It isn't a simple reversal, because money actually changed hands when the transfer was made.
When the transfer was made 50,000 Euros was credited to a UK bank, and some number of kronor was debited to your Swedish bank. When the transaction was reversed 50,000 Euros were transferred back to the Swedish bank. Those Euros are now worth fewer kronor, so your ...
I am from Germany and occasionally avoid Umlauts because I use a non-German keyboard layout. So I might share some experience here.
Usually, the German financial institutions are ok with ue, ae, oe, sz/ss in upper- and lower-case variant. In the wild, even minor variants of the account holder name seem to be ok. What's most important is the IBAN, and the ...
Chances are umlauts are ignored/implicitly converted anyway.
It is important to remember that cross-border payment form can only be filled in with SWIFT symbols. If illegal symbols are used, the system will give an error message and it will not be possible to confirm the payment.
SWIFT symbols include the following:
Most likely this will be an expensive lesson to learn. However, I believe there still is a chance to recover some of the difference, since your wording of "my Swedish bank" and "my UK bank" implies you have a relationship with both banks.
If your Swedish bank converted the funds to Euros first, and then attempted the transfer, then your Swedish bank made a ...
Afaict this will likely vary by country and/or bank.
IBANs are kind of like international phone numbers in that they are globally unique but the structure is country dependent. The first two characters always identify the country and the second two are check digits but everything beyond that is country dependent.
In the UK for example the IBAN normally ...
Don't pick up the money. It doesn't matter how much it's for, but the general rule is: if it feels like you shouldn't be doing it... then you shouldn't.
Whilst it might not be a scam, it's likely very illegal. Refer to this post for more information - especially Ben Miller's post, and 0xfee1dead's comment underneath.
Honestly, I know friends are important.....
Apparently it varies between countries/banks. You should probably contact your bank and ask them.
There's a bit more information on this post. In there someone commented that in Germany you can make a direct debit from the account with IBAN number plus some basic personal information.
I live in Argentina. Recently I discovered it seems to work on a similar ...
Replace ä with ae, ö with oe, ü with ue, and ß with ss.
If possible, use the correct letters. It may not be printed on the keyboard, but for example on a Mac, you press and hold the a key and after a second or so a little window comes up letting you pick various variants of the letter a. Use ae if the website doesn't accept it.
If you have quoted an incorrect number, and the transfer has happened, it cannot be reversed. The funds are already with the individual and bank cannot debit the individual without his authorization.
The best course for you is to try get the details of the individual and see if the funds can be moved to the correct account.
At least in Europe it may open a way to Direct Debit your account. Jeremy Clarkson had the same question as you but pushed it to an extreme.
Direct Debit officially requires you (the owner of the account) to send some paperwork to the bank allowing for DD from an organization. In practice they will allow withdrawal from your account and assume the risk of ...
What the bank 'should' have done is a question of law, but I will point out that the reason for the rejection was not the bank's error, it was yours / the payee's [which, in the bank's eyes, is still kind of your error].
Consider from the bank's point of view:
(1) You release 50k SEK from your account;
(2) The bank, seeing it is headed to a EUR account, ...
Is there any other words that are equivalent with ü (read: u with umlaut), that in some way the correspondent bank will accept it and it's world-wide accepted?
For names, especially in international transfer only the basic 26 latin characters are valid. AFAIK SWIFT will reject anything else. If at all, some interface may change it to the base letter, U in ...
I ended up just trying. I gave A the IBAN of B's account, which I calculated online based on the bank code and account number (because B claimed IBAN won't work, so didn't give it to me), and B's name. A was able to transfer the money apparently without extra difficulties, and it appeared on B's account on the same day.
Contrary to some other posts here, ...
Wikipedia states that the Serbian IBAN format is:
RSkk bbbc cccc cccc cccc xx
Wikipedia states that bbb is always 35, but other sites make it clear that kk is always 35 for Serbia. bbb is a bank code. xx is calculated from the rest of the IBAN. The 13 c elements are for the bank account number.
You need more information than what you have available to ...
The trailing 'XXX' is quite normal. The length of SWIFT/BIC codes is typically filled to the full length by X, if the bank uses no subcodes for their various locations.
if there is an issue, it shouldn't be because of that. I would guess that the receiver is not in a hurry to inform you, or something else was incorrect. Check also for Holidays in potential ...
The spaces are not part of the number and are just used to group digits. Some websites allow you to type the spaces and will remove them automatically, other sites consider spaces invalid.
Don't worry, if the number is mistyped the website will show an error. IBANs also include an error detection code that ensures that you didn't mistype the number.
When someone dies, then their bank account does not get terminated immediately. First the bank does actually need to get notified of the death, which in many countries does not happen automatically. Then control over the account is transferred to the estate of the deceased, which can then decide what to do with it (keep using it or terminating it).
When an ...
The bank number is part of the IBAN number, so the SWIFT code is actually redundant. It is still required for international payments because every country has its own payment infrastructure. The SWIFT code helps to route it to the correct region without having to know every single bank in that region. It is usually not needed for national payments, but banks ...
Based on experience I think "BSB" is for Australia only.
In fact, if you glance at wikipedia - it does say that.
(Wikipedia is often totally wrong, but FWIW that is what is reported there.)
Solution: talk to the European company and say:
"BSB" is only for Australian bank accounts. You can easily confirm ...
Payment and product are separate things. You can't guarantee that you get a perfect product with a cash payment at a store either (much less with a private seller). A bank transfer is just a bank transfer, it's not tied to anything.
In my experience with German banks, most probably yes.
(I successfully receive payments on an account in my name [more or less mistakenly] giving my business description* without my name, I've successfully paid lots of invoices by transfer where the account holder name was not that clear in a similar fashion.
They used to check the name tightly in the past, ...
"But, they said they still haven't got any payment"
how long are you talking? And what destination country?
It's normal in some cases for banks to hold it for a few days. (Say, 3 max.)
(They simply do this to make a few dollars interest on the float of all the money moving around, and simply lie and say there's a technical reason.)
The exact problem you ...
First one (COBADEBB) is the SWIFT Code for COMMERZBANK AG in BERLIN, while the second is the SWIFT Code of COMMERZBANK AG in FRANKFURT AM MAIN.
For more information check ISO 9362 (https://www.iso.org/obp/ui/#iso:std:iso:9362:ed-4:v1:en)
IBAN (International Banking Account Number) is your account number only. But in this case, you need SBI Branch SWIFT code (not IFSC code, IFSC code is applicable only in India) for international transaction, like SBI CUTTACK SWIFT code is SBININBB768. This information is enough for your international transaction. Every bank does not have a SWIFT code. Here ...
Let me shed light on what happens:
An international wire transfer which is not completely within the SEPA area (for which you don't need the SWIFT code) uses SWIFT for routing. So the transfer reaches the destination bank eventually.
There, the bank tries to find out what to do with the money. That's what it uses the IBAN for. If it cannot process the IBAN ...
mistakenly used the IBAN of my bank and not my bank account. He included my full name and bank's SWIFT code.
What is the procedure now? Will the money be returned to his bank? If
so, how long will it take?
If it is a valid IBAN; it may get credit to Bank's Account. Generally this account is used for quite a few Inter-Bank transfers and it may get ...
The other answers attribute the loss due to changes in conversion rates. For me the change seems to be more due to the buy/sell rate difference. Every FOREX agency/ bank sets the rates different on purpose so that they make profit on each transacation. I checked a few online websites( transferwise, revolut) and your cheapest conversion fee is approximately ...
You can buy shipping insurance to safeguard issues with the delivery.
Shipping insurance is a service which may reimburse senders whose parcels are lost, stolen, and/or damaged in transit.
If you're worried about the transaction itself (e.g. not getting what you thought you bought), there's internet escrow.
As with traditional escrow, ...