0

I wired some money from China (Industrial and Commercial Bank of China) to Canada (Bank of Montreal). Both are big banks in their respective countries. Both accounts are in my mother's name. I did the transaction on 9/2 11:30 AM Beijing Time (9/1 11:30 PM EST). Knowing that 9/2 is Labour Day in Canada, I did not get worried when I did not see the funds show up yesterday. However, it is 9/3, and after 9 AM EST. The funds are still not there.

Some interesting details: I did the wire transfer on the ICBC app on an iPhone (so not the website on a browser). The app asked for the receiving bank's country, I replied CANADA, and it asked for something called a clearing code (CC), which is a 9 digit number in 0IIIBBBBB format, where I is the institution #. BMO is 001, so 0001(followed by 5 digit branch number where the account was opened), account number, recipient's name and home address.

I was never asked to enter a SWIFT code. When I entered the country and clearing code, the correct bank name and branch address appeared, so I was relieved that it would probably get to the right place.

After how many days should I be worried? I checked the sending account, and there is no indication that the wire has returned as of 30 minutes ago.

EDIT: I wish to add, China has tightened capital controls significantly since the big devaluation in 2015. I have heard stories that people are not able to wire money out because the Chinese government blocked the wire. Nevertheless, when exchanging Yuan into Canadian Dollars, and when wiring, I needed to give them a reason (I gave "Tourism for Personal Reasons", and the destination is "Canada" -- my mother, in reality, is a Chinese citizen with Permanent Resident status in Canada. She lives and works in Canada and only goes to China for 1 month every 1-2 years).

4
  • 1
    "and after 9 AM EST" - and you did pay extra for a telex avis otherwise they just will process it in due course, which CAN take a day or two? With what right do you expect this to be processed RIGHT in the morning. Heck, there is no implication the money even did get already send. Anyhow, instead of asking here - what does your bank say? THEY know (the SENDING bank).
    – TomTom
    Sep 3, 2019 at 14:02
  • The point is, I have sent wire transfers before, and they took as little as 12 hours when everything goes smoothly. As for the sending bank, it is impossible for me to reach a call center agent because no one ever picks up. Sep 3, 2019 at 14:06
  • 1
    Yeah. And given a long holiday it is posisble that the receiving bank is thin on personell (longer holidays) or people are siock there just is a large backlog. This is HARDLY what I would call all things lining up properly. CHannels TEND to be overloaded on weekends.
    – TomTom
    Sep 3, 2019 at 14:10
  • 1
    Bank to bank international money transfer will take 3 to 7 days. Sending fund out of China is another pain, as you cannot use any transfer services like transferwise, XE which debit the destination from few hours to maximum 2 days.
    – mootmoot
    Sep 3, 2019 at 15:12

0

You must log in to answer this question.

Browse other questions tagged .