Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 06-12-2010, 21:41   #1
Registered User
 
Dragon Lady's Avatar

Join Date: Mar 2010
Location: Sydney Australia
Boat: Lavezzi 40, Pourpre
Posts: 949
Transferring Money Overseas

No doubt lots of people have experience with transfering money O/S on the forum, but I don't.
I'm trying to get money wired from Australia to a surveyor in Gaudaloupe but it has been 8 days now and no money has arrived.
The bank tells me it's fine and that it takes time for the money to go through the system.
I'm, sure I'm going to get responses like Ha you've done your dough but everyone I'm dealing with is reputable and I'm sure no one is scaming me.
So is it normal to take this long?
The bank assures me that nothing has bounched back and nothing appears to be wrong.
__________________

__________________
Dragon Lady is offline   Reply With Quote
Old 06-12-2010, 22:04   #2
Registered User
 
markpierce's Avatar

Join Date: Aug 2010
Location: Central California
Boat: M/V Carquinez Coot
Posts: 3,413
Sounds like someone could be profiting from the float (money transferred from your account, but not yet received by the recipient). It should be nearly instantaneous, if not in a few hours.
__________________

__________________
markpierce is offline   Reply With Quote
Old 06-12-2010, 22:10   #3
Registered User

Join Date: Aug 2008
Posts: 393
Images: 2
I have transfered money oversees ( Between US and Europe).
I found out that unless in the instructions there is the note SAME DAY FUNDS, the bank can take its time with YOUR money, as well as any intermediaries, as well as the destination bank. My nightmare was 45 days for a transfer in 1993.

Since then I have learnt to:

Put in "SAME DAY FUNDS" as the instructions.

Get a copy of the transfer with bank stamps.

Get the destination bank to start looking for the money using a scan of the initiating transfer.

Best of Luck.. it is very frustrating, and the more money you send, the longer it can take, as the bank makes money from the float......
__________________
h20man is offline   Reply With Quote
Old 06-12-2010, 22:24   #4
Registered User
 
Dragon Lady's Avatar

Join Date: Mar 2010
Location: Sydney Australia
Boat: Lavezzi 40, Pourpre
Posts: 949
Thanks my bank has just confirmed that the money went into the recipiants bank system nearly a week ago and have suggested the recipiant make inquires from their end.
I think someone may be using my money on the currency market, I'll keep the same day transfer thing in mind for the next time.
__________________
Dragon Lady is offline   Reply With Quote
Old 07-12-2010, 00:05   #5
Registered User

Join Date: Sep 2010
Location: Halifax
Posts: 435
Quote:
Originally Posted by Dragon Lady View Post
Thanks my bank has just confirmed that the money went into the recipiants bank system nearly a week ago and have suggested the recipiant make inquires from their end.
I think someone may be using my money on the currency market, I'll keep the same day transfer thing in mind for the next time.
Many smaller banks do not have the ability to electronically transfer and receive funds so they still do transfers the old fashioned way- via cable or the old SWIFT system which can take up to 2 weeks in some areas. As an ex banker I can assure you we had the ability to track missing payments as should your bank. It's time consuming and a pain in the butt so the "they should investigate from the other end" line becomes a cop out. FWIW.

Regardless, as long as you gave your bank the correct info they should cover any missing payments.
__________________
Brob2 is offline   Reply With Quote
Old 07-12-2010, 01:48   #6
Registered User
 
Dragon Lady's Avatar

Join Date: Mar 2010
Location: Sydney Australia
Boat: Lavezzi 40, Pourpre
Posts: 949
Thanks I was hoping to find someone with banking system knowledge, it appears there is an anomaly between the IBAN number and the account number which should be contained in it's sequence.
At least I'm learning with the small payment and not the big ones.
__________________
Dragon Lady is offline   Reply With Quote
Old 07-12-2010, 19:27   #7
Registered User

Join Date: Sep 2010
Location: Halifax
Posts: 435
Quote:
Originally Posted by Dragon Lady View Post
Thanks I was hoping to find someone with banking system knowledge, it appears there is an anomaly between the IBAN number and the account number which should be contained in it's sequence.
At least I'm learning with the small payment and not the big ones.
That would do it. The sending bank should be able to recall and retrieve the payment and resend it; in Canada if the fault was our input error at no charge but if given the wrong number would require another fee. In fact, in Canada we would try to charge a fee if you walked in the front door funny; hopefully Australian banks are somewhat less greedy.
__________________
Brob2 is offline   Reply With Quote
Old 07-12-2010, 20:07   #8
Registered User
 
Dragon Lady's Avatar

Join Date: Mar 2010
Location: Sydney Australia
Boat: Lavezzi 40, Pourpre
Posts: 949
No, all banks are the same greed is their creed.
It looks like the account number vs IBAN could be a problem but I'm having a bit of trouble comunicating this to my French friend.
I'm certainly learning patience doing this deal I wonder if the boat will still be there if the money every gets through, how's that for a half empty glass view.
__________________
Dragon Lady is offline   Reply With Quote
Old 08-12-2010, 07:18   #9
Nearly an old salt
 
goboatingnow's Avatar

Cruisers Forum Supporter

Join Date: Jun 2009
Posts: 13,649
Images: 3
Normally I find with correct IBAN and account numbers its take 3-4 days

you could also use Paypal, if the user is savvy

Dave
__________________
goboatingnow is offline   Reply With Quote
Old 08-12-2010, 07:37   #10
Registered User
 
capn_billl's Avatar

Join Date: Aug 2010
Location: Houston,Tx
Boat: Maxum 37'
Posts: 1,587
Owww, the IBAN number has to be right. The overseas transfer I did, did take a few days. And yes the intermediary bank made some on the float.
__________________
capn_billl is offline   Reply With Quote
Old 08-12-2010, 11:50   #11
Registered User
 
Dragon Lady's Avatar

Join Date: Mar 2010
Location: Sydney Australia
Boat: Lavezzi 40, Pourpre
Posts: 949
I've just been told there are two intermediary banks and an account # that has to be added.
And there is a new system and regulations in place, but everything should be fine.
__________________
Dragon Lady is offline   Reply With Quote
Old 08-12-2010, 12:11   #12
֍֎֍֎֍֎֍֎֍֎

Cruisers Forum Supporter

Join Date: Apr 2006
Posts: 13,029
Even here within the US there are multiple "wire" transfer systems, each with different charges to the sender/receipient, and different float times. Some overnight, others three days, and that applies even for a 'transfer it across the street'. Then there's Western Union, who'll transfer it "today" but at a much higher cost.

Funny thing, most banks use whichever system will cost them the least and give them the most float/profit. Sometimes you have to enquire and specify a choice up front.

Paypal could cost you 3%. Wire transfers still serve a purpose.
__________________
hellosailor is offline   Reply With Quote
Old 08-12-2010, 14:40   #13
Moderator Emeritus
 
GordMay's Avatar

Join Date: Mar 2003
Location: Thunder Bay, Ontario - 48-29N x 89-20W
Boat: (Cruiser Living On Dirt)
Posts: 31,573
Images: 240
The IBAN was developed to facilitate payments within the European Union and has since been made a global standard. However, IBAN codes have not yet been widely adopted outside Europe.

See ➥ IBAN, BIC and SWIFT transfers explained
__________________
Gord May
"If you didn't have the time or money to do it right in the first place, when will you get the time/$ to fix it?"



GordMay is offline   Reply With Quote
Old 08-12-2010, 15:02   #14
Senior Cruiser

Cruisers Forum Supporter

Join Date: Mar 2007
Location: Santa Cruz
Boat: Boatless Again
Posts: 4,310
I think the new technology would be PayPal, but has anyone had any experience with it?? I was looking into it to transfer some money to friends in Katmandu, but the long list of countries Paypal worked in doesn't include Nepal (it does include Gaudeloupe).
__________________
donradcliffe is offline   Reply With Quote
Old 08-12-2010, 15:16   #15
Registered User
 
Aussiesuede's Avatar

Join Date: May 2008
Location: Vancouver, BC & Seattle, WA
Posts: 641
Visa now has a very efficient money transfer service that can go either directly onto a recipients Visa card, or into their bank account. It's worth a look into.

Here is a link describing all the current international money transfer services:

Visa money transfer
__________________

__________________
I'm On point, On task, On message, and Off drugs. A Streetwise Smart Bomb, Out of rehab and In denial. Over the Top, On the edge, Under the Radar, and In Control. Behind the 8 ball, Ahead of the Curve and I've got a Love Child who sends me Hate mail. - (George Carlin)
Aussiesuede is offline   Reply With Quote
Reply

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Where to Buy an Overseas Home ? SaucySailoress Dollars & Cents 57 13-01-2011 05:07
Money Doesn't Grow on a Money Tree phmadeira Dollars & Cents 7 28-10-2009 07:25
Overseas Citizen, US Boat. What Does it Take? Fishman_Tx Rules of the Road, Regulations & Red Tape 40 15-09-2009 16:01
buying components overseas? beau Construction, Maintenance & Refit 7 12-04-2007 16:23
Cruising Overseas? CaptainK Rules of the Road, Regulations & Red Tape 11 09-10-2005 01:14



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 01:27.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.