International wire transfer. Having my money misplaced
Thread poster: Javier Herrera
Javier Herrera
Spanish
Mar 7, 2005

Dear all,
I recently paid some money through an international transfer from the UK into Canada and the benefitiary never got it. It's been two months now!!
I should think the UK and Canada are countries with an long banking tradition and many business relationships between them, so I'm shocked that something as commonplace as a bank transfer causes any trouble!
The benefitiary, as I said, didn't receive it and my bank will charge me if I ask them to track it and find out where it went.
I'd like to know if any of you has had similar problems and what you did to sort them out.
It's not the money I may lose that upsets me the most, but the head-ache I'm getting from such a supposedly simple transaction, and the fact of not knowing whose incompetence this is due to.
Best regards,
Javier

If somebody's wondering why I chose to do an wire transfer and not pay with card or cheque, I did it because I did. The benefitiary offered me the possibility to do so and the website wouldn't take the card that day. He shouldn't blame me (as he is) for choosing and unreliable method of payment.

[Edited at 2005-03-07 15:28]


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NancyLynn
Canada
Local time: 10:30
Member (2002)
French to English
+ ...

MODERATOR
A couple of questions Mar 7, 2005

Hi Javier,
Could you tell us which banks are involved? If I know the Canadian bank you dealt with, I can *maybe* help you...

Nancy


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Claudia Iglesias  Identity Verified
Chile
Local time: 11:30
Member (2002)
Spanish to French
+ ...
You'll have to do it Mar 7, 2005

Dear Javier

I'm afraid you'll have to ask your bank to track the payment, otherwise you might never hear again about your money, except from the person who didn't receive it.
I don't know if in case it's proved that the bank is responsible they will take in charge the fees for tracking, not to talk about paying an indemnity.

But if you want to listen other stories I can tell you that our French bank misplaced more than 20,000 US$ sending them to another bank in Miami. The money was "lost" for two months and we didn't wait for two months before asking to track it.

Claudia



[Edited at 2005-06-21 02:25]


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Ralf Lemster  Identity Verified
Germany
Local time: 16:30
English to German
+ ...
Bank investigation Mar 7, 2005

Hi Javier,
If you consider the sheer number of transfers executed, bank transfers are a reliable form of payment, IMO. Still - errors do happen, of course. Did you double-check if your payment order was correct and contained all the required details? If you got a confirmation with the debit, have you cross-checked this for any entry errors?

The benefitiary, as I said, didn't receive it and my bank will charge me if I ask them to track it and find out where it went.

Ask them again: I know about investigation charges, but only if it wasn't your bank's fault (IOW they cannot charge you for investigating an error which may turn out to be their own).

Thing is, the only realistic chance of tracking the payment is on your end.

Best regards,
Ralf


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Javier Herrera
Spanish
TOPIC STARTER
... Mar 7, 2005

To all,
Thanks very much. I'll get in touch with him once more and if it's not sorted, I'll have my money tracked. I was nearly sure I would have to do so, after all, if he said no, he didn't get it, he's likely to say no, he didn't get it again.
To Nancy,
National Westminster (UK)
Bank of America NY (US)
I forgot to mention it's actually an American bank because he wanted the money in USD. The fact that three countries are involved may be of interest.
Thanks again,
Javier


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Andy Lemminger  Identity Verified
Canada
Local time: 08:30
Member (2002)
English to German
Unreliable Transfers Mar 7, 2005

It really depends on the banks involved. Being in Canada myself I first chose a bank that never could get the job done.

Although they are Top 5 in Canada they gave me 6 (!) different wiring instructions for inbound wires. Sometimes the money arrived (from Great Britain), sometimes it didn't and the sender got it back over two months later.

So just don't be surprised: It happens. I could only get things working by choosing another bank.

Best regards

Andy


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Rosa Maria Duenas Rios  Identity Verified
Local time: 10:30
Now you've got me wondering... Mar 7, 2005

Javier Herrera wrote:

To Nancy,
National Westminster (UK)
Bank of America NY (US)
I forgot to mention it's actually an American bank because he wanted the money in USD. The fact that three countries are involved may be of interest.
Thanks again,
Javier


To my knowledge, there are no Bank of America branches in Canada, at least not for commercial banking, so if the final destiny of the transfer was Canada, there would have to be a third (Canadian) bank involved. Do you know which one it is?From what you mention, the money might very well be sitting in NY at this point.

Hopefully Nancy has some more insights to this.

[Edited at 2005-03-07 18:42]


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lien
Netherlands
Local time: 16:30
English to French
+ ...
Tranfert europe-canada Mar 7, 2005

To send money to a bank in canada you need the SWIFT number of the bank, the bank number (the one where you actually have an account open in your town) and the account number.

You only goes via an american bank if you send USDollars. If you send any other currency it's straight on.


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Graciela Guzman  Identity Verified
Argentina
Local time: 11:30
English to Spanish
+ ...
Swift number Mar 8, 2005

Have you checked the swift number? This could be the problem.

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davidgreen
German to English
SWIFT/BIC codes and problems with £ to $ Mar 8, 2005

My experience has been that money can get hung up (only with or between certain banks)if you sent the money for example in pounds sterling to an American bank as opposed to having your bank send the money as dollars. This cause a couple of my transactions to get sent to a third bank or banking institution where it just stayed. In that case it was an "American Express" something or other that I think was just responsible for changing between the currencies. Also, sometimes one bank doesn't recognize the swift code or BIC from another for whatever reasons.
I certainly don't believe you should pay to have them track the money you've already paid them to transfer. You may have to but I would keep asking for higher supervisors using the tactic that you've paid for a service and didn't get it.


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Javier Herrera
Spanish
TOPIC STARTER
Thanks again Mar 9, 2005

It seems like we got the bank's name wrong. Actually there is a Canadian bank involved and one American (correspondent).
I don't actually know if he gave me the details correctly. I'll dig them up and keep you informed.
Cheers,
Javier


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kylemcgee
English
International Money Transfer Problems.. Jun 21, 2005

Hello -

I saw some other posts regarding this.. I wish I would have looked into this more before I sent my money via an international wire transfer!

I sent about $400 from the states to India about 4 months ago. It never arrived. My bank (Citibank) said that they have sent a 'non-receipt' claim. They also said that they have no estimated time frame for an answer to this claim. They have been really difficult to deal with, but I am not so suprised - Citibank has very poor customer service in general.

Is there some other way to track international wire transfers? Is there not some independent service? I have the Global ID and the System Ref #. Citibank said that this would be all that is necessary..

Any help would be appreciated. I live in Thailand now and dealing with my bank via email or phone has been extremely difficult.

Thanks in advance -

Kyle McGee


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