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“Very slow wire transfer in Asian countries”

written by on 19/02/2014

Our money was in the Forex account Jan 29th. My son did not receive his living expenses in his account until Feb 17th. It took Canadian Forex 14 business days to wire transfer which was not what I was lead on to believe. Their first excuse was Chinese New Year Holidays, their second excuse was they need to do due deligence and their third excuse when I called, was because the bank in Taiwan was holding the funds for 5 business days. This they claimed was very regular when dealing with exotic funds. When I first contacted Canadian Forex I was impressed with the expedite account opening and setting up the transfer. What I was not told was the multiple delays in dealing with exotic funds (Taiwan$$)and public holidays for Asian banks. I was lead on to believe it would only take 3-5 business day to wire transfer to Taiwan which is faster than giving a bank draft to my son. I believed it without considering the latter. Boy, was I wrong to be misleaded and provided with incorrect information.