Quote:
Originally Posted by pompousjohn
I had to send 3 wires last week to get my affiliates paid. The first one direct to Belize was rejected, the second is still MIA since Sept. 14th and the third went through.
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You would think by now International wires would be down to a science. SWIFT for the US was established in the mid 70s and IBAN for Europe (not sure when established) were supposed to make things more sound, safe and foolproof.
I dont think intl wires get lost too often but it does seem to happen altho I guess eventually they usually get squared around if the sender can trace them down.
I studied wires for the last 2 days. One site said that the process of wire sending included using SWIFT (or IBAN) to communicate with the receiving bank first BEFORE the wire is sent.
I managed to talk to my major bank's wire dept. They normally dont allow that but I was an exception. The girl could see this was important.
The wire girl told me, "no they just send em out blindly". My bank has no idea it or anything is coming. They just show up one day.
HELLO! You would THINK banks worldwide would run a trace BEFORE the wire is sent to make sure all is well and to KNOW for the receiver, that it is on it's way, but apparently not.
Who are the dipshit bankers who set this willy nilly system up. SWIFT only tells the final destination. There are no routing rules and a sending bank can choose the route and corresponding banks it wants to use. (to get max fees of course)
I just am not expert enough on intl banking to really know the process for sure.