Funds Transfer
Forex

Just for your Information:

With the emerging IT tools in the banking industry, United Bank for Africa is not ready for real business. I find it very difficult to believe that a bank like UBA will take over 2 weeks to effect funds transfer as a result of bad banking policy. I was also shocked to hear that Lagos branch is the only hub for forex which means other branches will have send their transactions to lagos for processing. Infact, the chaps in lagos office always insist that the branch office send not just scanned copies via the bank email but the original paper work via DHL or UPS which automatically delay the transaction by minimum of 3 - 4 days.

My very close friend had a terrible experience with UBA during his funds transfer to his bank in the UK. He funded his account as agreed and provided all required documentations for the transfer but to his greatest surprise the bank came back to him 2 weeks later demanding for extra money due to increase in exchange rate as a result of delay in getting his papers work across to lagos.

UBA should lean from standard Chartered bank and all other big players in the banking industry, they should learn to process transaction on time with agreed terms and not keep it for 2 weeks and thereafter demand extra money from their customers as a result of increase in exchange rate.

UBA should also create new foreign transaction hubs in different regions in the country and stop relying on lagos as the only processing point as this creates bottleneck if the files from other branches are far more than the staff strength in lagos.

I hope the bank will turn a new leaf as we approach 2009.

All the best.

Company: Funds Transfer
Country: United Kingdom
Region: England

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