Inefficiency of Standard Chartered Bank Limited Nepal

By Bijaya Malla

I am writing this Blog to show an evidence of inefficiency of Standard Chartered Bank Limited, Nepal. I believe Mysansar is a proper site to highlight this issue.

I am living in Switzerland since 5 years and very much impressed by the quality and standard of Swiss Banking systems. The quality of Banking services in Switzerland is one of the best in the world.

UBS

Recently I have sent money from UBS Bank, Switzerland to my account in Standard Chartered Bank (SC) bank, Kumaripati Branch, Nepal. The money was sent through e-banking on 28/10/2013 hoping that the money will arrive in Nepal in 2-3 days as it should.

However, after many phone calls to SC bank, the bank told my relatives in Nepal that the money has not arrived even after 2 weeks.

On 10/11/2013, the SC bank finally admitted that the money had arrived but the beneficiary’s name was incorrect in the e-bank statement. I have given my relative all the rights to use my account and withdraw money whenever necessary so that I mentioned his name in the Beneficiary’s name instead of mine.

Unexpectedly, the bank refused to save the money into my account in Nepal so my relative could not withdraw cash from SC bank, Nepal. When my relative asked SC bank officials (on 10/11/2013) that he can provide necessary documents through UBS, Switzerland bank requesting the correction of mistake in Beneficiary’s name and allow withdrawal of the money,if necessary. But, the officials said that the money will be sent back to Switzerland the same day (10/11/2013) and any such documentation will not help.

Surprisingly, the SC Bank did not send the money until 17/11/2013. My relative called SC bank again on 17/11/2013, and the SC bank officials shamelessly told that the money will be sent on 21/11/2013 ONLY. This means the money will stay at SC Bank for almost 3 weeks that needs to be delivered to client in 2-3 days or sent back to Switzerland immediately. Now my question to SC bank are as follows :

1. Why the bank did not inform me or the UBS bank, Switzerland in time that the Beneficiary’s name was incorrect ? Here, time means those 2-3 days that the money arrived in SC bank Nepal from UBS , Switzerland.

2. Why the Bank officials said that the money will be sent back to Switzerland on particular day but has not sent yet (means until 8 days ?)

3. As the money in EUR currency stayed in Bank for almost a month, does the SC bank provide me the interest for the amount ?

This shows the carelessness of the SC bank, and it’s inefficiency in delivering quality service as it claims. I would be happy if SC bank could answer all these questions and convince in logical way.

I believe that there are other clients of the Bank who had similar experiences. I request them to come forward and write their experiences.

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