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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