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SWIFT problems
Thread poster: Branka Stankovic McCarthy

Branka Stankovic McCarthy  Identity Verified
Serbia
Local time: 06:52
English to Serbian
+ ...
Sep 20, 2007

Hiya all,

Well, I'm not really sure if this is a genuine SWIFT problem but need your opinion anyway.
This client has been stringing me along for the last 3 months with regards to paying my invoice. They finally told me they've transferred my money on the 7th of September. Having received nothing after 10 working days, I've contacted them yesterday requesting the payment reference number only to be informed by them this morning that the money was 'refunded' to their bank account and that they have reissued the payment yesterday. My question as to the reason for this 'refund', remained unanswered.
I've e-mailed them back requesting once again proof of payment and they've sent me their SWIFT code?!?! The client is in Spain and I'm in Serbia. So far, I've been receiving SWIFT payments from all over the world without any problems.

My question is: Would they get any form of confirmation or the receipt for online SWIFT transfers? Surely, they must have a reference number of some sort.

And as a sub question, could anyone suggest a good collection agency in Spain as my gut feeling tells me they are lying through their teeth.

Branka


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Margreet Logmans  Identity Verified
Netherlands
Local time: 06:52
English to Dutch
+ ...
Go with your gut feeling Sep 20, 2007

It all sounds fishy to me.

Good luck!
Margreet


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patyjs  Identity Verified
Mexico
Local time: 23:52
Spanish to English
+ ...
Similar problem... Sep 20, 2007

I am going through a similar payment problem also with an agency in SPAIN. This is one of those 60 days plus end of the month jobs, so it was due on August 31 and I still haven't received anything. The latest thing is that the agency in question has promised to send me the copy of the transfer...so far nothing.

In fact, a couple of weeks ago the person I had been corresponding with suddenly removed his email address...well, that's the only explanation I can think of. All my mails bounced right back. I had to find another person in the same agency and I managed to get a reply from him. But as yet nothing satisfactory.

I have been told (since) that wire transfers from Spain are notoriously unreliable so when I saw a job posted from a different agency in Spain I didn't even bother to quote; shame, because it sounded like an interesting project.

Branka if you want to write to me personally we can swap stories...maybe it's the same agency.

In the meantime, best of luck, to us both!


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Anna Sylvia Villegas Carvallo
Mexico
Local time: 23:52
English to Spanish
Banks in Spain are outdated... Sep 20, 2007

Some banks (maybe all) in Spain are outdated and oldfashioned.

Bank employees are not taught to manage modern bank transfers. They always send money abroad to the wrong correspondent bank, to the wrong SWIFT code (even if they have the right one at hand), etc., and finally they conclude reimbursing the money to their client account MINUS the cost of "the service".

I have a couple of evidences about this problem from Spanish banks, and they can surely prove their error via fax to their/your client.

My advice: find a better way to be paid. Maybe PayPal or another service alike?


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Vito Smolej
Germany
Local time: 06:52
Member (2004)
English to Slovenian
+ ...
"find a better way to be paid." Sep 20, 2007

I got paid in 24 hours - after the agency realized I did provide them with my Moneybookers account (3 weeks ago). So it's not all that murky in Spain, except when it's murky (sg).

I would in any case refrain from falling prey to some kind of a Stockholm syndrome with the agency regarding the sad state of banking affairs in Spain. I could not care less about it - they do not care either if our hard disks crashed, if our lines are down, if our Translation memory have mysteriously disappeared.

The one thing I care about is delivering on time but then also getting paid and that means getting paid on time.



[Edited at 2007-09-20 14:18]


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Ralf Lemster  Identity Verified
Germany
Local time: 06:52
English to German
+ ...
Reconciliation Sep 20, 2007

Hi Branka,
...only to be informed by them this morning that the money was 'refunded' to their bank account and that they have reissued the payment yesterday. My question as to the reason for this 'refund', remained unanswered.

Sounds like they used incorrect payment details, and the payment was returned (which may take 1-2 weeks).


My question is: Would they get any form of confirmation or the receipt for online SWIFT transfers? Surely, they must have a reference number of some sort.

They should have a confirmation that the payment was debited from their account (for an international transfer, that confirmation should show the payment details).
For a confirmation of the SWIFT transfer, they would need to ask their bank.

Best, Ralf


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Adi Al-Ka'bi
Local time: 09:52
Arabic to English
+ ...
Always Mention The Name of the Correspondent Bank Oct 4, 2007

I've had a similar problem before. I had to send a transfer twice because it came back the first time. At the time I did not know what a correspondent bank was or even meant. I later found that it means a bank in New York that represents the bank of the person that you are sending the transfer to the receiver of the transfer. I understood then that all transfers are sent to New York, where a world wide clearance arrangement is located. The transfer goes to its representative bank, which then sends it to the bank that represents the receiver's bank. All banks that deal internationally must be associated with some representative bank in New York (some might represent themselves).

Hence if the representative bank of the receiver's bank is not mentioned when the transfer is made, the transfer might either be returned or sent off to the wrong representative bank and be returned again. It's best that you find out which bank represents your bank in New York (it's called your bank's "Correspondent Bank"). Whenever you give your bank account details to anyone to pay you, mention which bank is your bank's correspondent (representative) bank. You can find that out from your bank r from visiting your bank's website if they have one. It's normally, though not always mentioned on the site somewhere. If you make a search for say "name correspondent bank banking" ("name" means your bank's name), you might come up with what you are looking for.


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Ralf Lemster  Identity Verified
Germany
Local time: 06:52
English to German
+ ...
Only for banks without SWIFT connection Oct 4, 2007

Hi Adi Al-Ka'bi,
A slight correction, if I may.

I understood then that all transfers are sent to New York, where a world wide clearance arrangement is located.

That depends on the currency - this is correct for (most) US dollar transfers, but not necessarily for other major currencies.

The transfer goes to its representative bank, which then sends it to the bank that represents the receiver's bank. All banks that deal internationally must be associated with some representative bank in New York (some might represent themselves).


A correspondent bank is usually required for international money transfers if the sending and/or receiving bank(s) is/are not directly connected to the SWIFT network - essentially, the correspondent provides the 'bridge' into the system.

Best regards,
Ralf


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Adi Al-Ka'bi
Local time: 09:52
Arabic to English
+ ...
Correspondent Bank Dec 9, 2007

Hi Ralf,

You are probably right. All my transfers are to associate translators and the agreements with them are in US dollar ($) payments. It's probably why they've all been through that system each time I've transferrred.


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