Calis Beach and Fethiye Turkey Discussion Forum
Information and Services in Turkey Section => Banks, Interest, Money Transfers, Insurance => Topic started by: Rimms on March 07, 2014, 12:35:45 PM
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Having mad a 'swift' transfer yesterday from my Turkish bank to my UK bank, I find that the money has left my Turkish account yet after speaking to the bank in the UK it might take 5 working days to show up there, so I asked "where is my money right now" I don't know was the less than reassuring answer, but call us in a week if you don't see it !
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Which bank is. That Rimms?
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Yes in these days of high speed techno wonderfulness, it still takes 5 working days for money to appear in your account.
This response is from 5 years ago:
http://answers.yahoo.com/question/index?qid=20090205054107AA6ChO5
And here is an exceptionally long response to the question that I cant be bothered to read. But I'll still summarise it: It takes 5 days because banks can do what the f**k they like with your money. Who else you going to use?
http://www.reddit.com/r/explainlikeimfive/comments/1ss6cl/eli5_why_do_bank_transfers_take_days_if_they_are/
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This happened to us when we sold our house in Calis, we were told by the bank manager that the money would be in the bank in 5 working days, it wasn't it was over a week before it went in the bank, anxious time waiting to see the cash in our account.
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Having mad a 'swift' transfer yesterday from my Turkish bank to my UK bank
You sure it was SWIFT and not CHAPS? I had a SWIFT done yesterday afternoon and the money was there by 5pm UK time - this was IsBank to my UK bank. A CHAPS payment usually takes three working days, I get regular payments made by CHAPS on a Friday and the funds hit my account the following Tuesday night/Wednesday morning.
The originating bank can track it far more efficiently than the receiving bank, speak to your TR bank and they should be able to tell you when the funds were actually sent (often a different time from when it left your account).
JF
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It was definitely Swift John, the problem is that it's anything but. I the meantime I've spent a fortune on plane tickets and transfers for a holiday which the operators will only guarantee to hold for 24 hours. After explaining this to the Nationwide bank, the casual reply was, if it hasn't appeared by next Thursday, give us a call, were here 24 hours a day !
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Atrocious customer service. I suspect that Nationwide may be using a "correspondent" bank to process SWIFT transfers as opposed to handling the whole transaction themselves. This can add time to the receipt of funds and often incurs extra charges. Your Turkish bank may shed some light on this if you ask them for tracking information.
JF
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I think your spot on, a friend sent me a message earlier telling me that international Swift transfers are routed via a 'Central' bank, which apparently is where my funds are sitting now.
I've absolutely no idea what value this bank adds to the process but it's given me a great idea. I'm going to ban everyone from paying their council tax, instead they must pay it to me, I'll hold onto it for a week, enjoy the accumulated interest and then I will pass the payment on to the council after charging a commission to do so. As ludicrous as that sounds, it seems we allow the banks to get away with exactly this scam !
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When we sold the money went via Istanbul then on to Barclays Head office then to my branch.
Annoying I know but that seems to be the system
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I think your spot on, a friend sent me a message earlier telling me that international Swift transfers are routed via a 'Central' bank, which apparently is where my funds are sitting now.
Not strictly true, a correspondent bank is only used when the sending and receiving bank don't have reciprocal accounts with each other. IsBank and my bank obviously do as I had funds within a couple of hours.
JF
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Don't confuse me John (it's not hard) so if my money isn't sitting in this central bank, back to the original question.
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Sorry...
I think my original post stands, your money is probably being sent via a correspondent bank as Nationwide haven't an agreement/account with your TR bank. If they did, it would take a few hours, as opposed to days.
JF
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When we sold, our buyers paid us in the uk by bank transfer 10000 per night till it was paid. A bit sneaky but it worked.
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However, we're coming to Fethiye in a week because we can't get the remaining money out of our high interest account without coming in person. That's after numerous faxes, emails and phone calls but we'll have a lovely time so that's a bonus.
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This will be Nationwide using their "we're not really a bank, just a Building Society that likes to act like a bank.............when it suits us " excuse.