Wiring money from Hong Kong to Australia

Leuges116 on 19/01/2016 - 12:15

Hello,

My parents wired me $50,000 AUD (yes, 50k!) from their Hong Kong bank to my account with ING Direct here in Australia. This was on 31 December. I know it was the new years and holidays, but it's nearly three weeks now and I still haven't received it. I called ING, they said to be patient and wait a few days to see what happens. However, nothing.

I know it's a lot of money, so maybe the holdup is because it's going through police checks possibly? Does anyone know why the delay? Similar experiences?

Thank you.

Financial

Comments

  • CheapandUsed on 19/01/2016 - 12:42

    http://www.chinalawblog.com/2016/01/getting-money-out-of-chi…

    Maybe the regulator thinks your parents are up to something.

    • SnoozeAndLose on 19/01/2016 - 12:49

      Hong Kong is pat of China but money go out of Hong Kong System is different from money go out from China system.

      Three weeks is normal for the new year, better check from Hong Kong end as they may be the one holding the transfer.

      $50K is not a lots of money therefore nothing you need to worries.

  • JimB on 19/01/2016 - 12:43

    Lucky you.

    How was it transferred? Telegraphic Transfer using swift/BIC codes?

    I would ask your parents to contact their bank to see if there are any issues and ask them to trace the transaction.

    I don't want to alarm you, but it doesn't sound right. I TT money once in a while and it's there the next day.

  • ykwon10 on 19/01/2016 - 12:45

    If your parents did TT, it should be almost instantly. Did a few times and it appears in account in matter of hours or worse case the following day.

  • [Deactivated] on 19/01/2016 - 13:07
    +7

    I was wondering where that $50k in my account had come from

  • euges116 on 19/01/2016 - 14:59

    The money was transferred using Swift/BIC codes, so yes. Is that the same as "telegraphic transfer"? Never heard of that term before. Anyways, I guess I'll wait until the end of this week, and if still nothing, I gotta get the money traced… Thanks all.

    • retiredfeline on 19/01/2016 - 15:01

      Yeah, TT is the old term when they used to wire the transfer instructions through the telegraph system but these days it's all done by computers and should be usually instant and highly likely next working day.

  • SoBargainVerySave on 19/01/2016 - 17:07

    Ask them to do a trace from their bank, they should be able to locate where the funds are. TT's from Hong Kong shouldn't take more than 2 working days.

  • verio on 19/01/2016 - 20:03

    International transfers usually take 2-3 days if processed without any delays.

  • redforever on 20/01/2016 - 13:19

    Should check the bank account details. Did you provide the bsb number? This is important because Australia don't use IBAN number. Banks in hk should be familiar with this and i expect them to ask if not provided in the first place.

    I got an incoming tt last week and i received it the next day.

  • hickman120 on 22/01/2016 - 08:59
    +2

    (I know it's too late now, but…) next time you may consider using a service like TransferWise to transfer the money. It probably won't be quicker but you'll probably save yourself a ton of cash on the commission and fees over transferring with a bank.

    Transferred $10k from Australia to HK (the opposite direction) just last month and it was quick, cheap and painless.

    I'm not a TransferWise rep.

    • illumination on 24/01/2016 - 00:55

      Heard good things about TransferWise too (haven't used them yet).
      Other options are OzForex and/or CurrencyFair.

      I have used CurrencyFair and they are also good - but am intending to try TransferWise next time.

      • hickman120 on 24/01/2016 - 12:22

        To be honest I went to OzForex first and had a terrible time - it took them 4 days to review my ID and transfer request and after 4 phone calls, they wouldn't accept it - they wasted so much of my time.

        Went to TransferWise - within 15 minutes of signing up my ID had been verified and 10k was on its way to Hong Kong. Couldn't believe how simple it was in comparison to OzForex, I think maybe because the ID process was automated and required no human verification at all.

        Just my experience though, maybe others would be different!

  • Baghern on 28/01/2016 - 10:10

    Any update on this?

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