Overseas bank transfer
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newbieks\" post_id=\"2111910\" time=\"1688102000\" user_id=\"178749:
You have the transaction reference number and screen shot? Easier for the receiving party to track.
Hi
Made an overseas bank transfer to UK last week using OCBC. OCBC confirmed a few days ago that remittance is successful and no returns to bank account as of today.
However the receiving party (educational institute using Barclays Bank) confirmed that they have not received the money so far. They confirmed that bank details are correct.
In such a scenario, how else can I pursue the matter for further investigation?
Thanks. -
Have to call Barclays Bank I suppose. Not sure if the Singapore branch can help u liaise, but most likely u gotta call the UK helpline/email them.
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newbieks\" post_id=\"2111910\" time=\"1688102000\" user_id=\"178749:
How long since the remittance when through? I think (not really sure) that things can be slower in the UK, especially if you are dealing with a branch, not the head office, so you may need to be patient. The best is to call the bank's help line if you feel it's been long enough.
Hi
Made an overseas bank transfer to UK last week using OCBC. OCBC confirmed a few days ago that remittance is successful and no returns to bank account as of today.
However the receiving party (educational institute using Barclays Bank) confirmed that they have not received the money so far. They confirmed that bank details are correct.
In such a scenario, how else can I pursue the matter for further investigation?
Thanks. -
slmkhoo\" post_id=\"2111928\" time=\"1688108131\" user_id=\"28674:
Made the transfer on 19 June. When I first called OCBC on 23 June, was told that the remittance is successful but they can’t tell when it actually went through. Called again this week Wednesday, they told me that they will check with their remittance department which confirmed that all went through with no return of money.
How long since the remittance when through? I think (not really sure) that things can be slower in the UK, especially if you are dealing with a branch, not the head office, so you may need to be patient. The best is to call the bank's help line if you feel it's been long enough.
Connected with the receiving party a couple of times since last week, but was told that their bank has not received as of yesterday. Sure hope nothing lost!
Thanks for you advice.. -
newbieks\" post_id=\"2111931\" time=\"1688108722\" user_id=\"178749:
Not sure if this is still the situation but likely the call centre answering your call will be in India. Need to have patience, will be put on hold too.
Made the transfer on 19 June. When I first called OCBC on 23 June, was told that the remittance is successful but they can’t tell when it actually went through. Called again this week Wednesday, they told me that they will check with their remittance department which confirmed that all went through with no return of money.
Connected with the receiving party a couple of times since last week, but was told that their bank has not received as of yesterday. Sure hope nothing lost!
Thanks for you advice..
Switch to HSBC? -
newbieks\" post_id=\"2111931\" time=\"1688108722\" user_id=\"178749:
Huh? This is mighty long. I use Wise (formerly known as Transferwise) and banking between my SG OCBC account and UK Lloyds account is like 3 minutes during working hours, and if out of office hours, next day at the max.
Made the transfer on 19 June. When I first called OCBC on 23 June, was told that the remittance is successful but they can’t tell when it actually went through. Called again this week Wednesday, they told me that they will check with their remittance department which confirmed that all went through with no return of money.
Connected with the receiving party a couple of times since last week, but was told that their bank has not received as of yesterday. Sure hope nothing lost!
Thanks for you advice.. -
Thanks all for advice. Yes, have sent the screenshot of remittance with transaction number across to receiving party… if not received by this week, May need to call up the receiving bank directly.
Any suggestion on best way (safest, lowest cost) of transferring large sum of money for child’s overseas school fees? -
I find DBS Online Transfers to overseas bank accounts very quick and easy.
I have been using Transferwise / Wise - Revolut is also becoming popular. -
newbieks\" post_id=\"2111934\" time=\"1688109368\" user_id=\"178749:
A Demand Draft may be a safer way. Then the recipient cannot claim never received. Your bank will also inform you when the funds have been deducted at the UK end:
Thanks all for advice. Yes, have sent the screenshot of remittance with transaction number across to receiving party.. if not received by this week, May need to call up the receiving bank directly.
Any suggestion on best way (safest, lowest cost) of transferring large sum of money for child’s overseas school fees?
https://www.dbs.com.sg/personal/support/bank-payeasy-purchase-demand-draft.html -
zac's mum\" post_id=\"2111936\" time=\"1688110218\" user_id=\"53606:[quote=\"zac's mum\" post_id=2111936 time=1688110218 user_id=53606]
Thanks.. took a quick look and see that the maximum amount is $10,000 per draft, and subjected to fee of $120 per draft.. so got to break up the payment into several drafts and pay multiple transaction fees in this case.
A Demand Draft may be a safer way. Then the recipient cannot claim never received. Your bank will also inform you when the funds have been deducted at the UK end:
https://www.dbs.com.sg/personal/support/bank-payeasy-purchase-demand-draft.html[/quote]
Btw if child is below 18 yrs old, can they hold an atm card in UK for bank withdrawal? I guess would have to be a joint account with parents? -
zac's mum\" post_id=\"2111936\" time=\"1688110218\" user_id=\"53606:[quote=\"zac's mum\" post_id=2111936 time=1688110218 user_id=53606]
Thanks. Good to know. In case I strike toto or something...
A Demand Draft may be a safer way. Then the recipient cannot claim never received. Your bank will also inform you when the funds have been deducted at the UK end:
https://www.dbs.com.sg/personal/support/bank-payeasy-purchase-demand-draft.html[/quote] -
newbieks\" post_id=\"2111943\" time=\"1688112310\" user_id=\"178749:
I presume you will be flying over with the student to settle him/her in. First priority is to set up a local banking account with ATM card (and online banking I suppose). I dont know for <18 but u can ask the teller. This account will be needed for the student’s day to day expenses & this is how parents can transfer the personal spending cash to student easily. Nowadays parents will get a Revolut or You Trip card for the kid, but often local cash is required too.
Thanks.. took a quick look and see that the maximum amount is $10,000 per draft, and subjected to fee of $120 per draft.. so got to break up the payment into several drafts and pay multiple transaction fees in this case.
Btw if child is below 18 yrs old, can they hold an atm card in UK for bank withdrawal? I guess would have to be a joint account with parents? -
zac's mum\" post_id=\"2111947\" time=\"1688113436\" user_id=\"53606:[quote=\"zac's mum\" post_id=2111947 time=1688113436 user_id=53606]
Thanks..yes, will most likely be spending some days to settle child and settle some administrative matters. Guess these will be one of the many questions to check with prospective school when we pay them a visit later this year. Much appreciated for advice!
I presume you will be flying over with the student to settle him/her in. First priority is to set up a local banking account with ATM card (and online banking I suppose). I dont know for <18 but u can ask the teller. This account will be needed for the student’s day to day expenses & this is how parents can transfer the personal spending cash to student easily. Nowadays parents will get a Revolut or You Trip card for the kid, but often local cash is required too.[/quote] -
doodbug\" post_id=\"2111935\" time=\"1688109546\" user_id=\"13281:
We used Wise card too. Better exchange rates than bank. Just use it in June and most shop accept, incl supermarkets. Good for daily use. Not tried im university though.
I find DBS Online Transfers to overseas bank accounts very quick and easy.
I have been using Transferwise / Wise - Revolut is also becoming popular.
I recall, i switched to HSBC card in uk after getting barclays in uk too. Another of my classmate got HSBC international student card from sg. this was many years ago. -
newbieks\" post_id=\"2111948\" time=\"1688113658\" user_id=\"178749:
Usually, there will be lots of information sent to students before the start of the first term, around late-August or early September. They will still be working on admissions now, so they won't send out info so early. It should contain all the info that you need. There will also be info specifically for foreign students. There's also lots of info online. The Students Union of that university is likely to have its own website with info for freshers. Get your child to look at it too.
Thanks..yes, will most likely be spending some days to settle child and settle some administrative matters. Guess these will be one of the many questions to check with prospective school when we pay them a visit later this year. Much appreciated for advice!
We decided to let my daughter get a UK bank account of her own (she was 19 already), with ATM card and credit card. She also opened an FD. We preferred her to be independent rather than sharing an account with her father. Funds were transferred every term by TransferWise or through our DBS multicurrency account. We worked out a budget for her and told her that anything unspent was hers to keep, as an incentive not to spend wildly. She managed her own funds, and gave an accounting to her father every term (just the balance, not the details). She was very thrifty! Of course, Covid helped - virtually no social life or travelling. -
Most Uni will hv a Campus Bank on site. Just not sure after Covid & with manpower rising costs will they still maintain a presence on campus.
Uni students wld hv rec’d an offer letter, which is impt to access student pass, get student benefits/welfare or insurances, etc. Either the student pass (student ID) or letter of offer can be used to start a bank account together with yr foreign ID.
Most of these practical info wld hv been informed during student orientation or thro the uni’s Admission Office. -
You can consider speaking with HSBC International Services about opening the UK account here first and depending on timing, you may be able to receive the debit card pre-departure.
This International Services is dedicated to assisting with financial services for overseas students and personally found it quite good as DD was able to sort everything out herself with them.
Inter-accounts transfers can be performed online and fees waived.
When there, can look into opening a Marcus by Goldman Sachs online account, yield is quite good. -
Coolkidsrock2\" post_id=\"2111993\" time=\"1688175570\" user_id=\"48901:
Not sure if there's a need to ever appear in person at a bank these days? If so, you may want to check whether there is a branch of HSBC where the university is.
You can consider speaking with HSBC International Services about opening the UK account here first and depending on timing, you may be able to receive the debit card pre-departure.
This International Services is dedicated to assisting with financial services for overseas students and personally found it quite good as DD was able to sort everything out herself with them.
Inter-accounts transfers can be performed online and fees waived.
When there, can look into opening a Marcus by Goldman Sachs online account, yield is quite good. -
For HSBC, the UK account opening is processed in Singapore so should be able to receive the UK account number and debit card pre-departure.
The face-to-face meeting is from a banking relationship management perspective, a direct contact person in the bank to expedite matters instead of being directed all over.