The first thing is for both of you to raise formal complaints with your respective banks, requiring them to find your money.
You don't say what countries you are in. But I would expect that there would be regulators who are in charge of banks, and who have set up an official complaints organization (an "ombudsman"). If your formal complaint gets nowhere, ...
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 ...
Sorry responding so late. Thank you for your comments! In the meantime, while I was waiting for the transaction to happen, all the money went through successfully. I didn't need to contact the bank at all. I guess they figured the SWIFT code out.
Thanks for your help once again! I do appreciate it. Have a nice day! :)
The SWIFT network is federated. The connection routing is via country server to regional servers. All these are maintained by SWIFT.
The Banks have a correspondent relationship with other banks.
They play a role in actual settlement and take some risk.
The business of offering letters of credit is a very risky business. It is expensive.
SEPA transfers are regulated by the EU in order to ease capital flow between member states.
I am not even sure that this statement is valid for Switzerland, Norway and other non-EU SEPA members.
SWIFT transfers are not regulated concerning their cost.
Typically, you can chose in the transfer if you want to transfer in target currency or in source currency.
If you chose source currency, the receiving bank (for you, in India) does the conversion, and charges the fees.
If you chose target currency, the sending bank does the conversion and charges the fees. The advantage is that they offer to generate a ...
Take a simple example; In most transactions there are 3 to 4 bank involved.
Bank A [Say charges are 5]
Bank A's Correspondent [Say charges are 10]
Bank B's Correspondent [Say charges are 10]
Bank B [Say charges are 5]
When you want to make a payment of USD 1000
OUR: All Charges are borne by Bank A's Customer. If its a large corporate, Bank A will wait for ...
"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 ...
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 ...
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 ...
It generally doesn't matter. Most branches do not have SWIFT Code. They would recommend using the SWIFT code of the main branch. As SBI has moved to Core Banking System; all the messages would arrive centrally and they will be able to credit your account.
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, ...
This is a somewhat common practice in various parts of the world. I know several European (both continental and UK) and Canadian banks who do require use of a specific intermediary, and almost all banks in those regions also offer to send money via a specific intermediary. It is allowed in most countries, in fact bank accounts are (generally) not legally ...
If the account number is not of beneficiary, but is a valid account number, it would get credited to someone else account.
If the account number was invalid, it would be returned. This takes few weeks at times.
Best is raise a query with your bank saying beneficiary is claiming non receipt of funds (BCNR). Your bank would investigate with beneficiary bank ...
From a domestic perspective, within the US, the form you heard about is likely IRS form 8300, Report of Cash Payments Over $10,000. The requirements for that form include a $10,000 threshold which causes people concern when they're doing bank transactions over that amount. However, the form is strictly targeted and often people find it doesn't apply to them.
Many IBAN input fields are fine with grouped/spaced IBANs.
Those that are not will complain they'd then not have a valid IBAN there: form would not be as required (for input fields that cut off the last digits because characters are taken up by the spaces) and the IBAN contains check digits to guard against typos that would lead to the ...
It's possible that your IBAN number will change.
When bank A continues to operate under its old brand even though it is now 100% owned by bank B, then they will likely retain their own bank code and thus all customers will keep their IBAN numbers. But when bank A no longer exists as a separate entity, then it is indeed likely that they are going to unify ...
It doesn’t matter whether the banks are private or public. The acquiring bank will work out its own policy regarding account numbers and whether it would continue maintaining the acquired bank as a separate entity.
Either way, you should ask the bank to provide you with the new details you need to give to your employer. Even if they have decided to retain ...
In general there are only two sets of people that can help give you useful information - the sending bank and the receiving bank.
I have always started with the receiving bank, and ask them for an update and timeline. For instance I once called a bank that said they saw the incoming transfer in the system, so they had it, and said they try to complete all ...
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 ...
The obligation to pay GST is on the business selling a good or service, not on the consumer, so you're in the clear
The ATO will need to take this up with the Journal if they want to collect
For physical goods there is a chance that customs will add the 10% at the border and ask the sender to pay before they will release the package for delivery. In the ...
Call Hungarian bank asap (as soon as possible) an provide all the details:
first ask if the money is still in the account
provide the number that you write at the transfer for they to confirm.
By change the money is in a national account in Hungary and you will be fortunate to recover some part and I do hope the entire part of it.
According to ...
You need to check with your Bank in Turkey. Generally depending on the software implemented by your Bank, the extra "X" will either get removed or the payment instruction will fall into a repair queue that the Operations from Bank in Turkey will see and remove the extra "X".
Now I have to receive the money from some foreign party , Can I accept the payment in above account? Will there be any TDS deduction ?
Yes you can receive the payment in the above account. There is no TDS. However you need to declare this assuming this is an income to you and pay taxes according to your tax brackets.
What is the other way forward to ...
No, you got it exactly right. With OUR, the sending bank covers all downstream fees, and because there are unknowns (depending on where you send to), they take a hefty blanket fee. Nothing else changes, it’s not faster or better in any way.
The same is true if you let the receiver bank cover it all (BEN); they also need to be prepared to pay an unknown fee ...
SWIFT BIC is structured as below
4 Chars of Bank Code - This is issued by SWIFT
2 Chars of Country Code - This is ISO Country codes
2 Chars of Location/City - In some countries [like US] the local body governs these codes. For example CITIUS33; BONYUS33; so 33 represents Newyork. Other countries are not strict and use whatever they please.
1 Char of ...