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Wire Transfer Q

Discussion in 'Payment Processing' started by charless, Dec 7, 2006.

  1. #1
    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?
    SEMrush
    Charles
     
    charless, Dec 7, 2006 IP
    SEMrush
  2. w3bmaster

    w3bmaster Notable Member

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    #2
    Why don't you asck the bank .....
     
    w3bmaster, Dec 7, 2006 IP
  3. eddy2099

    eddy2099 Peon

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    #3
    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.
     
    eddy2099, Dec 7, 2006 IP
  4. Seiya

    Seiya Peon

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    #4
    Just call your bank, dont be afriad, phones dont bite :p
     
    Seiya, Dec 7, 2006 IP
  5. charless

    charless Banned

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    #5
    I don't mean a similarity. I mean a TOTALLY different name.....
     
    charless, Dec 7, 2006 IP
  6. redhits

    redhits Notable Member

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    #6
    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...
     
    redhits, Dec 7, 2006 IP
  7. eddy2099

    eddy2099 Peon

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    #7
    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

     
    eddy2099, Dec 7, 2006 IP
  8. charless

    charless Banned

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    #8
    So I probably lost my $40,000 huh? Ahh...oh well.
     
    charless, Dec 8, 2006 IP
  9. eddy2099

    eddy2099 Peon

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    #9
    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.
     
    eddy2099, Dec 8, 2006 IP
  10. Amoy

    Amoy Active Member

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    #10
    um are u really trying to find out if u can chargeback on wire ?
     
    Amoy, Dec 10, 2006 IP