Bad experience with wire transfer

[tb]

This to share a bad experience a wire transfer. I was not aware of

this risk myself.

 

3-4 weeks ago, I wired an amount to Mastronet as payment for

some books. The money did not arrive, and I had to spend a lot

of time calling their bank and visiting my own bank during work hours

to sort it out. Mastronet were very nice about it and also put time into

calling their bank and tracking the money. After two weeks, nothing

had happened and my money was hanging somewhere in limbo.

I triple checked the info Mastronet gave me (the same they give to

all their customers) and everything was correct. I then tried to wire

the money again and still it did not go through. Again, my bank

told me nothing and the money was still missing from my account.

 

After almost 4 weeks, I've finally given up and asked for a cashier's

check instead. I've sent wire transfers many times in the past and

it is just beyond me what happened. Fortunately, Mastronet have

been exceptionally nice and patient, but this is the last time I will

ever use a wire transfer to get money to someone quickly.

[deathlok]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

[Illiterati-migration]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

[deathlok]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

I was going to respond, but I am not sure what you meant. So I will clarify what I said.

 

India has it's own rules for banking and their own procedures. They do not conform to the same standards most of the world does. So it was very difficult to transfer information that fit into their system. Their banking system works well for them.

 

Did I ruin your insult?

[lighthouse]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

I was going to respond, but I am not sure what you meant. So I will clarify what I said.

 

India has it's own rules for banking and their own procedures. They do not conform to the same standards most of the world does. So it was very difficult to transfer information that fit into their system. Their banking system works well for them.

 

Did I ruin your insult?

 

Does the puddle not need the rain? Does the monkey not smell the sunrise? Does the ocean not feel the sting of the scorpion?

[Silver Surfer]

What or where is Mastronet? Being a banker for a number of years I can tell you that if you are sending money internationally and to some of the less well known areas this can be a nightmare. Most times the receiving bank has processing centres that manually handle incoming cables which is very inefficient. My advice is to get a reference number from your bank and/or ask them to send a tracer. If everything is fine they should be able to give you a copy of a confirmation that indicates this. Typically it is done in telex format. If they can't then they all they have done is pay you lip service. You can then forward this to the receiving bank and ask them to follow it up. Makes life much easier for the receiving bank can cross reference specific items.

 

I have seen first hand how stuff gets lost in limbo for weeks at a time. I honestly feel that most banks sit on their international wire balances on purpose. The spread on "free balances" as they call them are extremely profitable. Trust me they would rather keep your money in a non-interest bearing account earning them 500 bps rather than you placing them in a GIC where they make much less of a spread. I wouldn't be sending out a second payment until such time as you know that your funds are back in your account because you could get screwed. Wires are cleared funds so be carefull.

[chromium]

 

Does the puddle not need the rain? Does the monkey not smell the sunrise? Does the ocean not feel the sting of the scorpion?

 

Does the TPBking not crave the Sweatyboob....

[deathlok]

Exactly SS, good points.

 

The only problem with tracers is that your bank can only trace to the destination bank. The trace does not confirm if the funds are in the bnf account. For that you need the reference number or tracking number for that bnf bank. Most times that would require calling the bnf bank to confirm fund application. Sometimes the sending bank might get confirmation of this, depending on the country.

[Shield]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

MK, that may be the most clever think you've ever typed, bar none. No offense to deathlok (meaning I don't necessarily agree with his meaning), but that was brilliant. Simply brilliant!

[Illiterati-migration]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

MK, that may be the most clever think you've ever typed, bar none. No offense to deathlok (meaning I don't necessarily agree with his meaning), but that was brilliant. Simply brilliant!

 

My work here is done. One to beam up, Snotty.

[deathlok]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

MK, that may be the most clever think you've ever typed, bar none. No offense to deathlok (meaning I don't necessarily agree with his meaning), but that was brilliant. Simply brilliant!

 

My work here is done. One to beam up, Snotty.

 

maybe you could go join icefires now. I hear he's looking for friends.

[Illiterati-migration]

In my experience with WT, they are one of the worst ways to send money. Of course they are also the fatest way to send money. I worked for a company where my only job was to trace International wires. You would not belive how time consuming and aggravating it was to deal with some of these companies. By far India had the worst banking system I had to deal with.

 

You are the Indian banking system of forumites.

 

MK, that may be the most clever think you've ever typed, bar none. No offense to deathlok (meaning I don't necessarily agree with his meaning), but that was brilliant. Simply brilliant!

 

My work here is done. One to beam up, Snotty.

 

maybe you could go join icefires now. I hear he's looking for friends.

 

Speaking of friends, yours called. He said your mom's check bounced.