Stuck International Remittance – No Response from a US Bank (a NYSE listed company)

[vickysgong]

On December 5 2024, I initiated a large USD international transfer from my Hong Kong bank to a crypto company, whose clearing bank is as US Bank (a NYSE listed company). However, the recipient still hasn’t received the funds.


Upon checking the MT103, the money appears to be stuck at the US Bank.


Growing increasingly concerned, I requested a recall on December 12, 2024, but was told that the US Bank rejected it.

My recipient has also reached out the US Bank multiple times via email, providing all necessary details (includingg the MT103), yet no response from the US Bank.


I feel completely helpless—who can I turn to? Is my money lost forever? This is a significant amount for me, and I would deeply appreciate any advice on how to escalate this.

[shafiq]

Formally registering a complaint with regulator will only work in cases like this. It will be a slow process, but the money is yours and you will receive it. You are client of the HK bank and though its their responsibility, they will be unhelpful in most cases.

https://www.investor.gov/introductio...ing-regulators

On December 5 2024, I initiated a large USD international transfer from my Hong Kong bank to a crypto company, whose clearing bank is as US Bank (a NYSE listed company). However, the recipient still hasn’t received the funds.


Upon checking the MT103, the money appears to be stuck at the US Bank.


Growing increasingly concerned, I requested a recall on December 12, 2024, but was told that the US Bank rejected it.

My recipient has also reached out the US Bank multiple times via email, providing all necessary details (includingg the MT103), yet no response from the US Bank.


I feel completely helpless—who can I turn to? Is my money lost forever? This is a significant amount for me, and I would deeply appreciate any advice on how to escalate this.

[vickysgong]

Thank you a lot for you reply!

I have filed a complaint to HKMA about it. HKMA has asked my HK Bank to follow up. My HK bank has made several recalls from the recipient's bank (The US bank). But it seems the HK bank can do nothing if the US bank does not agree the recall.

should I register a compliant to the US regulator- Office of the Comptroller of the Currency(OCC) ?

Thanks a lot!

[ArrynField]

AML is normally 7-14 days. It’s longer if the case is more complex.

Ask recipient to continue to chase.

Show clear proof of where the source of your funds came from and what the current use is for.

Large Funds to a recipient may raise scrutiny concerns. If it involves Crypto, banks anre even more cautious. Different countries have to comply with different laws.

[ArrynField]

Ask recipient to contact:-

https://www.consumerfinance.gov/complaint/

https://www.federalreserveconsumerhe...it-a-complaint

https://www.occ.treas.gov/topics/sup...omplaints.html

[paddylast]

Were you sending the money to yourself? Are you making an investment in crypto?

Maybe the crypto company is under investigation in the US and all transactions are suspended until investigation is complete?

[hullexile]

Ask recipient to contact:-

https://www.consumerfinance.gov/complaint/

https://www.federalreserveconsumerhe...it-a-complaint

https://www.occ.treas.gov/topics/sup...omplaints.html

Now may not be a good time

https://www.google.com/amp/s/www.bbc...y48101n19o.amp

[vickysgong]

Thanks a lot for your information. I will try to reach out

[hullexile]

Thanks a lot for your information. I will try to reach out

Don't give up, keep going at them.

I had an international transfer disappear. The sending bank insisted it had been sent, the receiving bank denied all knowledge of it. After a month it turned out the transfer had been bounced back to the sending bank who had somehow not put it back into my account. I got compensation.

[traineeinvestor]

Don't give up, keep going at them.

I had an international transfer disappear. The sending bank insisted it had been sent, the receiving bank denied all knowledge of it. After a month it turned out the transfer had been bounced back to the sending bank who had somehow not put it back into my account. I got compensation.

Both myself and Mrs Traineeinvestor have had similar experiences (minus the compensation) with the monet eventually ending up back in the account of origin. I'm guessing it's more common than the banks would like to admit.