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19 Nov 2023  (4054 Views) 
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Tan Kin Lian - Perspectives


Unable to transfer funds into my DBS bank account
I closed an account with a trading platform (Plus 500) and asked to transfer the balance of about $10,000 to my bank account in DBS. 
 
Plus500 said that they had to transfer the money to my PayPal account, as I funded my trading account through PayPal.
 
I suspect that this could be a requirement imposed by MAS, as part of anti money laundering.
 
It was troublesome but I had no choice.
 
My PayPal account was linked to my two DBS accounts and a DBS credit card. I transferred my PayPal balance to  a linked DBS account.
 
After a few days, PayPal told me that the transfer failed, as the bank required some information that was not provided. 
 
I tried again with the second bank account. It failed again.
 
I checked with DBS bank through my relationship manager. She could not find the cause of the rejection.
 
I tried to transfer the balance to my credit card. It failed.
 
I suspect that the DBS system had some problem and could not accept incoming transfers. 
 
PayPal charged me a fee of $5 for each the 2 failed bank transfer and $15 for the failed credit card transfer. I lost $25 in penalty and went through a lot of trouble and delay. 
 
I communicated this problem with DBS bank and PayPal. The issue is still unresolved. My money is still stuck with PayPal. 
 
I will now have to raise this matter with MAS. I hope that MAS will get the two financial institutions to investigate the cause of the problem.
 
If one of them is at fault, I hope that MAS will impose a large fine on that party for the trouble caused to me  and the unjustified fee imposed by PayPal.
 
Tan Kin Lian


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