I really need some help. I am a single-mom who just declined a work opportunity in Mid East (lady driver) because a a friend in UK has just offered to loan me money to use to start a business here in the Philippines. My friend said, I'd be better work here to stay with my kids than go to another country because she worry for my children's welfare. In order for her to send the money she sent me a blank form telling me to bring it to my bank and ask them exact data to enter so the money wont go somwhere. But the lady in the bank told me she don't exactly know what to enter bec the remitter's bank must already know it. Isn't that odd?? she don't know her banks info?? I went to two other banks to do my own research until I finally understand what datas to enter in the form.
The money has been wired 12th of April and it is already the 25th. I have the Transaction Reference No. The Confirmation No. by the commercial bank which is called an intermediary bank. They have my money. it was clear because it has left the bank in UK. But until now they cannot tell me when I can get that or who has it. 2 weeks has passed, my landlord is sending me out now from my apartment due to many frozen days I had clearing this out I cannot work nor think as efficient as I can be because my mind drifts. I have complained a number of times, nobody can give me assurance or at least clarity with this matter. Please tell me what to do.

Remitting Bank - HSBC UK
Intermediary Bank - Wachovia New York
Beneficiary Bank - RCBC Savings Bank Philippines

None of which can tell me where the money is now.

curious_moth

Follow up :

HSBC UK is asking a contact person to whom they can speak with directly. Wachovia Bank NY answer via e-mail thru customer service representative. No clear answer. RCBC Savings Bank can't give any officer's name or contact informations. How can this be???

ScottGem

I don't know how this can be. Basically, you have an account at RCBC. The remitter gives that account number and the name of the bank to HSBC UK and tells them to transfer the money to the account at RCBC. Its a simple transactions that is done hundreds of times daily.

I would go into the bank manager at RCBC and tell them to get off the stick and credit your account. Or explain why and EXACTLY what has to be done. If they can't help then ask toi speak to a supervisor and up the line.

Fr_Chuck

Not sure wire transfers normally go though in a matter of minutes.

Have you talked to your friend who sent the moneyto talk to the bank there and see what can be done ?

curious_moth

Yes I did Fr_Chuck. At first my friend asked me what are the contact details of the concerned personalities in RCBC so HSBC UK can contact them directly. I just came from RCBC today and they do not know exactly where and to whom must HSBC be directed. So I just told my friend to go to her bank and ask them to retrieve the wired cash or trace it down. But unfortunately she's on travel so it might took her weeks to go to her bank and ask to do that.

curious_moth

That's what I just did today ScottGem. But their answer was that they cannot trace the wire from this far end. So the only thing that can be done is that my friend must go to HSBC UK and demand for retrieval or trace down. But she's not in UK right now. I believe this thing would resolve. The problem is that there has been a lot of damaged occured. If banks has been doing business accordingly then people who is undergoing serious trouble and the money which would have saved them arrived in time, then many would have relieved.
Now, it became worst...the money would come in anyway soon but the damaged has been done...sad isn't it?

ScottGem

The problem now is finding out where the error occured. RCBC is correct that the remitter has to institute the trace.

curious_moth

Thank you, we will be doing that now. Thanks again.