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A while ago, I made a foreign telegraphic transfer from a bank account in Bank A to another bank account in Bank B. Bank A then sent me an 2 email; one confirming that they have received my FTT, and another stating that my FTT has been submitted for processing. Money has been debited from my account. Both email did not indicate if funds has reached the beneficiary's bank or beneficiary's bank account.

About 5 working days later, I contacted Bank B and requested if they could confirm if the FTT has been credited into the beneficiary's bank account. Bank B denied my request citing security reasons.

Apart from asking the beneficiary directly, how can I confirm / validate if an FTT has been credited into the beneficiary's bank account?

Also, if a beneficiary claims that he / she did not receive the FTT and Bank B refuses to confirm, how do one settle such dispute?

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    What countries are the sending and receiving banks in? – Ganesh Sittampalam Aug 11 '14 at 17:36
  • Hi Ganesh, from Malaysia to United Kingdom. – NAT3863 Aug 11 '14 at 22:43
  • If bank A asked bank B for confirmation of the transaction, they might get a different answer than you got, since it's easier for the banks to confirm each others' identity than to confirm that you are the individual who initiated the transaction. Worth trying, anyway. – keshlam Sep 15 '14 at 5:13
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Also, if a beneficiary claims that he / she did not receive the FTT and Bank B refuses to confirm, how do one settle such dispute?

If Beneficiary claims Non-Receipt, you can take this to your Bank A and mention that Beneficiary Claims Non-Receipt [BCNR]. Bank A then will contact Bank B and either reverse the funds if there was an issue or will provide you with evidence [some ref numbers etc] of the receipt by Beneficiary.

Apart from asking the beneficiary directly, how can I confirm / validate if an FTT has been credited into the beneficiary's bank account?

Generally if your Bank A does not come back, it can be assumed that the funds have been credited. It typically takes 2 days, adding cut-off time, holidays, etc, within 3-4 days the funds would have got credited.

Bank B denied my request citing security reasons.

Bank B is right. They have no obligation to you and do not know you. They only know Bank A and Beneficiary.

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If the beneficiary won't confirm, then you have no virtually no recourse if the banks are in two different countries. I'm assuming the T/T is for sale of goods, or services and you COULD sue for contractual breach but you'd have to do it in the courts of the beneficiary's country.

This is one aspect that makes doing a T/T risky. Letters of credit are far more expensive but you'd have more recourse.

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