Ok so this happened to me this week and now i have reason # 1050 for "Why we need Bitcoin".
So this my friend in another country was suppose to send me some money which I needed on a bit urgent bases.
He's in Malaysia and due to recent COVID-19 related lock downs all the businesses are closed except for essentials one. Money is an essential need so we thought these money transfers should be open. He went to multiple money transfer exchanges but all were closed, as proof he sent me pictures too.
So he did went to three different places but all were closed and we did not have any other option but to use Bank which is the most expensive and very high currency conversion rates. So on 16 July he managed to make online transaction from Bank after entering my details like Passport, Full Name, Contact Address etc. Ideally I should have received the funds after 2-3 working days. But after 7 days I didn’t receive anything I try to inquire with friend and he says nothing, no status just one line in a statement saying Telegraphic Transfer to XYZ without status.
He tried with bank helpline and they made an inquiry ticket and on 8th day 23 Jul, he received a call from his bank saying “Beneficiary bank have declined the transaction with message sender not verified and not a valid transaction reason.”
He asked his bank how he’s not verified? He have his salary account in their bank for last 10 years he should be verified by them and what transaction reason do he need to mention? Since it’s a text box and he wrote “Personal payment”. Anyway they said they will send an email and he have to reply with his current address, valid passport number and additional details of the beneficiary. Remember funds were already been deducted from his account on same day 16 July when he initiated the transaction.
We had waited for the email but it never came and he had to call the bank again and as expected need to make another inquiry ticket. Eventually email arrived have look at this email
So transaction is declined but can you believe money still not credited back to his account? and after another call they said it will take 2-3 business days to reverse the transaction and he had to initiate another transaction with more specific fund transfer reason.
In the end after almost 9 days I did not get the money and we are not sure when will this money be credited bank to his account.
I told my friend "that's why we need bitcoin" but my this friend still not convinced.
He's afraid of Elon I guess, what you think?