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    • beckysheffield
    • By beckysheffield 1st Dec 17, 12:11 PM
    • 36Posts
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    beckysheffield
    Sent Money to China but I used wrong payee details
    • #1
    • 1st Dec 17, 12:11 PM
    Sent Money to China but I used wrong payee details 1st Dec 17 at 12:11 PM
    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?
Page 1
    • eDicky
    • By eDicky 1st Dec 17, 12:21 PM
    • 3,411 Posts
    • 1,616 Thanks
    eDicky
    • #2
    • 1st Dec 17, 12:21 PM
    • #2
    • 1st Dec 17, 12:21 PM
    What did you enter for payee details?

    Why the plural, Chinese banks?
    • agrinnall
    • By agrinnall 1st Dec 17, 3:46 PM
    • 20,157 Posts
    • 15,880 Thanks
    agrinnall
    • #3
    • 1st Dec 17, 3:46 PM
    • #3
    • 1st Dec 17, 3:46 PM
    Any ideas of how I can get this sorted?
    Originally posted by beckysheffield
    Yes, do what your bank suggests. It may cost you, but as it was your error that's not unreasonable.
    • dj1471
    • By dj1471 1st Dec 17, 9:22 PM
    • 1,184 Posts
    • 805 Thanks
    dj1471
    • #4
    • 1st Dec 17, 9:22 PM
    • #4
    • 1st Dec 17, 9:22 PM
    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
    • By jonesMUFCforever 1st Dec 17, 11:09 PM
    • 24,777 Posts
    • 11,986 Thanks
    jonesMUFCforever
    • #5
    • 1st Dec 17, 11:09 PM
    • #5
    • 1st Dec 17, 11:09 PM
    How much are we talking about?
    It might be worthless to get the money back after charges and cheaper to send the money again?
    What goes around - comes around
    give lots and you will always receive lots
    • beckysheffield
    • By beckysheffield 2nd Dec 17, 5:35 AM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    • #6
    • 2nd Dec 17, 5:35 AM
    • #6
    • 2nd Dec 17, 5:35 AM
    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.
    Originally posted by dj1471
    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
    • By beckysheffield 2nd Dec 17, 5:40 AM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    • #7
    • 2nd Dec 17, 5:40 AM
    • #7
    • 2nd Dec 17, 5:40 AM
    What did you enter for payee details?

    Why the plural, Chinese banks?
    Originally posted by eDicky
    Typo, I'm only dealing with one bank.
    • beckysheffield
    • By beckysheffield 2nd Dec 17, 5:42 AM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    • #8
    • 2nd Dec 17, 5:42 AM
    • #8
    • 2nd Dec 17, 5:42 AM
    How much are we talking about?
    It might be worthless to get the money back after charges and cheaper to send the money again?
    Originally posted by jonesMUFCforever
    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
    • By le loup 2nd Dec 17, 9:30 AM
    • 3,808 Posts
    • 3,758 Thanks
    le loup
    • #9
    • 2nd Dec 17, 9:30 AM
    • #9
    • 2nd Dec 17, 9:30 AM
    I'm not asking about what is cheaper, I'm asking if I have other options than requesting the money back.....
    Originally posted by beckysheffield
    People were trying to help. reread what you just typed and see how ungracious it was.
    • jonesMUFCforever
    • By jonesMUFCforever 3rd Dec 17, 12:22 AM
    • 24,777 Posts
    • 11,986 Thanks
    jonesMUFCforever
    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.....
    Originally posted by beckysheffield
    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).
    What goes around - comes around
    give lots and you will always receive lots
    • beckysheffield
    • By beckysheffield 3rd Dec 17, 3:23 AM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    People were trying to help. reread what you just typed and see how ungracious it was.
    Originally posted by le loup
    Nothing ungracious. You are just trying to pick a fight.
    • beckysheffield
    • By beckysheffield 3rd Dec 17, 3:23 AM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    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).
    Originally posted by jonesMUFCforever
    They said they can only change one number/digit not the whole payee info.....
    • jonesMUFCforever
    • By jonesMUFCforever 3rd Dec 17, 1:43 PM
    • 24,777 Posts
    • 11,986 Thanks
    jonesMUFCforever


    They said they can only change one number/digit not the whole payee info.....
    Originally posted by beckysheffield
    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.
    What goes around - comes around
    give lots and you will always receive lots
    • beckysheffield
    • By beckysheffield 10th Jan 18, 8:59 PM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    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.
    Originally posted by jonesMUFCforever
    Hsbc. Prob all the same. I lost 25 and not sure how much the Chinese bank took.
    • Ballard
    • By Ballard 10th Jan 18, 9:24 PM
    • 1,796 Posts
    • 1,537 Thanks
    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.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • Westie983
    • By Westie983 10th Jan 18, 9:49 PM
    • 4,333 Posts
    • 14,890 Thanks
    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
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
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    • camelot1971
    • By camelot1971 11th Jan 18, 10:08 AM
    • 721 Posts
    • 1,110 Thanks
    camelot1971
    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
    • By beckysheffield 11th Jan 18, 4:17 PM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    Hi thanks for the replies everyone.

    I!!!8217;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!!!8217;t !!!!!!!!ting me.

    I didn!!!8217;t want to request the money to be returned straight away because of the delay waiting for the money to be returned. I!!!8217;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!!!8217;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 !!!8220;it!!!8217;s your fault!!!8221; !!!8220;you should learn!!!8221; !!!8220;what do you want people to say!!!8221;.... people make mistakes and I was asking for assistance. If you can help clarify, great, if not, don!!!8217;t comment.
    Last edited by beckysheffield; 11-01-2018 at 4:20 PM.
    • beckysheffield
    • By beckysheffield 11th Jan 18, 4:22 PM
    • 36 Posts
    • 7 Thanks
    beckysheffield
    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
    Originally posted by Westie983
    Bank charges 25 to request funds to be returned. Its worth having money returned instead of a bank keeping it.
    Last edited by beckysheffield; 11-01-2018 at 9:46 PM.
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