I recently came across a new product/ service by CIBC First Caribbean (FCIB). In December, I finally had the opportunity to try it. A situation popped up where I had to send money to a friend in the United Kingdom. This was my first attempt at using 1st Send Money Transfer, an international money transfer service. In the past, I used other banks for international wire transfers, but the fees were very pricey. I must admit that the 1st Send ad caught my eye, mostly because of the USD 17 fee for transfers less than USD 500.
When you visit the FCIB website, you will find a long write-up about the service. There is information about where you can send money to, the fees, and a video that explains how to send a wire using 1st Send. There are also links to Frequently Asked Questions, Terms and Conditions for electronic banking, submission deadlines for transfers and the bank’s Schedule of Charges.
How First Caribbean Sells 1st Send
1st Send is touted as “the better way to send money to friends and family overseas.” The bank recommends that customers use this service if they want to transfer up to USD 10,000.00 or the local currency equivalent. The service is supposed to be a low-cost alternative to the traditional international wire transfer service. However, it is the only international wire option for clients in Barbados and the Bahamas because First Caribbean dissolved its in-branch wire services in those territories.
Customers can send funds to individuals in Belgium, France, Germany, Italy, The Netherlands, Spain, and the United Kingdom. Some territories in which the bank operates, allows customers to send funds using 1st Send without exchange controls. The central banks in Barbados and the Bahamas require additional documentation for international transfers.
My Experience
My experience with 1st Send was not what I expected, especially because this is the only option to send funds internationally via First Caribbean.
I decided to prepare the transfer early on a Wednesday morning, so that I could complete the Central Bank form and take it to the bank well in advance of the 10:00 a.m. cut-off time. It was very easy to prepare, and I was pleased that I could see what they fees were upfront before I submitted the transfer. By 7 a.m. I had completed the transfer in the online banking portal on the website, populated the FC form and also printed copies of the transfer, the FC form and the notification from my bank account.
Wednesday, 3rd November 2021
I got to the bank about 7:30 a.m. and took my place in line. When the bank opened at 8, I was second in line to see the Customer Service rep. When I got to her, she looked at the form, made a phone call, and sent me downstairs to see another rep. I ended up speaking to one of the tellers who took the forms and gave me another form (a declaration from the Central Bank of Barbados) to complete and sign.
A process of dropping off a form for an online transfer took me 40 minutes from the time I entered the bank, to the time I left. There is no reason why I should have to spend so much time in a bank to drop off a form for an online service. When I got home, I sent a message to the bank’s IG page telling them that the process is flawed. I suggested that there should be a dedicated email inbox for online transactions that is monitored regularly. They replied on Thursday morning, with an apology for the inconvenience and thanked me for the feedback.
Thursday, 4th November 2021
On Thursday, I checked my account online to see the status of the transfer. It was listed as “Pending.” I contacted the bank through their live chat and the rep advised that 1stSend transfers take 3 business days to process. I asked him why. He said that the transfer has to go through several processes. So, I asked what processes. He replied that he could not detail the bank’s internal processes. The conversation ended shortly after because the portal timed out.
Friday, 5th November 2021
On Friday, I checked my account again to see if the transfer was successful. It was still listed as “Pending.” Once again, I contacted the bank through their live chat. The rep researched the transfer and said that it was not completed and that they would escalate to their team to have it expedited. I thanked him and explained that I would be visiting the branch on Monday morning to speak to a senior employee. When I was finished chatting with the online rep, I sent a message via Instagram to let them know that I was still waiting to have a wire that I sent through 2 days ago, processed.
Saturday, 6th November 2021
On Saturday, my family member contacted me and advised that the funds were received. Unfortunately, there was no alert from the bank.
Lessons Learned
If you are considering using the 1st Send service at First Caribbean, please pause, and consider the facts below.
- 1st Send should not be used for crisis situations. The online rep said that transfers can take up to 3 business days to be processed. I did not see this written on the landing page or on any of the documents referenced. My transfer took just over 3 days.
- Updates about the transfer are not easy to obtain. I was unable to get any solid information about the process or the status of the transfer. Hearing that it has not been completed, does nothing other than confirm what was noted in the portal.
- The website does not tell the whole truth. I had to fill out yet another form in the branch which was not mentioned. And the length of time it takes for the wire to be completed was not convenient.
- You cannot send money at any time. I am rebutting this claim because it’s simply not true. You cannot send money at any time. This is because you must visit a branch to submit a form and possibly complete another form.
Would I use 1st Send Again?
So, the big question is, would I use this service again? Yes, I would use the service for regular transfers, that are not urgent. However, for a timely transfer, I would use another commercial bank. I believe that at the lower price point, it’s a good option that gets funds to the beneficiary. However, it requires putting in some extra work, such as tracking the payment and contacting the Customer Service department for timely updates.