09 Mar 2015

A question about : transferring money abroad

I urge anybody contemplating transferring large sums abroad to stick to the safety of the big banks . I have been attempting to transfer a large sum to S korea to help my son with a house purchase. I sent the first tranche via Travelex/UKForex but this appears to have been lost somewhere between Bank of America and Woori bank in korea. 3 weeks after doing the deal I am no nearer getting the money delivered or reimbursed. In contrast the same sum sent via Natwest intntl transfers arrived in 2 business days and the difference in exchange rate was minimal..!!title=EEK!

Best answers:

  • Sorry that you seem to have lost out like this...
    Personally I have made considerable use of 'Custom House' (www.xe.com) and the money always arrived within a week or so, and the exchange rates were very much better than those offered by banks.
  • UPDATE
    The money was eventually paid into my son's account today nearly 4 weeks since the start. After 6 requests we obtained the MT103 ( the electronic record of the transaction) which showed the money was stuck in the bank of America in Seoul. Thanks to my sons and Woori banks effort the money was eventually transferred to his account.
    No explanation or apology has been recieved . In my opinion Travelex /ukforex have been at best lackadaisical about chasing this money and the behaviour of the Bank of America lives upto its abominable reputation !!!
    To return to my original point, saving Ј100 by using the likes of Travelex /ukforex, when you are transferring tens of thousands is just not worth the risk ; I must have spent that amount in phone bills and shoe leather never mind the stress !!!!