Natwest/Citi Bank and monthly payment transfer

Battleaxe44

I receive a payment at 28 day intervals from overseas, this payment is my superannuation from the NZ Government; it is paid into Citi Bank Ireland and then transferred and converted to pounds sterling into my Natwest account. Payment is due today and it is no where to be seen, according to Natwest and no it is not caught in their system..

I phoned Citi Bank in Ireland they don't want to know me as I don't have an account with them and told to phone New Zealand and ask the payee...umm this payment has been happening over the last five years and only in the last six months has this been an issue.

This has happened twice this year and after I whinged to Natwest and complained to Citi, the payment appeared in my account within 6 hours.

Happening once, Iwould call a glitch, but now this happening on an average of every two months, am I being cynical about the exchange rates and someone trying to make a profit on my money before I receive it? Or maybe it is a matter of someone not pressing a key on the computer.

This is a BACS payment.

Has anyone experienced this problem? Maybe not international payments but local transfers between bank and after you complain the money appears in your account?

No it hasn't appeared today and I have been checking since 6am. the worst bit is I have payments to be made and of course if I have a late payment, I am penalised...:mad:

grumbler

Battleaxe44 wrote: »

This is a BACS payment.

The entire scheme and the role of CitiBank in it are absolutely unclear.
If you don't have an account with City, is it some intermediary bank? If so, and/or as it's Natwest bank that does the conversion I don't see how it can be a BACS payment.
It looks like an international payment to me and the timescale for such payments is much more relaxed than for internal transfers unless you pay extra for urgency.

Battleaxe44

NZ Government pay the money into Citi Bank ireland, who act as the transfer banker. Citi converts from Euro into GBP..(NZ Government pay in NZ Dollars, which is converted to Euros and the GBP into the Natwest account.

Here is the screenshot of the entry on last months statement, I have not included the amount of the transfer.

I hope this clarifies things I forgot add this is guaranteed 28 day payment schedule, so it should not be relaxed.

19 Jun 2013 BAC CITIBANK IRE FIN S

grumbler

Battleaxe44 wrote: »

NZ Government pay the money into Citi Bank ireland, who act as the transfer banker. Citi converts from Euro into GBP..(NZ Government pay in NZ Dollars, which is converted to Euros and the GBP into the Natwest account.

So, who does the conversion to ££?
If it's City, then why can't they do this directly from NZ$, without € in the middle?
If it's Natwest, then it's a € transfer from City to Natwest that, AFAIK, can't be BACS.

Battleaxe44

From what I have been told by the paymaster in New Zealand it is paid by them to their bank in NZ Dollars, who converts it into Euros (this part of the contract Citi has with the NZ Goverment for superannuies who live in UK, then Citi as intermediary converts to the local currency.

I never get the same amount, the only constant is the amount in NZ Dollars...

I don't know what AFAIK means,

According to Natwest it is a BACS payment from Citi...they said it might be on the next BACS transfer overnight.

Perhaps Natwest don't know what they are talking about? Amendment..just off phone to Natwest who have clarified it is BAC not BACS. I asked for clarification of the term.

Statement References ATM Automated Teller (Cash) Machine A cash dispenser or cash machine transaction BAC Automated Credit Deposit

Oh I do pay extra £15.00 for the international transfer from Ireland to UK

grumbler

Battleaxe44 wrote: »

From what I have been told by the paymaster in New Zealand it is paid by them to their bank in NZ Dollars, who converts it into Euros (this part of the contract Citi has with the NZ Goverment for superannuies who live in UK, then Citi as intermediary converts to the local currency.

I never get the same amount, the only constant is the amount in NZ Dollars...

Well, it's more or less clear, although you seem to lose a hell of a lot of on the [STRIKE]nonsensual[/STRIKE] nonsensical double conversion

I don't know what AFAIK means,

As Far As I Know.

Battleaxe44

Grumbler, I have done nothing but complain on the double conversion and how stupid it is. I had the temerity to ask why didn't they use an English bank as the intermediary and was given the brush off. I think it all has to do with contracts that are tendered for when this type of service is needed. typical of course. I did say if I ever got an overpayment, i would make sure I paid it at this end, so it had to go back through ireland and they would then get less regarding the conversion. I even had some stupid public servant in NZ tell me UK only has Euros not pounds sterling...so in good antipodean style, Itold this person to shove his knowledge where the sun doesn't shine.. I was taxed on it when I earned it, I am taxed on it now in NZ, then I have the conversion rates to pay and I am taxed this end as it part of my income over here. it does make you wonder why those of us who did prepare for 'old age' never get any breaks or benefits of any kind, but that is another story. We pay the full whack for everything.

Thank you for letting me know what the acronym means. I try to keep up with the jargon but fight a losing battle.

Hahahaha do you really mean nonsensual, or should that be nonsensical (sp) conversions?

Trying to stay out of trouble with the banks over here is not an easy task. I wont have an overdraft for this very reason, even though the bank keeps telling me to upgrade my accounts.

My mpbile is pay as I go, so there isn't a bill to pay each month. i finally got that message through to my grown children and they have saved so much by not having the latest mobile phone, guess that is another story also.

I guess no-one experiences this problem and has no suggestion on how to get the banks to see what the problem is. natwest just doesn't care and Citi Bank? I might get into trouble if I express my opinion of the so called customer service person today...

I am such a mild mannered Battleaxe.

grumbler

Battleaxe44 wrote: »

Hahahaha do you really mean nonsensual, or should that be nonsensical (sp) conversions?

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Archi_Bald

Can't you have your money paid into a current account in NZ, and then transfer it yourself, using a specialist currency transfer service?

Battleaxe44

I wish it could be as simple as that. As I no longer reside in NZ I cannot re-open my bank account over there or even have a bank account over there. it has to be paid into a bank account in the country where I am in residence. I am not a NZ National, even though I was able to work over there under the C.E.R .arrangement with my native couuntry. No, I can't have a bank account in my own country as I do not own property there any longer and am not the electoral roll there, also do not have the 100 points required to open an bank account there.
I have not lived in my own country for over 20 years.

I wont get started on the pension rights and all that stuff either. let's just say I am glad I prepared for my old age during my working life.

Still this hasn't made someone push the button at Citi Bank to get the money into my bank account.

Battleaxe44

I thought I would give you an update on this fiasco. 6pm on Wednesday night the money appeared in my Natwest Account...it makes me wonder if they were going to hold it for another 24 hours to make a bit of money on it. Of course the exchange rate had changed again. I got £10.00 lees this month...such is life