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Jesse flack's avatar

Good read mate well done

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Debra Yuille's avatar

Interesting article, and this next story is kinda related.

Today I wanted to make payment to someone in India for a service they performed via a third party. My previous bank (one of the big 4) I could do a Telegraphic Transfer (TT) online. My current bank, no facility to do this, so I ring the branch, I have to go to the branch, I take the time to ask why I can't use my internet banking like I could with my previous bank. The answer, it's probably a different group.

Off to the bank I go. Now I'm a little unhappy at this point, it's my money, it's my business and I don't want to deal with a tellar so I make this point upfront. After giving vague answers to questions I don't appreciate them asking (which they are handwriting on a paper form) like why am I sending the money, do I know the person personally, how did we meet, what method do we use to communicate etc. we hit a stalemate at the banks physical address. It's the one piece of info I don't have.

In the ensuing conversation I learn that they can add the Telegraphic Transfer option to all my accounts so I don't need to go back to the bank. Not sure why they couldn't have told me this earlier and if everything had gone through and I had the physical address of the bank in India would they have let me know?? Now I have business accounts and this was a business transfer and that seemed to make a difference??

So while I'm there I ask to increase my daily withdrawal limit as several times I've been frustrated because of a $1000 limit. Turns out I can make a request, but it can be refused, it's per card, so you have to make the request for every individual card and there's a limit of $5000/card.

PS They really didn't want to put in the request to increase my daily limit, as in the tellars words I can get as much as I want out at the branch. I usually use ATM's at the weekend and pay my bills in cash. That got me to the point where the request got made. Personally I'm going to visit different branches and make that same request for each card I have and in a few months I'm going to see if I can increase it. I don't think the reply "I'm concerned about a run on the banks and I want to be able to withdraw what I can" would have been acceptable. Plus I don't want to answer the stupid questions.

So I get home, I now have the physical address of the bank. I use the TT function that is now connected to my internet banking and it's so straightforward, no stupid questions, just who is the money going to, how much, what currency, yes it still wanted the banks address (but I understand that I want it to get to the right bank) and pending processing because of the time difference.

The moral of the story if you don't have a Telegraphic Transfer function on your accounts maybe enquire about having it added while you still can. And while you are at it, find out what the maximum daily withdrawal is and prehaps increase that too.

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