bit of a pickle. cancel foreign transfer

funscott

Situation is i put a foreign transfer into my bank on friday. and on the following wednesday i wanted to cancel it as I had a customer back out of an order so instead of waiting for it to clear then another 5 days for my supplier to send the money back i phoned my bank to cancel the transfer. unfortunatly on the wednesday my bank informed me the transfer had been released to the foreign bank. but on the thursday morning they phoned me back telling me that they could reverse the transfer for a £18 charge. I told them to do this. I have heared nothing since ( i have phoend 4 times in two days) and visited my branch who tell me the manager is off ill so they will get back to me on monday. If they have failed to reverse the transfer do i have a leg to stand on if i complain about lack of communication and not acting on my request. they also let me ovedraft 2k on my debit card as i tried to withdraw enough money to make the transfer fail from my account (the money was stil lin my account at this time) but instead of failing the transfer they took me overdrawn by 2k. I have done many transfers to my supplier before without issue but i fear they hve went a little quiet on me so would really like the moeny back in my account.

jonesMUFCforever

You have no leg to stand on I'm afraid.
The payment would have been actioned on the Friday with a forward date of say Wednesday or Thursday.
They could telex the correspondent bank (presumably why they want the £18 charge) to ask them not to proceed with paying out but if it has already been released then - tough.
If the payment was made in foreign currency you would lose more than £18 - you would be liable for the difference in the buying and selling price of the currency used.

One last word please read the terms and conditions of the payment - normally found on the reverse of the form you signed.

funscott

my gripe is the money was in my account so hadnt left to the foreign bank but was post dated for release. and i tried a number of times to contact the department but wen tto voice mail. i was told this was usual for this department. my only hope is when i requested it to be canceled with the 18£ fee that they actually did this. but the fact i havent heared anything is a worry. I will find out tomorrow when they phone me . also any other transfer would fail if my account didnt have enough funds in it.

jonesMUFCforever

Did you read the terms and conditions?

Your branch would have faxed or sent the instruction to their International department to process. I don't see what your branch manager can do for you.

jonesMUFCforever

Did the transaction go through - or did you manage to get it cancelled?

funscott

It went through. bank were as much use as i thought they would be. on the plus side i now have stock but no one to sell the product too at the moment so just going to punt it on ebay. should be easy to get my money back with good profit butgoing to take 6 - 12 months