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-   -   Transferring Money Overseas (https://www.cruisersforum.com/forums/f128/transferring-money-overseas-51100.html)

Dragon Lady 06-12-2010 21:41

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.

markpierce 06-12-2010 22:04

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.

h20man 06-12-2010 22:10

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......

Dragon Lady 06-12-2010 22:24

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.

Brob2 07-12-2010 00:05

Quote:

Originally Posted by Dragon Lady (Post 573092)
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.

Dragon Lady 07-12-2010 01:48

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.

Brob2 07-12-2010 19:27

Quote:

Originally Posted by Dragon Lady (Post 573131)
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.

Dragon Lady 07-12-2010 20:07

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.:banghead:

goboatingnow 08-12-2010 07:18

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

capn_billl 08-12-2010 07:37

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.

Dragon Lady 08-12-2010 11:50

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.

hellosailor 08-12-2010 12:11

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.

GordMay 08-12-2010 14:40

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

donradcliffe 08-12-2010 15:02

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).

Aussiesuede 08-12-2010 15:16

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


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