International funds transfer

[ftolad]

Hi all,

 

I'm hoping someone else will have some experience of dealing with an international funds transfer from the US into a Barclays bank account here. My partner has successfully managed it before without any major issues, and they usually take only a few days. However, we're in the latter stages of moving and transferring money from the States here, and Barclays are saying that due to it being a larger amount of money, they are holding on to it,

 

The cheque was paid in almost a month ago and took a few days to leave the bank account over there. It has now apparently been sent electronically to Barclays HQ in the States and may get here this week, maybe not. Barclays when questioned have stated that this delay is due to legal reasons, but have not been able or willing to confirm these in detail.

 

Can anyone shed any light or experience on this, as we're waiting for this to clear to cover our deposit.

 

Thanks.

[cerberusalert]

It's probably to do with the Money Laundering Regulations 2007 http://www.legislation.gov.uk/uksi/2007/2157/contents/made

[slick132]

Hi Ftolad,

 

We have seen several cases here, when Barclays customers have reported that money has vanished from their a/c with a reference like "RECONCILE MANCHESTER PREMIER ADV"

 

Read these and it should at least give you confidence that the money will be available to you again, shortly.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?311931-Barclays-have-quot-withdrawn-quot-all-my-funds

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?278382-Barclays-withdrawn-all-my-funds-for-investigation&p=3141000&viewfull=1#post3141000

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?302400-Sideghi-v-Barclays-Another-case-where-all-funds-disappear

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?284413-Smackit_in-v-Barclays-re-blocked-funds

 

[ftolad]

Hi Ftolad,

 

We have seen several cases here, when Barclays customers have reported that money has vanished from their a/c with a reference like "RECONCILE MANCHESTER PREMIER ADV"

 

Read these and it should at least give you confidence that the money will be available to you again, shortly.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?311931-Barclays-have-quot-withdrawn-quot-all-my-funds

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?278382-Barclays-withdrawn-all-my-funds-for-investigation&p=3141000&viewfull=1#post3141000

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?302400-Sideghi-v-Barclays-Another-case-where-all-funds-disappear

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?284413-Smackit_in-v-Barclays-re-blocked-funds

 

 

Thanks for the links there. I don't know if there'd is an entry on the account statement showing the funds initially coming in and then being withdrawn... I'll have to check with my partner. I do know that a day after the payment was instigated we had a letter stating that the process could take a number of weeks, and that we needed to phone them if we still wanted to go ahead.

 

I get the feeling that they're hiding behind MLR just sovthat they can generate a little work or more importantly interest for themselves. I certainly can't understand how they can question anything if the account the money is sent from is exactly the same as the account being paid into, but there we are.

 

We've also been told today to expect it no later than Friday.

[slick132]

Hi Ftolad,

 

Noted and please keep us updated.

 

[ftolad]

We checked yesterday morning, and still nothing so called Barclays. They said that it would be there by today at the latest, and just required someone in NYC to push a button to transfer the money here. Also unlike others, it had not been placed in the account and then transferred out.

 

Anyhow, it's here at last, so we can exchange contracts and complete on the new house. . Thanks for the help.

[slick132]

Hi Ftolad and I'm delighted to hear this has now been sorted.