Local/International Banks Reputations (with SWIFT/BIC Support)


#1

I require some experienced opinions for reputation of the banks in Pakistan concerning about the SWIFT/BIC support.

can you guys help me with that. my uncle needs an account but I can't give him any good suggestion about that.

I have a few questions about that

1-In what bank do you have account (only swift/bic supported account)?

2-how do you rate your bank specifically for international money transfer?

3-how many days it takes for all the clearances?

4-are you satisfied with its support?

please provide other ups and downs if you have faced once or you face every time with your bank about clearance...

thank you in advance,


#2

all Pakistani Banks Sucks i rate 0 for all


#3

1. I have account in MCB

2. Can't say because I have only received payment once from USA and it was very quick

3. Got payment from buyer in USA with in 12-13 hours directly into my Pak Rupees account. The payment was sent in US$

4. Again since I haven't received much payments hence I can't say


#4

[quote=", post:, topic:"]

I require some experienced opinions for reputation of the banks in Pakistan concerning about the SWIFT/BIC support.

can you guys help me with that. my uncle needs an account but I can’t give him any good suggestion about that.

I have a few questions about that

1-In what bank do you have account (only swift/bic supported account)?

2-how do you rate your bank specifically for international money transfer?

3-how many days it takes for all the clearances?

4-are you satisfied with its support?

please provide other ups and downs if you have faced once or you face every time with your bank about clearance…

thank you in advance,

[/quote]

Stay away from Pakistani Banks that are owned by Pakistani Government or were owned by Pakistani Government.

Habib Bank Limited (bad staff).

United Bank Limited (slow as snail).

National Bank (so notoriously bad and batameez staff)

Allied Bank Limited (is it still surviving?)

These are few names, I might add more here, stay away from them. They still have bureaucracy attitude in them. And for your life’s sake, unless your life is threaten on the point of AK47, never ever, NEVER EVER, EVER!!! deal with National Bank. They are royal pain in the a$$.

There are some good reviews about MCB but I can’t confirm it. Oh, don’t go with CitiBank, the ship is sinking and they have very bad attitude (after you have opened your account) towards their customers.

Transferring money from foreign country to a Pakistani account may not be a happy experience.

I have “lost” wired money in Habib Bank (wired from USA). Their excuse was that it was “sent” to wrong branch by their own mistake. For whole two weeks, I was in distress and finally my account was credited when I threaten them with Ombudsman.

Once with UBL, the wired money was “hold-up” with regional branch for 6 weeks. Until that regional branch manager was able to manipulate his monthly report to get “stars” from his bosses for having foreign currency in his branch. I have to phone up and down to release that money from their regional branch to my account’s branch. Again, threaten them with Ombudsman.


#5

[quote=", post:, topic:"]

I require some experienced opinions for reputation of the banks in Pakistan concerning about the SWIFT/BIC support.

can you guys help me with that. my uncle needs an account but I can’t give him any good suggestion about that.

I have a few questions about that

1-In what bank do you have account (only swift/bic supported account)?

2-how do you rate your bank specifically for international money transfer?

3-how many days it takes for all the clearances?

4-are you satisfied with its support?

please provide other ups and downs if you have faced once or you face every time with your bank about clearance…

thank you in advance,

[/quote]

1. Faysal bank

2. Pretty good. Incoming transfers are free. Some receiving bank’s correspondent banks charge money for incoming transfers. Mine doesn’t.

3. Once I received it within 24 hours. Another time it took 3 days.

4. I wish the staff were more knowledgeable. Wire transfers are complicated. The onus is on the customer to do the research and ask the right questions from the bank staff so as to get the correct bank details.

Regarding clearance, if the remitter is a company you will have to sign a declaration form specifying the service or goods you provided in exchange for the funds. The bank will give you a Proceeds Realisation Certificate (PRC) in exchange. My bank was very cooperative and made this process easy.


#6

thank you all

@wampyr

I am also a customer of MCB with a normal Savings Account but I dont have Swift/Bic account at MCB. and I like their current services, support, specially virtual banking...

TechMan also gave some +ve response about MCB.

Can you tell me the fees or charges on transactions or any thing? in MCB or any other bank.

yes I should walk in the branch and ask them about it but if you guys know about it then it would be much easier to choose one sitting here reviewing the comments from actual customers and this is really more satisfactory about choosing some thing.

@rokra

How long have been customer of Faysal Bank?

Do u have experience with other banks as well with the required type of account(SWIFT/BIC)? if yes... how do u prefer Faysal Bank over them?

It's also preferable fact if there is no fee of any kind.

and the PRC type of procedure could also be the problem in clearance. but I it might be faced in all the banks. NO?


#7

[quote=", post:, topic:"]

thank you all

@wampyr

I am also a customer of MCB with a normal Savings Account but I dont have Swift/Bic account at MCB. and I like their current services, support, specially virtual banking…

TechMan also gave some +ve response about MCB.

[/quote]

hmm I have normal savings accounts in MCB and recive my monthly pay from US fine without any issues.

1-MCB , normal savings account, dont even know if there is something like normal savings account and then swift/bic account , have you checked this with some one ?

2-Getting my monthly pay every month from almost a year now from US , fine without any problem , so I would say they are good. No extra charges are deducated, some of my pk colleagues have account in HBL and they are many time complaining about extra deductions.

[ though at the same time one of my firend has dollar account in MCB and complains about some hidden deducations, I have not faced this issue with my PKR account in MCB ever ]

3- 2 to 3 days.

4-Yes , not bad, Virtual Banking is so cool , balacne checking , online payments, online fund transfer , all clicks away. and yes they give me good rate of dollar always , better than HBL atleast.

Overall I would say go for MCB.


#8

[quote=", post:, topic:"]

TechMan also gave some +ve response about MCB.

Can you tell me the fees or charges on transactions or any thing? in MCB or any other bank.

yes I should walk in the branch and ask them about it but if you guys know about it then it would be much easier to choose one sitting here reviewing the comments from actual customers and this is really more satisfactory about choosing some thing.

[/quote]

I think if your branch is online (which most branches are these days) then you can receive money using SWIFT.

The MCB’s swift code is MUCBPKKA and it is mentioned on their website. So I just gave my account number, name, branch name, branch address and swift code to buyer in USA and he sent me the money. He sent me $300 out of which $17 were deducted as fees so I got $283 in my account after converting to Pak Rupees.


#9

HABIB METROPOLITAN is best


#10

SWIFT-only in Pakistan. Std. Chartered (SCB), MCB, UBL. Speed and service in that order; SCB takes as less as 1 day for some transfers from United States. The support of SCB is usually the best.

P.S. I am only talking about INWARD (receiving) remittances and not for sending SWIFT transfers - for that you need an FCY account.


#11

[quote=", post:, topic:"]

1-MCB , normal savings account, dont even know if there is something like normal savings account and then swift/bic account , have you checked this with some one ?
[/quote]

thanks Riz

can you or any one else clarify the above fact? I never have any money transferred from outside of Pakistan directly into my Savings Account (without SWIFT/BIC Support).

besides it I currently need to have an account with Swift/BIC for some reasons.

[quote=", post:, topic:"]
I think if your branch is online (which most branches are these days) then you can receive money using SWIFT.

The MCB’s swift code is MUCBPKKA and it is mentioned on their website. So I just gave my account number, name, branch name, branch address and swift code to buyer in USA and he sent me the money. He sent me $300 out of which $17 were deducted as fees so I got $283 in my account after converting to Pak Rupees.

[/quote]

As per my knowledge the Swift/BIC are Bank Branch Specific rather than the the whole Bank with all the branches.

and I checked with the Moneybookers, the Swift code MUCBPKKA is not the full code but automatically routed to “MUCBPKKAXXX - MCB BANK LIMITED KARACHI”. Am I wrong?

so isn’t it true that I have to open an account in a branch that supports Swift/BIC?

thank you

[quote=", post:, topic:"]
HABIB METROPOLITAN is best
[/quote]

can you plz provide with more detail

thank you

[quote=", post:, topic:"]

SWIFT-only in Pakistan. Std. Chartered (SCB), MCB, UBL. Speed and service in that order; SCB takes as less as 1 day for some transfers from United States. The support of SCB is usually the best.

P.S. I am only talking about INWARD (receiving) remittances and not for sending SWIFT transfers - for that you need an FCY account.

[/quote]

have you used with all of the above banks

and what are the fees on SCB (if any)

thank you all


#12

[quote=", post:, topic:"]

As per my knowledge the Swift/BIC are Bank Branch Specific rather than the the whole Bank with all the branches.

and I checked with the Moneybookers, the Swift code MUCBPKKA is not the full code but automatically routed to “MUCBPKKAXXX - MCB BANK LIMITED KARACHI”. Am I wrong?

so isn’t it true that I have to open an account in a branch that supports Swift/BIC?

thank you

[/quote]

SWIFT code is per bank not branch. And regarding Moneybookers I have also attached my bank account in my Moneybookers and gave the same code and it didn’t change to the one you have mentioned above.


#13

[quote=", post:, topic:"]

thank you all

@rokra

How long have been customer of Faysal Bank?

Do u have experience with other banks as well with the required type of account(SWIFT/BIC)? if yes… how do u prefer Faysal Bank over them?

It’s also preferable fact if there is no fee of any kind.

and the PRC type of procedure could also be the problem in clearance. but I it might be faced in all the banks. NO?

[/quote]

I have been a faysal bank customer since late 2007.

I have never had an account anywhere else.


#14

Stay away from SCB for incoming telex transfers.


#15

[quote=", post:, topic:"]

Stay away from SCB for incoming telex transfers.
[/quote]

I guess if it’s the same thing as SWIFT transfers. If so, what happened in your experience? My experience with SCB has been pretty good since ~2 years.


#16

[quote=", post:, topic:"]

SWIFT code is per bank not branch. And regarding Moneybookers I have also attached my bank account in my Moneybookers and gave the same code and it didn’t change to the one you have mentioned above.
[/quote]

it might be. but I really dont know about it, so to check it when I tried adding MUCBPKKA code in Moneybookers, it instead detected the code MUCBPKKAXXX with MCB BANK LIMITED KARACHI.

and also there is not a Bank or Bank Branch listed with the code exactly “MUCBPKKA” in Swift Network as a Connected or Live Branch. please see using the form at http://www.swift.com/bsl/freequery.do

and also there are not all the branches listed of MCB as I might have knowledge about it.

may be… when you specify MUCBPKKA, the transfer (with no sense) actually might go to the related branch with the code MUCBPKKAXXX and then the MUCBPKKAXXX branch might transfer the money to your branch, or some thing…??? and if yes then how moneybookers verifies the account physically? I am really not sure.

or you might have that account in the branch MCB BANK LIMITED KARACHI with the code MUCBPKKAXXX. Do you?

would you mind sending me the URL of MCB webpage where the CODE is mentioned?. thank you..


#17

[quote=", post:, topic:"]

1. Faysal bank

2. Pretty good. Incoming transfers are free. Some receiving bank’s correspondent banks charge money for incoming transfers. Mine doesn’t.

3. Once I received it within 24 hours. Another time it took 3 days.

4. I wish the staff were more knowledgeable. Wire transfers are complicated. The onus is on the customer to do the research and ask the right questions from the bank staff so as to get the correct bank details.

Regarding clearance, if the remitter is a company you will have to sign a declaration form specifying the service or goods you provided in exchange for the funds. The bank will give you a Proceeds Realisation Certificate (PRC) in exchange. My bank was very cooperative and made this process easy.

[/quote][quote=", post:, topic:"]
I have been a faysal bank customer since late 2007.

I have never had an account anywhere else.

[/quote]

the facts look good to me really about the Bank in comparison with other reviews about other banks (else than MCB).

and I believe we were talking about Swift/BIC accounts and you too,

can you confirm that the first 3 points are related to Swift/Wire/Telex transfer?

-------------------

Do any one else have any idea about Faysal Bank rokra is having experience with it?

and what do you guys think if such facts are there in a Bank related to concerned topic?

-------------------


#18

[quote=", post:, topic:"]

Stay away from SCB for incoming telex transfers.
[/quote]

thanks for joining

can you please give a bit review or comment on the issue you faced or you heard about any of your friends or relatives.

because before posting the thread I was intending to open an account in SCB. but yes It was good to take a little more time to take reviews before opening and account. and there is a bit of good reviews about MCB. so just got shaken my mind to think little more. because it really doesn’t worth taking the headache of a Bank’s impossible support.


#19

@Asad_N

how long have been with SCB?

can you tell me the charges on transactions?


#20

[quote=", post:, topic:"]

would you mind sending me the URL of MCB webpage where the CODE is mentioned?. thank you..

[/quote]

Here you go:

http://www.mcb.com.pk/psc/remittance/default.asp

May be MCB’s swift code has changed but I am not sure about it.