HSBC rule changes

[Snowy79]

The last couple of months I've been having serious issues with my HSBC account. I have a UK HSBC account linked to two accounts with the HSBC here in the Philippines, a peso and a sterling account.

It appears that they are clamping down on inward transactions to my Philippines accounts and pretty much every single payment is being stopped. I had two refunds from Traveloka refused as the bank never trusted where the money came from even though Traveloka are a multi billion peso company and were just refunding me an over payment.  They also stopped a payment from my friend when I bought a Jackhammer on his behalf that was 32k peso refused.

I contacted the bank and they said as a non resident there are restrictions now on inward payments and I would have to provie proof where the money comes from, it's way below the $10k anti money laundering laws.

I sent off the receipts for the Jackhammer which was about 29k and over 2k for excess baggage fees as I had to collect it from Manila which included a flight. The reciepts totalled just under 32k but I explained I also paid taxi fares, boat fees and trike so it was actually way over 32k but he's a mate and can buy me a mango shake.  They refused to accept the payment as the receipts never matched the refund still. 

Fast forward to this month and I sent my usual pension to my sterling account via my UK account and requested they transfer the money into peso.  It was refused as I'm not a resident even though previously I'd sent them my passport with SRRV sticker plus a copy of my SRRV car. I've been doing the same process for well over 5yrs with no issues and as usual getting the run arround trying to sort it. 

Typical logic here as I was explaining to the call handler it is my money from my account and both are in the same building,  plus they have given me a debit card which if I want I can go to an ATM and draw the equivilent sterling conversion out using their bank card yet they won't transfer it to peso to allow me to draw it out from the bank.

[Old55]

This must be incredibly frustrating and somewhat frightening. Hopefully you will find a way through this stupidity. 

[hk blues]

1 hour ago, Snowy79 said:

 

It was refused as I'm not a resident even though previously I'd sent them my passport with SRRV sticker plus a copy of my SRRV car.

Even the SRRV title means you are resident "Special Retiree's Resident Visa"

Seems like HSBC being over zealous with money laundering regulations - hope you get it sorted.

[sanagimo]

21 hours ago, Snowy79 said:

The last couple of months I've been having serious issues with my HSBC account. I have a UK HSBC account linked to two accounts with the HSBC here in the Philippines, a peso and a sterling account.

It appears that they are clamping down on inward transactions to my Philippines accounts and pretty much every single payment is being stopped. I had two refunds from Traveloka refused as the bank never trusted where the money came from even though Traveloka are a multi billion peso company and were just refunding me an over payment.  They also stopped a payment from my friend when I bought a Jackhammer on his behalf that was 32k peso refused.

I contacted the bank and they said as a non resident there are restrictions now on inward payments and I would have to provie proof where the money comes from, it's way below the $10k anti money laundering laws.

I sent off the receipts for the Jackhammer which was about 29k and over 2k for excess baggage fees as I had to collect it from Manila which included a flight. The reciepts totalled just under 32k but I explained I also paid taxi fares, boat fees and trike so it was actually way over 32k but he's a mate and can buy me a mango shake.  They refused to accept the payment as the receipts never matched the refund still. 

Fast forward to this month and I sent my usual pension to my sterling account via my UK account and requested they transfer the money into peso.  It was refused as I'm not a resident even though previously I'd sent them my passport with SRRV sticker plus a copy of my SRRV car. I've been doing the same process for well over 5yrs with no issues and as usual getting the run arround trying to sort it. 

Typical logic here as I was explaining to the call handler it is my money from my account and both are in the same building,  plus they have given me a debit card which if I want I can go to an ATM and draw the equivilent sterling conversion out using their bank card yet they won't transfer it to peso to allow me to draw it out from the bank.

Is there better banks to deal with. How is it getting payed through Paypal or other on-line banking systems. CRYPTO!!!

[Snowy79]

8 hours ago, sanagimo said:

Is there better banks to deal with. How is it getting payed through Paypal or other on-line banking systems. CRYPTO!!!

It's a direct transfer from my HSBC account in the UK to my account here, they are actually joined yet they don't trust the transfer fom the UK even though I've been doing it monthly for well over 5yrs. 

I had to bite my lip today when they phoned as they were asking personal questions that had nothing to do with them, all sources of income, what I spent my money on etc.  I pointed out I'm well below the money laundering limits and I had already proven my residency and where the money comes from and that if I wanted I could use their card and draw the money out anyway although at a reduced rate.  They can't exchange it into peso in the bank yet the same bank will exchange it into pesos at any ATM I want. Idiots. 

[Viking]

8 hours ago, Snowy79 said:

It's a direct transfer from my HSBC account in the UK to my account here, they are actually joined yet they don't trust the transfer fom the UK even though I've been doing it monthly for well over 5yrs. 

I had to bite my lip today when they phoned as they were asking personal questions that had nothing to do with them, all sources of income, what I spent my money on etc.  I pointed out I'm well below the money laundering limits and I had already proven my residency and where the money comes from and that if I wanted I could use their card and draw the money out anyway although at a reduced rate.  They can't exchange it into peso in the bank yet the same bank will exchange it into pesos at any ATM I want. Idiots. 

I guess it is situations like this that can make people go crazy!!!

100% nuts 🤪

[Clermont]

Yes we tried sorting out banks here before and when we came over a month ago. Their all the same, if you haven't had trouble expect it, Snowy hit the nail on the head, money laundering, elicit money, and any unusual transactions. I think we are over our banking hypo, that's all it is but you have to play their game. The documentation and proof of were the money came from for the transaction, even our pensions being transferred. Ours was a government pension and when I asked for a hard copy of their requirements, as the Australian Government would need it, their tune changed, no requirement on Government transactions, other transactions we needed proof. We've nothing to hide and have documentation on all our money and as an added bonus I asked "have they sorted out their problem of the missing money last year", that's the mongrel coming out in me. My advice, if the bank is giving you a hard time, ask for hard copies and name of employee requesting it, they will baulk  but you know you get a new person each time you want to talk to some-one so it's a never ending merry-go-round. We use an legit currency converter for all our transactions now and any problems are sorted by them, but I do sympathize with any-one having bank trouble. 

[Onemore52]

Tell me about it. My security token thingy I have with Westpac went belly up, so of course I had to call their overseas number to get a new one, a week to get a new one and then express international post to get it here.

In the meantime I have called them countless times to try and get a way for my debit card to work with money transfer companies, no way Jose. 
 

As mentioned because of the scammers we now have 2 step verification process, so with no good reception from globe I have to find the sweet spot and take my laptop there set up on a table and hope the phuck there isn’t a power blackout.

no wonder i I drink.

[Onemore52]

On 6/14/2022 at 12:44 PM, Old55 said:

This must be incredibly frustrating and somewhat frightening. Hopefully you will find a way through this stupidity. 

I tried to up my transfer amount with Remitly, because they banned me for transferring any more money, having gone over my limit, (which I needed to do after No maintenance on her car while I was away for 2 years because of Covid).

To go up to the next level I have to submit identification, passport and drivers licence and my bank statements, giving them my monthly income and where it is derived from. 
I am banned from transferring money with them until September, so,I went looking for a plan D. plans B and C failed because of different reasons.

So I joined RIA, thinking I was on a winner. Nope they don’t have online services in the Philippines.

Back to the planning stage,

[Snowy79]

A quick update, I've just had a pleasant conversation with the bank and all restrictions have been lifted and allegedly I will have no more issues going forward. 

It got my back up and I was ready to take it all the way so I'd spent time researching financial law here including inward foreign transactions.  By law you can transfer up to 4m peso every 4 days, no questions asked, it's illegal for them to even quiz where the money came from and for what purpose with a penalty of 5yrs jail and up to 20k peso fine.  (probably to protect certain individuals). The only way around this is for you to give them permission in writing but you can refuse.

On 09 September 1955, Republic Act No. 1405, otherwise known as An Act Prohibiting Disclosure of or Inquiry into, Deposits with any Banking Institution (“Bank Secrecy Law”), was approved. This law was enacted to encourage individuals to deposit their money in banks instead of hoarding them.

For foreign deposits they are governed by a different law, namely Republic Act No. 6426 and again relies on individual secrecy and this has a punishment of not less than one year or more than 5yrs in jail and up to 50k peso fine. 

You can try quoting the above but obviously they could just as easily close your account. I was having the conversation with two Americans yesterday explaining how pissed off I was and one told me they froze his account for 60 days while checking out transactions and the other they froze his account then closed it completely. This led me to doing more research and I found out hs bank acted illegaly,  Upon determination that probable cause exists that any deposit or similar account is in any way related to an unlawful activity, the AMLC may issue a freeze order, which shall be effective immediately, on the account for a period not exceeding fifteen (15) days. Notice to the depositor that his account has been frozen shall be issued simultaneously with the issuance of the freeze order. The depositor shall have seventy-two (72) hours upon receipt of the notice to explain why the freeze order should be lifted. The AMLC has seventy-two (72) hours to dispose of the depositor’s explanation. If it fails to act within seventy-two (72) hours from receipt of the depositor’s explanation, the freeze order shall automatically be dissolved. The fifteen (15)-day freeze order of the AMLC may be extended upon order of the court, provided that the fifteen (15)-day period shall be tolled pending the court’s decision to extend the period.