Friday, October 05, 2007

Wire transfer trouble

Right now I am so made at my bank I could kick the greedy, amorphous entity. I have been attempting for the past 3 weeks now to initiate a wire transfer for A's second tuition installment--which was due 3 weeks ago. Sounds simple enough: call the bank's automated toll-free phone number, free even abroad when you use Skype. Write code on a letter that also specifies routing details and amount. Fax the letter to NY land line at your nearest locutorio, costing 1.50.

When I sent the fax the first time I had forgotten to sign it, and by the time I faxed it a second time, the special confirmation code had expired (it is only valid for 24 hours). I was aware of this because of the emails I received from the bank indicating the problems with the fax. I called back to get a new code and then sent the fax again. After sitting around for a week and not seeing the money withdrawn from my account, I wondered what was wrong.

The wire transfer department vowed they had never received the third fax. I asked them how they could expect me to know one way or the other unless they emailed me. The fax machine on this end had reported that the fax was received fine, and I verified the fax number was correct.

The kicker was that during the week lapse, the exchange rate for dollars and euros had changed enough against my favor that I would now be paying an extra one or two hundred dollars just to equal the same tuition amount, in euros.

It seems they only contact you if there is a problem, but not automatically to confirm receipt (they ought to). So then the fourth fax attempt, a week ago; it was received but they said I had transposed two digits in the confirmation code. I got a new code, copied it painstakingly and sent the fifth fax last Monday, but I had to wait until Wednesday to call and check on whether it had been received because the wire transfer department is only open 9-5 EST. They said they hadn't received it. Today I sent a sixth fax, and when I called to check on it they said it had not surfaced.

I am wasting money and time on these faxes and I am losing my sanity and even more money as the foreign exchange rate continues on a downward dive. How can these faxes not be received when the number is correct and I double-check that the fax goes through? How come their department is open only M-F, 9-5, when everyone in their customer service call center is actually located in India?

Does any one have any suggestions about alternatives to transfer money to a foreign bank account? The university is not about to pick up cash from a Western Union or other moneygram company, so that is not an option. Right now, I'm planning to do just as they tell me, in their lilting Indian call center accents: "What I can recommend is that you call and get a new confirmation code and send the fax again, and then call us back..." and then hear it wasn't received...rinse...lather...repeat...

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