Sent Money to China but I used wrong payee details

beckysheffield

jonesMUFCforever wrote: »

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).

They said they can only change one number/digit not the whole payee info.....

jonesMUFCforever

beckysheffield wrote: »

They said they can only change one number/digit not the whole payee info.....

Which bank is this?

Sounds to me that you are not talking to the right people at the bank.

But if what they have told you is true (open an account with a better bank?) then your only option is to ask for the money back BUT you are going to lose a large chunk of it to charges and currency losses and as we don't know the amount you sent only you will know if it worth it.

beckysheffield

jonesMUFCforever wrote: »

Which bank is this?

Sounds to me that you are not talking to the right people at the bank.

But if what they have told you is true (open an account with a better bank?) then your only option is to ask for the money back BUT you are going to lose a large chunk of it to charges and currency losses and as we don't know the amount you sent only you will know if it worth it.

Hsbc. Prob all the same. I lost £25 and not sure how much the Chinese bank took.

Ballard

As has already been suggested, your bank should be able to request a change in payee details. Why they are saying that they can only make minor amendments isn't clear to me. This does get trickier (and more expensive) if your bank and the payees bank don't have Swift keys in place but it would still be possible.

As for getting the funds returned... To the best of your knowledge are the funds still in Euros or have they been converted into Yuan? If there has been a foreign exchange transaction then they would likely convert it back to Euros before sending it back which would further erode the sum.

Westie983

I think you will have to contact your bank again (was it HSBC) and get them to send the money back to you to resend. You have already said that they are not willing or able to change the details, so thats the only option I can see.

You dont say how much you sent to China, you may decide its not worth getting it back if more money is taken in fees to convert back to euros and then to sterling.

Only you will know if this is correct as you havent told us the amount.

Check your payee details before you send, HSBC do give you this option as do most banks.

Good Luck, and hope you learn from this mistake in the future.

Westie983

[Deleted User]

They won't change the payee due to money laundering rules - it would be an easy way to bypass checks otherwise. All you can do is have it returned to you, minus whatever fees there are, and send it again to the right person.

Not sure what else you want people to say? It's not like it was anyone else's mistake other than yours.

beckysheffield

Hi thanks for the replies everyone.

I’ll recap. I sent money to china and used my details as the payee degails, Chinese bank refused to release fees. All I needed to do was change the payee details, the bank said they could only change one letter. I was asking for advice and also to clarify the company in China weren’t !!!!!!!!ting me.

I didn’t want to request the money to be returned straight away because of the delay waiting for the money to be returned. I’ve spoken to the bank three times and tried to get them to change the payee details (just the name, nothing more) and I think they can’t do it. So I requested all the money he returned.

I asked for the money back and all of it was returned minus £25, perhaps due to a change in currency or fees by the Chinese bank. My bank took a while to put the money in my bank - perhaps a week! The Chinese released within a few days, just hsbc decided to hang on to the money

Not sure why people decided to comment on the lines of “it’s your fault” “you should learn” “what do you want people to say”.... people make mistakes and I was asking for assistance. If you can help clarify, great, if not, don’t comment.

beckysheffield

Westie983 wrote: »

I think you will have to contact your bank again (was it HSBC) and get them to send the money back to you to resend. You have already said that they are not willing or able to change the details, so thats the only option I can see.

You dont say how much you sent to China, you may decide its not worth getting it back if more money is taken in fees to convert back to euros and then to sterling.

Only you will know if this is correct as you havent told us the amount.

Check your payee details before you send, HSBC do give you this option as do most banks.

Good Luck, and hope you learn from this mistake in the future.

Westie983

Bank charges £25 to request funds to be returned. Its worth having money returned instead of a bank keeping it.