Tuesday, 24 July 2012

7 weeks and the financial hiccup - update

Not too much to say today, bubs are both at around 7 weeks today.

However there has been a financial hiccup and I hope it can be rectified as soon as possible. I'm one of these people that always pays bills on time or earlier, so I feel a bit uneasy about the mix up.

This is what happened, last Tuesday I made my 6 week payment. A week passes and I don't hear whether the payment has been received, so I thought I would follow up with an email.  I received a response very quickly telling me that I had paid it into their old account and that account has now been closed.

So as you can imagine, I'm a tad stressed.

I am partly to blame as they did note that their account details had changed in their 6 week email to me,  but it was towards the end and I didn't pay any attention as it appeared stock standard wording, plus I'd already set them up as a regular payee. Though I am not sure why they wouldn't keep their old account open during a transition period.

So I logged into my Internet banking and the funds have not bounced back, so I have called and spoken to a few people at the bank and have been advised that I need to call back tomorrow when the 'International Team' is working. I'm worried that it will be a painful process to chase up the money and get it sent to the right account.

Hopefully this update will help prevent others from making the same mistake.


Update 25th July 
Spoke to a number of people in the bank and they had sent me a secure email telling me the money had bounced (you think they would call for a large some of money- but then again if 5 days had passed they would have reconverted the funds and I would have lost out $1000) see below.

I have given them the correct details and the funds should be reissued in the next few days.


Dear Sir/Madam,

We refer to your instruction to remit an International Payment for INR 536,968.18 on 18/07/2012, in favour of SCI HEALTHCARE VISHAL DUTT GOUR, which was sent under our reference xxxxxxx

The overseas bank is unable to make the payment in terms of your instructions and they have cancelled it, returning the funds to us (less their charges) as "UNABLE TO APPLY - 'BENEFICIARY ACCOUNT CLOSED".

We are presently holding the sum of -- INR 536,468.18 and seek you instructions for disposal.

If you would like to provide us with new information, we will send a new payment

Please confirm the amount for which you would like the payment to be resent

Original amount- INR 536,968.18.

(Please provide authority to debit your account with INR 500.00 being the difference amount)


Returned amount- INR 536468.18

*** PLEASE NOTE: If no confirmation is received concerning the amount that needs to be re-effected, we will re-effect the payment for the returned amount ***

If you instruct us to return the funds to your ANZ account, we will convert at the current day's prevailing exchange rate.

If we do not receive your response by close of business 27/07/2012, we will credit your account using the current day's prevailing exchange rate.

As per current prevailing exchange rate the loss is AUD 950.00 

If you have any questions, you can make an enquiry via Secure Mail. Simply select Contact Us from the left-hand navigation menu of ANZ Internet Banking and choose International Enquiries.

We look forward to your reply.
Note: If you would like to receive a text message to notify you that we have sent a Securemail, please log on to Internet Banking and add your mobile number under 'Change Personal Address / Contact Details' in the 'Update Details' tab. If you require assistance please call 131314

The Manager
Customer Enquiry Unit
Payment & Cash Operations
ANZ REF: ROF9888895/SK


  1. OMG!!!! what a nightmare hope it all gets rectified ASAP for you!

  2. Eeeek - hopefully it is sorted pronto.

  3. Ouch! Personally I'd double check with the bank re the exchange rate loss. It sounds way too much. If you go to www.xe.com you can view a chart of the relatively stable AUD/INR relationship over the last day/week/month etc including dates. Hopefully they've made a mistake somewhere. Good luck.

  4. It has all been sorted out now, several phone calls and emails later.

    Tom - I had to read the letter a couple of times, as I thought I had been charged $950.

    I would only have lost that amount if they had exchanged the rate back into Australian dollars, (i guess that is the reason they were keen not to follow up with me and let the email sit there until the 27th.

    You are also right about xe.com - there rates are slightly better and I should use them instead.

    Here was the last email the bank sent me before i decided to call them back.

    Dear Sir/Madam,

    We refer to your SecureMail dated 25/07/2012,

    Please note, you have given two account names(SCI HEALTHCARE and Vishal Dutt Gour) and one account number. Hence, we request you to provide the correct final beneficiary's account numbe to which funds need to be credited.

    If you have any questions, you can make an enquiry via Secure Mail. Simply select Contact Us from the left-hand navigation menu of ANZ Internet Banking and choose International Enquiries.

  5. Great to hear that it has been sorted out! There is enough stress to add this kind of issues. I have also been working with XE and I am quite content with the service.
    Best wishes with your journey, I hope meeting you in Delhi in some months ... jejeje

  6. Hey Adrian, Glad to hear it got sorted out. I used ANZ for our first round of money transfer but now use XE and have found that much easier as well as having better exchange rate and $5 cheaper than ANZ for transfer fee. I recently sent out 16 week payment and it got there/received within 5 days so happy with that.

  7. Indians get a bit grumpy when money becomes an issue...