Reply With QuoteI would demand that the commonwealth bank extend the size for account names on their website AND refund the $92 as it was their fault this happened
Chinese banks will rip you off.
Sent some money to a company in china.
The account name was something like :-
"Friendly electronics investments LTD "
Of course Netbank with the commonwealth doesnt give you enough room to put all that in so I truncated it to:
"Friendly electronics Inv Ltd"
Guess what?
They refuse to deposit the money in the chinese account cause the name is wrong...
So the ONLY way to go is to have the money sent back to my account.
The chinese bank took $500 out as a bank fee for the priveledge.
And we thought Australian banks were rip-offs?
The Commonwealth bank were very restrained, they only took a further $92
Don't get caught like I did kiddies......
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I would demand that the commonwealth bank extend the size for account names on their website AND refund the $92 as it was their fault this happened
The plot thickens as the day progresses...
I paid in when the dollar was 91c/US and they are creditting back at 87c/US
unbelievable.....another $400 down the drain....
now thats an expensive transaction
fark , thats bullshit. And I think Moof has a point thats worth bringing up with them , or with the Banking Ombudsman.
The aussie bank fees are just a dribble in the whole picture,
albeit unreasonable.
It's the friggin' chinese rip offs that bother me.
It would have been cheaper to just go into a bank and do a T/T
Ouch, that hurts.
My Mrs (mrs paranoid) always insists that any company she deals with o/s must have paypal, otherwise she finds another.
Sounds like you got done hard.
Not a nice thing to happen to anyone.
Have you spoken to your bank yet?
Something tells me your not going to get far though but worth a shot.
Originally Posted by ballbelter
The result would be the same, as all they do is enter it online while you wait.
Ah but then its their stuff up not yours you see, as you would had given them the correct details.??
Tagg
was it a big transaction mate?
seems bloody ridiculous, doesn't it?
I'd be referring to Ombudsman and taking it up further with CBA.
Mick
Unless you have rellos or a good mate in China, I think you can write that loss off.
Western Union is reliable for money transfer especially to Asian countries.
For larger sums, bank to bank, it is advisable to use a SWIFT transfer.
wouldnt it of been easier to just go into the bank and do it through them, if it went wrong they wear the costs.
If it makes you feel a little better the accounts department of a firm here in Australia paid US $30 million into a bank account. Problems was they paid it in to an American bank via some sort of transfer. The amount and account number was correct it was just paid to the American bank rather than their Australian entity.
Given time differences and the weekend a phone call is received from the American bank asking why have you sent us this money? It was then established the money should have been paid to the Australian entity of that bank.
The US bank held the money pending advice where to send or return it to. After that was sorted out and validated about one week had gone past. The company who was owed the money was paid. Problem was the during that time the Australian dollar had fallen in value against the US dollar. End result the US $30 million came back $400k lighter due to the error by the accounts department paying it to the wrong bank.
When I was a kid robbers use to wear masks ...they now wear suits !
You can make some money back as I heard in the radio this morning that the aussie dollar is now over 93c
They paid me back at 87 cents when the dollar was 91......
They took 2 cents to convert from aussie to US, then 2c from US to chinese, then 2 cents to go from Chinese back to Aus $.
That's apparently where all the "fees" went.
@Mick...it was $15kUS
@nomeat...it was a swift code transfer.
I've had the same thing happen to me when buying in carpc's due to the CBA company name box being too small to take long Chinese company names.
I was lucky & didn't cop any fees for the refund - Just the $22 TT fee
Yep...the first time I sent them money, exactly the same name was in the Netbank address book mate, they changed the rules, not me....
This time this is what happened.
Don't let them do this to you, cause most likely we both know who we're talking about...
Why was it first converted to US ?
2-3% off the exchange rate per transaction is normal.
It was like that when I moved back to AUS from Europe too.
I opened a foreign exchange account solely to transfer my life savings which reduced the transfer loss to 0.6%
I was not aware that the SWIFT transfers that I am talking about can be done with simple Netbanking.
The SWIFT code itself is just an identifier.
My transactions were done in paper form and either sent with FAX or submitted at the bank and there was plenty of space to fill in the recipient with full address, which was a requirement.
I haven't transferred money for several years, so things might have changed.
My wife uses Western Union to help out the rellos, never had a problem.
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