Annoyed with bank

carl · Post by **carl** » Thu Nov 28, 2002 6:36 pm

Was supposed to be picking up the wife's new CC from Calais on Monday. Was rather misled by a 'well known high street bank' at the start of the week, who said I could get an international bankers draft by turning up at a branch, filling in a form, and taking the draft away with me.

Discovered at lunchtime today that the draft takes 3 working days to arrive. Can't guarantee a funds transfer will reach the dealer in time, and getting the cash out would incur a commission of 1.5% (quite a bit on 9.5 grand), and I'm not keen on walking around with large amounts of cash.

Looks like I'm going to have to put off collection till the end of next week. I could stump up a couple of hundred quid for the cash to get the car a few days earlier, but if I'd wanted to play that caper I could have stumped up another 3.5k three months ago and got one from a dealer 2 miles from my house.

Robbie · Post by **Robbie** » Thu Nov 28, 2002 7:14 pm

Carl, my partner whose an area bank manager suggests you ask your bank to arrange a CHAPS electronic transfer (give them the details of the dealers account and sort code) its guaranteed to arrive the same day, cost is Â£20.

Robbie.

Cotswolds · Post by **Cotswolds** » Thu Nov 28, 2002 8:43 pm

Depending on where you are sending the money, there are generally a number of options:

International money mover (Â£13ish)- electronic transfer that takes around 5 days.
However you can get an express version of this which may be worth while depending on where the account is held (makes no difference with india!)

International money order- cheap, but takes around a week to order

It may be worth talking to a stock broker, or similar who has accounts in the country you wish to send money to. They may be able (for a fee!) to transfer the money faster than a bank.

Then there are all the online payment methods (PayPal etc), but at around 5% this is highly expensive for large sums.

The CHAPS and BACS system only operates within the UK, so doubt that this will be of much help

The cashier at the bank must have thought that you meant just a normal bankers draft (most cashiers are not used to international transactions)

Hope this helps!

paulo · Post by **paulo** » Thu Nov 28, 2002 9:13 pm

Had exactly the same problem as you mate! And I got my car from the same place! (CNA me thinks?)

I bank with Barclays and used an express international money transfer. It got there 24 hours later! It did cost Â£35 and for some reason there bank charged me Â£20!

If you do that it will be there on time! Not sure who you bank with though. Just fill in a form and the bank in France sorts it out pronto!

Let me know if I can help! and I don't mean lending you 9 grand!!

rob · Post by **rob** » Thu Nov 28, 2002 10:22 pm

you may as well pay with your plastic and earn some points with it. Thats how I earn all my airmiles

Robbie · Post by **Robbie** » Fri Nov 29, 2002 2:10 am

Oops forgot to tell me girlfriend it was an international transfer.

Trouble with some cards is a lot of dealers won't accept a credit card for full payment of a vehicle because of the high cost to them charged by the credit company but they might accept a debit card. Infact I'm going to pay my car tomorrow with a debit card.

Robbie.

carl · Post by **carl** » Fri Nov 29, 2002 9:23 am

They wouldn't accept a debit card either. I think the simplest thing is to get a bankers draft and delay collection until the end of the week. Thanks for all the help -- I think I shall be moving my current account in the next couple of months due to this, a previous cockup, and the 0.01% interest :rolleyes:
It wasn't so much the cockup, but the complete lack of interest in coming to any sort of special arrangement to sort it out. I thought they'd say "Well as it's our mistake we can get a draft to your branch by tomorrow afternoon", but nothing.

And me a loyal customer for 17 years, man and boy (and student

)

Alex LS · Post by **Alex LS** » Fri Nov 29, 2002 11:03 am

Sounds a lot like Barclays, that does

carl · Post by **carl** » Fri Nov 29, 2002 11:07 am

But not a Llot like Barclays

Alex LS · Post by **Alex LS** » Fri Nov 29, 2002 11:11 am

Ah, I see

I switched from Barclays to cahoot 2 years ago. Something like 4% credit interest and first Â£250 of overdraft is interest-free.

paulo · Post by **paulo** » Fri Nov 29, 2002 12:15 pm

I put a fiver on it being Lloyds!

I left them a few years back! Charge you for bloody everything!

:x

Robbie · Post by **Robbie** » Fri Nov 29, 2002 12:40 pm

Never had a problem with Barclays, my Premier bank account gives me a Â£10,000 overdraft facility should I need it with a personal bank manager, and the reserve account pays 3.4% interest, I recommend it.

Robbie.

carl · Post by **carl** » Fri Nov 29, 2002 1:05 pm

Probably going to go to IF. I have an account with Zurich bank (went down the pan...) that I'm moving to IF -- if they turn out to be any good I'll move my current account too.