looking for some urgent advice on how to deal with HSBC.
Hong Kong registered company, banked with HSBC for years. Last two years have been tough on the business front with very little coming in. Landed a big deal to supply a new customer in the EU, with products from China. This had the potential to be a big long standing customer and the deal was/is extremely time sensitive.
The Manufacturer in China provided an invoice last week that expired in 2 days, the customer sends a 700k euro deposit before the Easter holidays and the funds appear as incoming and being processed, but are returned a day later. HSBC branch said it was returned due to the sending bank. I inform the customer and they shouts at their bank and re send from another EU bank on Thursday evening HK time before the Easter holiday on Friday.
I beg my supplier to hold the invoice price for a few more days and unluckily the Easter break is in this period. On Friday The funds appear as incoming being processed. Supplier agrees to hold the price until COB Tuesday. So yesterday (Tuesday) I spend the whole day on the phone to HSBC begging to expedite the processing.
They give me a bunch of reasons why there’s nothing they can do and after multiple calls, by the late afternoon they tell me that the reason the processing is taking a while is because my account is under review. I go to the branch with all my docs and offer to provide any info about my company or the transaction that they might need. But no one knows anything. I Continue calling all afternoon, being told different versions of the truth, and them saying that they’ll put notes on the system for the relevant team etc, only to be told at 6pm that the payment has been returned. Again. This time because my account is apparently under ‘review’ and therefore can’t receive payments.
I suspect this could have been the reason the first payment was returned too.
My customer is furious and thinks my company are unprofessional amateurs. Supplier is on the verge of cancelling the order, and I’m screwed.
no one notified me of a review, requested any info, or can tell me why the review Is happening or how long it will take, but essentially my account is frozen since I can’t receive wire transfer payments, and I’m losing money.
Does anyone have any tips on how to get this resolved. Seems it’s impossible to speak to the team doing to the review