Sent Money to China but I used wrong payee details

beckysheffield

Not sure if this is in the wrong place, can't find an appropriate sub. I sent money to a expat travel company based in China (Chinese bank and I paid in Euros).

I put payee details as my details (I'm the payer). The Chinese banks won't release the funds to the Chinese company because the payee details are wrong. It sounds a bit weird because the company can see the transfer in their bank account.... just the money hasn't been released.

I've spoken to my bank plenty of times but they can only request the funds back. And they don't know how much the chinese banks will charge.

Any ideas of how I can get this sorted?

eDicky

What did you enter for payee details?

Why the plural, Chinese banks?

agrinnall

beckysheffield wrote: »

Any ideas of how I can get this sorted?

Yes, do what your bank suggests. It may cost you, but as it was your error that's not unreasonable.

dj1471

When you send the money again with the correct details use an online currency broker rather than your bank, it'll be a lot cheaper:
https://www.moneysavingexpert.com/banking/foreign-currency-exchange#small

I'm not sure how many companies will allow you to send Euros to China (odd thing to do...) but I know Azimo will.

jonesMUFCforever

How much are we talking about?
It might be worthless to get the money back after charges and cheaper to send the money again?

beckysheffield

dj1471 wrote: »

When you send the money again with the correct details use an online currency broker rather than your bank, it'll be a lot cheaper:

I'm not sure how many companies will allow you to send Euros to China (odd thing to do...) but I know Azimo will.

UK banks can also have other currencies attached to them. Just have to ask.

Thanks for the currency broker.... is it really cheaper? I need to spend about £4000/€4500. My bank charged £4 total and I'm sure the exchange rate wasn't that good.

beckysheffield

eDicky wrote: »

What did you enter for payee details?

Why the plural, Chinese banks?

Typo, I'm only dealing with one bank.

beckysheffield

jonesMUFCforever wrote: »

How much are we talking about?
It might be worthless to get the money back after charges and cheaper to send the money again?

The money is currently being held by the bank in China and they won't release to the China based company. I'm not asking about what is cheaper, I'm asking if I have other options than requesting the money back.....

le_loup

beckysheffield wrote: »

I'm not asking about what is cheaper, I'm asking if I have other options than requesting the money back.....

People were trying to help. reread what you just typed and see how ungracious it was.

jonesMUFCforever

beckysheffield wrote: »

The money is currently being held by the bank in China and they won't release to the China based company. I'm not asking about what is cheaper, I'm asking if I have other options than requesting the money back.....

You could ask your bank to send/try a telex or today's equivalent to amend the payee but they will charge you for this (I think £20 or above).

beckysheffield

le_loup wrote: »

People were trying to help. reread what you just typed and see how ungracious it was.

Nothing ungracious. You are just trying to pick a fight.