International Payment.

sReq | uTeK

Currently in New Zealand and would like to purchase a car. Want to send 25k NZD from my PTSB account to a Volvo New Zealand. Just off the phone with PTSB and they have said i need to "WRITE" to the bank to request this.

Surely this is %$£%£$% bananas, i need to send a letter which will take 2 weeks to get there for them to approve a bank transfer of my own funds.

The lady on the phone said this was a regulatory compliance by the central bank but how does a letter ensure compliance?

Is this a true reflection of the system?

Marcusm

sReq | uTeK wrote: »

Currently in New Zealand and would like to purchase a car. Want to send 25k NZD from my PTSB account to a Volvo New Zealand. Just off the phone with PTSB and they have said i need to "WRITE" to the bank to request this.

Surely this is %$£%£$% bananas, i need to send a letter which will take 2 weeks to get there for them to approve a bank transfer of my own funds.

The lady on the phone said this was a regulatory compliance by the central bank but how does a letter ensure compliance?

Is this a true reflection of the system?

If you have not previously set up authorisations for telephone, electronic banking or acceptance of telegraphic transfers then yes that will be the case. It’s the default for many banks worldwide as they have a physical copy of your signature.

athlone573

Marcusm wrote: »

If you have not previously set up authorisations for telephone, electronic banking or acceptance of telegraphic transfers then yes that will be the case. It’s the default for many banks worldwide as they have a physical copy of your signature.

In most cases, letters within the Republic will arrive within two working days.

But as I see you're not here, can you DHL it quicker?

sReq | uTeK

Thanks folks, as a quick get around i can do 5k myself and the bank 5k per day, this should suffice to get the funds to the dealer before friday. using wise that is.

ArrBee

Wise will give you a better rate too.

Jim2007

sReq | uTeK wrote: »

Currently in New Zealand and would like to purchase a car. Want to send 25k NZD from my PTSB account to a Volvo New Zealand. Just off the phone with PTSB and they have said i need to "WRITE" to the bank to request this.

Surely this is %$£%£$% bananas, i need to send a letter which will take 2 weeks to get there for them to approve a bank transfer of my own funds.

The lady on the phone said this was a regulatory compliance by the central bank but how does a letter ensure compliance?

Is this a true reflection of the system?

You are expecting them to send 14k/15k to an account you probably have never sent this kind of sum to on the basis of a phone call.... They have no way of verify your identity and they are not going to chance it with that kind of sum of money.

Written instructions are in line with the T&Cs you signed up to, provides a verifiable signature and yes documentary evidence should there be statutory issues.

Sheep Shagger

Its rubbish this is driven by the CBi, whoever you spoke to made that up...sounds more like PTSBs antiquated systems and procedures etc.

Why can't you fax a signed request to your branch who then conduct a verbal callback to a number already held on file.

As someone else suggested, can use Wise debiting your PTSB account, you'll get a much better rate too.

Sheep Shagger

sReq | uTeK wrote: »

Thanks folks, as a quick get around i can do 5k myself and the bank 5k per day, this should suffice to get the funds to the dealer before friday. using wise that is.

Just seeing your suggestion, that by far would be the best rather than using PTSBs **** FX rate.

Marcusm

Sheep Shagger wrote: »

Its rubbish this is driven by the CBi, whoever you spoke to made that up...sounds more like PTSBs antiquated systems and procedures etc.

Why can't you fax a signed request to your branch who then conduct a verbal callback to a number already held on file.

As someone else suggested, can use Wise debiting your PTSB account, you'll get a much better rate too.

If he hasn’t set up a fax mandate then he wouldn’t be able to do this either. It’s not a CBI thing either. By way of background, I manintain multiple bank accounts in multiple countries. Last year I need to arrange the transfer of funds from Hong Kong for a property purchase. As I had not renewed my fax mandate in 5 years, it had lapsed. I had to get a signed TT form sent there to execute the transfer. It was even mor ecomplex when account was taken of the postal interruptions and inability of DHL to deliver to a PO Box. I had to courier to a contact in HK who could then arrange delivery to thwbPO Box address.

Sheep Shagger

Marcusm wrote: »

If he hasn’t set up a fax mandate then he wouldn’t be able to do this either. It’s not a CBI thing either. By way of background, I manintain multiple bank accounts in multiple countries. Last year I need to arrange the transfer of funds from Hong Kong for a property purchase. As I had not renewed my fax mandate in 5 years, it had lapsed. I had to get a signed TT form sent there to execute the transfer. It was even mor ecomplex when account was taken of the postal interruptions and inability of DHL to deliver to a PO Box. I had to courier to a contact in HK who could then arrange delivery to thwbPO Box address.

Not all banks require a fax mandate, the fax is a method of delivering a signed instruction to the bank.

Anyway, hopefully he got sorted with Wise over a few days - he'd get a better rate with them aswell.