Quote:
Originally Posted by bullterrier
Frozen account is a terrible thing to happen.
I think the remittance houses have option for bank transfer with a slightly lower rate, difference is only 10 to 15 cents, with zero risks. The WLs should know this when they go and send money, unless they want a higher rate with risks.
Recently I sent money to someone in China, the teller advised me to do the bank transfer method at the remittance.
Most go back may have other reasons.
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The reason the money is always frozen is because the cb remittance company wants to earn more money and they don't actually send the SGD into China via proper channels. What they do is to seek out partners in China who wanna get their RMB in China out and then do an undertable swap. The RMB the remittance company gets via swaps is usually dirty money and that results in a bank account freeze when their customers get sent dirty money.