Wire Transfer Q

If I sent a wire transfer with the correct IBAN/SWITCH/Bank Name & Address.....but with an incorrect Beneficiary name..would he/she still receive the funds? Or if the name didn't exist, I would get a payment return?

Charles

 

Why don't you asck the bank .....

 

I believe that different banks would treat it differently. It all depends on how different the name is. For instance, if the Family Name and Given Name are reversed, like how they do it in Asia or say you miss a single character or got it wrongly, it probably could still go through. However, if it is completely different then I believe your bank will contact you about it and there would indeed be a delay in the transfer.

Most important thing is to ensure that you get all the details correct or else you get delays and may incur additional charges depending on the bank.

 

Just call your bank, dont be afriad, phones dont bite

 

I don't mean a similarity. I mean a TOTALLY different name.....

 

Then probably not...
But I want to say something here: is not about his bank , it's all about the reciver bank... let me explain it...

You see banks don't really works like on those TV movie, when a terrorist have a laptop and transfer in 1 second all his money from a side of the world to the other..., actually the banks are not even interconnected to them (is true that they are systems like VISA/MasterCard/Western Union,but I am talking here about WIRE transfers), and everything is working "telegraphic" (bank were first doing (inter)national transfers with the help of telegraphic lines)
If they were interconnected, then a WIRE could probably have been taken only 1 second, and the hot babes from the banks were able to tell that such an account (IBAN + account name) don't exist...

WIRE Work like this: Your bank talk with the receiver;s banks. and the receiver's bank is manually inserting the money into the receiver account once they got the telegram+have enough time, are in a good mod,etc,etc..
it's all depending on receiver bank ... but if they will see a different IBAN , then the account holder, they may say something like "What the fu...?!" much more, an idiot bank worker, could probably search for that person name, and if the name is found in the database, it will put the money in his account...

Now, this is in Europe... I don't known how is in USA...

 

Call your bank to find out. Different banks probably have different policies.

I did a little checking and maybe this would help .

Here is a Wire Transfer from a bank
http://www.midflorida.com/accounts/checking/wiretransfer.pdf

 

So I probably lost my $40,000 huh? Ahh...oh well.

 

Just make sure that before you do any funds transfer that you get all the details correct and you should not have to land up in any trouble. There is really no reason to get it wrong in the first place.

 

um are u really trying to find out if u can chargeback on wire ?