Is it WISE? (Of interest to Brits only, maybe)

I know you are from the financial world, so why has a situation developed that amounts far, far below 10,000€ or similar in $ and £ are being questioned so heavily. IF ONLY I could move 10,000 with no hassles that would be great .... but my UK banks are all asking detailed questions when transferring less than one fifth of that - and I know someone who was questioned about £500 by his UK bank. This is for transfers within the UK and even bank to bank.

They have gone OTP and crazy in my opinion. I am still dealing with one UK bank after 3 phone calls (not a Freephone either) due to them being overwhelmed by online banking customers now having to be put through the mill to access their own money! This was also due to the 9 a.m. to 8 p.m. opening times for online support (even though online banking is 24 hours) - but to my surprise I was told that the finishing time applied to most departments but the Fraud dept. (the one who wants to know the size of your dick before allowing you to transfer your own money!) closes at 5 p.m. (and the customers in the LONG queue for them can go f*** themselves, it seems). Btw, on my second call they asked me to set up speech recognition as an ID and used it on my third call - so they accept the speech of a person they are questioning about access to his own money??? Bit weird.

My issue with all of this is that banks are closing at a huge rate and forcing many people to go online - just at the same time they decided that 10,000 was irrelevant and 5% of that is a big issue (could be lower than 5% and maybe one day I will test it out). People will not continue to put up with this.

Of all the problems we face living in a developing country, my greatest problem is not IN the country - it is UK banks.

 

It might be okay to do that to a remittance company as getting new ones is relatively easy - but do that to a bank and they will likely close your account. They don't care - many more people forced to use them. And I think it is impossible to set up a new one in our home country without going back there.

I read of a person who heads a well-known international property company who had to travel 8000 miles home to the US because they froze his account and insisted on him going to his branch. I thought that was crazy until my OCBC Bank account based in Singapore was closed for no reason - and the first I knew about it was because I received a text telling me my money was being withdrawn. They would not say why but I think it was because I put a substantial amount in it before I emigrated (as a source of money in a secure country) but did no further transactions. This was partly because the £ was so low and the bank tried to persuade me to convert my money to USD or SGD - they said they were convinced that the pound would crash further, I did not think the same and I was correct. They wanted the fees for the conversion and I guessed it already. Two months after they closed my account and the pound soared (temporarily) and that is when I would have converted - but it was closed! I don't understand their impatience.

When I paid into the account they insisted I used wire transfers - when they closed it they wanted to send me a cheque (in the Philippine's postal system!). I only stopped that by contacting the OCBC office in the UK (where I had set up the account) and they helped me - OCBC in Singapore did not care less (when I opened the account and talked to them on the phone a few times they were so nice, but when they closed the account they were so shite!).

So be too brusque with a bank or don't allow them to rake in fees (you think they would be happy using our money at no, or low, cost) and they will close your account with no notice and not care for the account holder or the money.

There has to be an alternative to banks and maybe Elon will think of something (I know it is dangerous to mention his name!).

 

I recently transferred £ 15,000 no questions asked, from an UK bank.

 

It's mostly about governments through their CB's stopping ie making it difficult to transfer your funds abroad. Aka sinking ship syndrome by western world countries where the money drain is fast heading east.

Anyone would think it was their hard earned money and no this isn't a conspiracy theory but fact when you look into what's really going on. End plan is for cash to go the way of where cheques have pretty much gone, more slippery slope stuff unfortunately. Governments will of course tell you it's all for your own protection.

This all stems from USA banking regulations instigated by their government which the EU including the UK is following or they'll be threatened with being locked out the USA banking markets, Swift code, usual suspects. Reasons why China with others are looking at alternatives. Excuses governments put forward are usually you fall very vaguely under being either a terrorist, drug dealer or tax evaider.

Should the ordinary small person have their bank account closed it's neigh on impossible to get it reinstated.

Still life goes on....

 

"It's all nothing till it's something"

I also have transferred much over time no issues till recently through Wise. Since then I've used 2 other money changers with no problems.

Luck of the draw perhaps, but doesn't change the information gained overall on what's really happening in finance.

 

Yes, of course Jimlad, you are prettier than me.

Anyway 15k (c 1 million pesos) is just FAR too much to bring here for the Christmas Party you are secretly planning for members of DI. There is a cost-of-living crisis so please rein it in a little. A bottle of Champagne each and a roast turkey will suffice. Plus a few nibbles and some ice cream. Plus a goody bag to take home. Other members can add their own particular likes.