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HSBC investigation has delayed international payment - what to do?


This month, I noticed that despite being informed of my expected payment from my client that the money had not reached my account. The payment was processed on Wednesday 11th of August and as of today (Friday 20th August) it has still not arrived.
I queried the HSBC on Monday 16th August and they said they had no record of the payment and that as it was an international payment it may just be taking longer than usual.
I called them again on Wednesday 18th August to eventually be told that the payment has been delayed by an internal HSBC team and that they had asked the Bank of America for more information. They agreed to escalate the issue but as of 17:00 on Thursday 19th of August, the internal team has not responded to the escalation.
This is my only source of income as I work full time for this client. I'm lucky that I have a savings account with all of my income tax set aside that I can use for now, but nevertheless this is quite distressing.
At no time did anyone from the HSBC inform me that this had happened, their staff didn't even seem to be aware of it until 2 days ago and nobody can tell me why it has been delayed or how long it might take to resolve. I can't speak to anyone at the HSBC but their international payments team who can only attempt to escalate the issue. I have made a complaint to them also, but again the complaints team can't actually do anything about it.
If they can't give me my money, I would at least like some information but their customer service is badly letting me down. I just don't know what to do about it. Any advice appreciated.
Comments
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IlPartigiano said:I'm a sole trader and I subcontract for a tech giant based in the USA. Each month, an amount in dollars is sent to me from the USA to my HSBC UK current account. Normally, I am notified by the client of the payment one day and the next day it arrives in my account.
This month, I noticed that despite being informed of my expected payment from my client that the money had not reached my account. The payment was processed on Wednesday 11th of August and as of today (Friday 20th August) it has still not arrived.
I queried the HSBC on Monday 16th August and they said they had no record of the payment and that as it was an international payment it may just be taking longer than usual.
I called them again on Wednesday 18th August to eventually be told that the payment has been delayed by an internal HSBC team and that they had asked the Bank of America for more information. They agreed to escalate the issue but as of 17:00 on Thursday 19th of August, the internal team has not responded to the escalation.
This is my only source of income as I work full time for this client. I'm lucky that I have a savings account with all of my income tax set aside that I can use for now, but nevertheless this is quite distressing.
At no time did anyone from the HSBC inform me that this had happened, their staff didn't even seem to be aware of it until 2 days ago and nobody can tell me why it has been delayed or how long it might take to resolve. I can't speak to anyone at the HSBC but their international payments team who can only attempt to escalate the issue. I have made a complaint to them also, but again the complaints team can't actually do anything about it.
If they can't give me my money, I would at least like some information but their customer service is badly letting me down. I just don't know what to do about it. Any advice appreciated.1 -
If you're a sole trader, is this a business account or a personal one? If the latter, this could be the root cause of an investigation, in which case it would make sense to get a business account opened sooner rather than later....1
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eskbanker said:If you're a sole trader, is this a business account or a personal one? If the latter, this could be the root cause of an investigation, in which case it would make sense to get a business account opened sooner rather than later....
It is very frustrating as I'm a software engineer and the company I work for makes large payments worldwide on a monthly basis.0 -
You might also review whether using banks for your international transfers is the best solution. Typically, you get much better deals with specialist currency transfer services such as Wise, who also do a business account. Be aware, however, that they do not offer FSCS protection and you should satisfy yourself that you are happy with the their assurances that your money is safe with them.0
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Little point in getting indignant about customer service when you were in the contravention of the account terms. With a business account the issue may never have arose.2
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Thrugelmir said:Little point in getting indignant about customer service when you were in the contravention of the account terms. With a business account the issue may never have arose.
From this very website:You don't NEED a business bank account if...
You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer.
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IlPartigiano said:Thrugelmir said:Little point in getting indignant about customer service when you were in the contravention of the account terms. With a business account the issue may never have arose.
From this very website:You don't NEED a business bank account if...
You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer.
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eskbanker said:IlPartigiano said:Thrugelmir said:Little point in getting indignant about customer service when you were in the contravention of the account terms. With a business account the issue may never have arose.
From this very website:You don't NEED a business bank account if...
You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer.
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IlPartigiano said:eskbanker said:IlPartigiano said:Thrugelmir said:Little point in getting indignant about customer service when you were in the contravention of the account terms. With a business account the issue may never have arose.
From this very website:You don't NEED a business bank account if...
You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer.
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IlPartigiano said:
There is no helpful advice to be given other than sit back and wait it out.
You will not hurry along this type of investigation. The delay could easily be that Bank of America are not responding to the request.Life in the slow lane1
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