Bank Wire Experience

Week 14.1 Bank Wire Experience

Last year, I did a bank wire in Maybank, I give them all the info and filled up the bank wire form. Later, after I was done within 2 hours, I receive a call from the bank. Thank God. The officer found some mistake and ask me to double confirm the account number as the account number I wrote is different from the TT details in the printed email form I gave them. Apparently, I wrote the wrong account number. I went back to the bank to do the TT again, it cost me extra RM200+ bucks as the forex has changed. Thank for the officer. Things will be much more complicated if the bank wire was already done. It’s my mistake, I am happy to pay for it and glad that they found it earlier. Next time, write your TT form clearly and triple check it.

Thus, go for banks which have a procedure to double confirm the bank wire details.

This one was CIMB, I filled up the form according to the printed email I received and give the printed email to the staff. Then I contacted my supplier, he told me they didn’t received the fund. So, I scanned the TT form to them, he told me there is no routing information included in the form. So, I went back to the bank and ask them, they told me to wait. At first, they told me the fund was successfully transferred and there is additional charge to check for the status of the bank wire (TT). I told them my supplier said they didn’t receive anything, then on the next day, after they done the checking they told me the fund was wrongly routed. At least they should have told me that mah! I got to get my supplier to check it out. I went there a few times to double confirm. Later, in a week and supplier received the fund and the goods were sent. Apparently, in CIMB bank wire form, there is no place for anyone to put in the routing info for Bank wire transaction. I was charged additional RM20 for the bank wire and a loss of USD15/- for rerouting of the fund. The supplier later charged additional USD15 into my credit card. I believe it not my fault. I should have asked CIMB to bear the charge.

No point calling them, some branches nobody will pick up the call. Just go there, bring all your evidence and get the officer in-charge to help you. Given the option, next time if your bank wire failed, ask them for a full refund and get the bank wire done at another bank or branch if the forex is not moving against you.

Recently, I got 2 bank wire stuck at CIMB. Need to resolve that urgently. Will consider going to another bank to do the bank wire on the next transaction. One of the bank wire transaction was done at another branch which I never go before, maybe I was unlucky to get an untrained staff. Apparently, when I check with CIMB, the problem was at USA receiving side, nothing to do with us. OK 1 payment solved received, another one still stuck but I have given the USA people my reference number, let see what happen in next week. Apparently, both also problem at USA side. Problem settled already. Let move on.

Sometime back, I went to Public Bank (not so busy branch) to do the bank wire a few times, up until recently the staff get too interested in what I’m buying and requested for the full disclosure of my costing.  Complete invoice (mana boleh) that my trade secret mah. I went to another branch, they didn’t ask for that info also.

So far, I have not experience any bank wire fault with other banks that I tried before. Standard Chartered, Public Bank.

Lesson learned

1.      Go for banks where there is a procedure to double confirm the bank wire details.

2.      Go for banks which you already done some of the bank wire and they know what to do exactly.

3.      Sometimes it is better to go for a busy branches, as they just 1 2 get over the deal quickly and have no time busy body asking what are you buying

4.      Sometimes it is better to go for different branches and spread out your bank wire transaction so that it is less suspicious the staff to see you as taukeh besar. Cash cow.! Even though they didn’t know the margin is super thin and you just make a living.

5.      If they ask for the invoice, just tell them you didn’t bring. If they said cannot then go for another branch unless you willing to disclose your costing to them.

6.      If there is a fault in the bank wire and the forex does not change much against you.No point calling them, go straight to the branch and sort it out. If possible, ask for the full refund and do the bank wire elsewhere. If not, most likely you have to bear the rerouting cost. I don’t know how viable is it?

7.      If the bank wire failed, the branch should give you a call. If not, it is not a good bank branch. In bank wire, the address, bank name, receiver name, account number must match for a successful transfer. Thus, there is little way that these things can go wrong. If any of them do not match then it will be returned and the sender will bear the forex exchange and routing charges.

8.      When you do the bank wire, all the information should be printed in the TT form. For maybank the full info is printed in the form, for standard chartered, they will post you a TT completion form to your home. I believe most bank does not do that.