alone, am responsible for the transaction. They will accept no responsibility at all. And they do not refund the service fee no matter what happens.

They will not provide any documentary evidence to support their claims that the money transferred correctly. They deceived me by advising me that on two occasions I was speaking to a person within the SWiFT system when I was really speaking to some pion in a "Nationwide" office.

It just seems incredible that with all the Financial Services rules and regulations we have today that this behaviour is occurring.

So, if you need to send money abroad and PayPal is not available, I strongly suggest you do your best to avoid the SWIFT money transfer service.

viv
.
.
Post Fri Aug 20, 2010 4:28 am
 View user's profile Send private message
rburns
Member


Cash: $ 1.50

Posts: 21
Joined: 23 Aug 2010
Location: New York City
 Reply with quote  

I don't like telling you this Viv but SWIFT is bank to bank and you have nothing to do with the transaction at all, your SWIFT account manager handles
everything and if there is any hanky panky they go to jail.

You do realize that SWIFT is part of your checking account right?
If I were you, I'd speak with my account manager about it as this is quite
serious.
Post Mon Aug 23, 2010 4:42 pm
 View user's profile Send private message Send e-mail
ThatManViv
New Member


Cash: $ 0.65

Posts: 3
Joined: 20 Aug 2010
Location: UK
 Reply with quote  

quote:
Originally posted by rburns
I don't like telling you this Viv but SWIFT is bank to bank and you have nothing to do with the transaction at all, your SWIFT account manager handles
everything and if there is any hanky panky they go to jail.

You do realize that SWIFT is part of your checking account right?
If I were you, I'd speak with my account manager about it as this is quite
serious.

.
.
Thanks for your reply rburns.

I do know all that you have said there.
Believe me if I could speak to someone representing SWIFT
I would have done it by now.

As for an account manager I've spoken several times to both the lady who did the form filling and the branch manager and two people in the Nationwide international money transfer office and it is a total waste of time and energy. They just cant understand that without the right information being entered on the form there is little chance of it getting where the sender wants it to go.

I'm sending half a dozen recorded delivery letters to the directors tomorrow plus an article to two of my local newspapers.

No one is going to make a victim out of me without a huge protest and vengeful action.

viv
.
.
Post Mon Aug 23, 2010 6:05 pm
 View user's profile Send private message
coaster
Senior Advisor


Cash: $ 1626.30

Posts: 7990
Joined: 11 Oct 2005
Location: Wisconsin
 Reply with quote  

I'm not familiar with who regulates this bank in the UK, but there is most certainly some sort of regulatory agency responsible for oversight. THEY should be the parties to contact with your complaint.

~Tim~
Post Mon Aug 23, 2010 8:44 pm
 View user's profile Send private message
ThatManViv
New Member


Cash: $ 0.65

Posts: 3
Joined: 20 Aug 2010
Location: UK
 Reply with quote  

quote:
Originally posted by coaster
I'm not familiar with who regulates this bank in the UK, but there is most certainly some sort of regulatory agency responsible for oversight. THEY should be the parties to contact with your complaint.

.
.
In the UK the body with overall control over the financial industry is the Financial Ombudsman. Everyone has the right to ask them to mediate a settlement and I used them once when I had problems with an insurance company.

The problem with them is they are s l o w .

I am sending full details to them because I believe that conditions enclosed on the form being used are illegal, but I am hoping that by time they get around to reviewing the information that my money will either be back in my account or to be where it should be.

Directors of institutions don't like the peasants contacting them and my experience has taught me that if you stir up enough of 'em one of 'em will start breathing down the backs of the minion's necks and something gets done - promptly.

But I certainly catch ya drift coaster.


viv
.
.
Post Tue Aug 24, 2010 3:45 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016