Swift Payment from UK rejected

[magicroundabout]

Hi All,

Hope you can help.....My wife for the last couple of years has been sending swift payments on a regular basis to her family in Thailand. She sends them from her Nationwide account (online) to her Mums account with the Krungthai bank. We have never had any problems until last month - The Nationwide made an error and sent the wrong amount (We requested £800 to be sent as Thai baht but they only sent 800baht). Anyway they sorted out and sent the remaining amount a couple of days later and refunded the charge).

However, neither payment has made it her Mums account - Today the first payment (800baht) was returned to my wife A/C and the Nationwide advised it was rejected as the Full Name/Account Number and Address of Sender must be sent. I would have thought as this was online transaction it would automatically be sent - Anyone know? Or has there been any change of policy within Thailand with regards to Swift payments?

Many Thanks

[stoneyboy]

I've had no issue sending money via Barclays in the last month.

Maybe just a simple typo or something like that,get your wife to double check all the receivers details.

[magicroundabout]

Thanks Stoneyboy - The receivers details were all correct it was the Senders details they were after (i.e name, account number and address of sender)....As it was sent online presume they would be included automatically. All seems a bit strange!

[stoneyboy]

Yes that would be logical,I've never included any information other than that of the receivers.

Good luck in you search for an answer.

[meatboy]

if your sending online to the same regular acc.once you enter it the senders details should come up automatic.without having to enter,acc.no.receiving bck.

[Jip99]

Maybe ask KTB directly (good luck with that one) as Nationwide - apart from the cock-up - appear to be doing nothing different in the way they remit your instruction.

[Expattaff1308]

Nationwide use HSBC as their intermediate bank in Thailand the problem may have come from there, I used nationwide for 6 yrs until HSBC started adding additional charges.

Tried to send you a PM but for reasons unknown I couldnt.

Edited March 12, 2016 by Expattaff1308

[Lefty]

A big waste of money sending baht -your exchange rate will be very bad.Send Pounds .

Lefty

[Scouse Twoccer]

Do what the bank wants and you'll have no problem. No point in discussing the banks requirements or arguing with them if you want the money to get to the beneficiary.

[wooloomooloo]

Sending money from your bank is expensive, any bank, in fact, and I avoid like the plague.

[magicroundabout]

Thanks for the comments everyone

The Nationwide confirmed they do automatically send the details and therefore cant explain why the beneficiary bank refused the transaction (No doubt information as gone missing somewhere along the chain). Hopefully, I'll get the rest of the money back soon. I'll look into a new way of sending as agree it is a rather expensive way of sending (Thinking about Paypal)

Cheers

[jspill]

Paypal's worse. You could try Xendpay or Transferwise

[ballbreaker]

OP its better to send £800 because its a better exchange rate if done in Thailand.

Look into having MIL get Bangkok Bank account and send transfer to London branch of BB using MIL new BB account number.

[magicroundabout]

Hi,

Just after a bit more advice - The 2nd swift payment for £790 still has not been returned. The Nationwide have said they have requested a trace with the KTB 3 times but they haven't responded to any of the messages and therefore they cant do anything! Anyone, know if its common for banks not to respond to swift traces?

The Nationwide today have given me the transfer reference number so I'm hoping to try and chase it with the KTB bank direct (not really hopeful I'll get anywhere thou). Would it be best to try and do this with the local branch or with head office?

It all very frustrating given the money was sent correctly and its been a month!

Many Thanks

[uthaithanirules]

Sending money from your bank is expensive, any bank, in fact, and I avoid like the plague.

Yes, I was wondering this myself, Why are they all sending swift transfers?

Difference between the spot exchange rate and bank customer exchange rate (not the interbank exchange rate, customers dont get that) plus fees.

I cant find a single bank in my country where the total cost ends up being under 5.5%

Where as some of these online money transfer sites, I use OFX and Western Union (to bank account, not cash pickup of course)

Total costs add up to around 3.3%

2% less than the banks, stuff adds up over time

If anyone knows an even cheaper way, tell me

But otherwise, why the hell would you do bank to bank?

[Eclipse]

Stay away from Nationwide.

By the time HSBC add their fee it makes it hugely expensive.

Transferwise is one option.

[magicroundabout]

Stay away from Nationwide.

By the time HSBC add their fee it makes it hugely expensive.

Transferwise is one option.

Yes will be staying clear for the next one - We will try transferwise.

I got a email back from KTB bank today who confirmed they have not received the payment however they are not receiving bank in Thailand and I should ask for a copy of the MT103. Does anyone know if it goes like Nationwide-HSBC-KTB or Nationwide-HSBC-AN Other-KTB

Thanks

[Chivas]

Sending money from your bank is expensive, any bank, in fact, and I avoid like the plague.

HSBC is £4 online and Halifax £9 and I use both. Send before 3pm on a monday and will be in account on the Wednesday

[wooloomooloo]

Sending money from your bank is expensive, any bank, in fact, and I avoid like the plague.

HSBC is £4 online and Halifax £9 and I use both. Send before 3pm on a monday and will be in account on the Wednesday

That's still expensive compared to the alternatives.

[Chivas]

Sending money from your bank is expensive, any bank, in fact, and I avoid like the plague.

HSBC is £4 online and Halifax £9 and I use both. Send before 3pm on a monday and will be in account on the Wednesday

That's still expensive compared to the alternatives.

Dont tell me you are talking about Transferwise and myriad of other "senders" that claim to offer best rates !!

Everytime I transfer (roughly every 3 months) on the same day I dummy transfer same amount using the "senders" because they immediately give you a bottom line number to hit your account....... Never ever once has the Halifax been less when wire hits the account via TT let alone HSBC which is 250 baht cheaper

Dont take my word for it try it yourself. One guy elsewhere on a £5000 transfer with tranfserwise was paying £69 in "costs"

[keithcresswell]

Hi,

Just after a bit more advice - The 2nd swift payment for £790 still has not been returned. The Nationwide have said they have requested a trace with the KTB 3 times but they haven't responded to any of the messages and therefore they cant do anything! Anyone, know if its common for banks not to respond to swift traces?

The Nationwide today have given me the transfer reference number so I'm hoping to try and chase it with the KTB bank direct (not really hopeful I'll get anywhere thou). Would it be best to try and do this with the local branch or with head office?

It all very frustrating given the money was sent correctly and its been a month!

Many Thanks

Did you get your money back?

I'm also having a problem with Nationwide a 2000 transfer seems to have gone astray and I'm not getting much help from them. They said they couldn't give me the swift reference.