Online bank removing international transactions with no explanation

RLee12345

Is this normal or fair? Help really needed 🙏 

After a bit of difficulty transferring money to an international business account (in Spain) from my online business account, I have now been refused the ability to make any international transfers by the bank.

I have been given no reason why this decision has been made and the bank will not tell me. This seems wrong to me. 

I have lodged a complaint but I’m here because I’d like some advice - can banks legally do this??

I don’t make many international transfers however I worry it could negatively effect my business and also surely a reason should be given?

MyRealNameToo

Are you the recipient? If not, are you paying a fixed amount of GBP or Euro? It could well be that your bank is doing you a favour and there are cheaper ways to transfer anyway like Wise. 

Banks are private for profit companies, they are free to select who they offer services to and which services as long as it's not based on protected characteristics (ie gender, sexual orientation, religion etc).  So unless you are alleging that they are blocking you from making international payments because you're black then they are free to do so. 

That said, were they to want to close your account, which again they can do on a whim, they'd have to give you 60 days notice unless it was for fraud or something which creates a time is of the essence situation. I am not so close to the BCOBs but there may be a similar timing requirement for withdrawing significant services but firstly I dont know that to be true and secondly paying international payments online may not be considered significant. 

flaneurs_lobster

Did "a bit of difficulty" involve a significant amount of time and involvement from your bank's staff? 

They may simply have decided that your international transfer business costs them significant resource and they'd rather not deal with it again.

wmb194

RLee12345 said:

Is this normal or fair? Help really needed 🙏 

After a bit of difficulty transferring money to an international business account (in Spain) from my online business account, I have now been refused the ability to make any international transfers by the bank.

I have been given no reason why this decision has been made and the bank will not tell me. This seems wrong to me. 

I have lodged a complaint but I’m here because I’d like some advice - can banks legally do this??

I don’t make many international transfers however I worry it could negatively effect my business and also surely a reason should be given?

Is the bank worried it's a scam?

retiredbanker1

Which bank is this? (In case they have stopped this for all customers)

HobgoblinBT

Just to be clear, is it the U.K. bank that has refused international transfers or the Spanish bank?

Please name the bank as a forum user may know of their policy.

If it is a U.K. bank then they are allowed to restrict services and are not obliged to tell you the reason. Check your banks terms and conditions as the answer is probably in there.

born_again

RLee12345 said:

Is this normal or fair? Help really needed 🙏 

After a bit of difficulty transferring money to an international business account (in Spain) from my online business account, I have now been refused the ability to make any international transfers by the bank.

I have been given no reason why this decision has been made and the bank will not tell me. This seems wrong to me. 

I have lodged a complaint but I’m here because I’d like some advice - can banks legally do this??

I don’t make many international transfers however I worry it could negatively effect my business and also surely a reason should be given?

Could be that you are paying a known scammer, or bank is worried you are being scammed.

Banks have a duty of care to their customers & can & should take action to protect their customers.

So you do not see news articles where customer is saying bank did not protect me from losing everything to a scammer..

leonard_455

Banks can block or stop international transfers if they think there’s a risk or something doesn’t line up with their rules, but they should at least give you some kind of reason. Since you’ve already put in a complaint, I’d keep pushing and maybe ask for it in writing. If it keeps dragging on, you could also take it to the financial ombudsman