Currencyfair

Chat and items of interest about Crete and Greece.
Kamisiana
Posts: 143
Joined: Tue Jul 25, 2017 4:06 pm

Currencyfair

Postby Kamisiana » Wed Jun 20, 2018 4:53 pm

Have just set up and made first transfer to Bank of Xania from with Currencyfair today who have told me that the funds will be in my account this Friday the 22nd?? does anyone have experience of how long it takes as in the past transfers seem to dissapear into the Greek banking system for a few weeks thanks.

Kilkis
Posts: 9806
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currencyfair

Postby Kilkis » Wed Jun 20, 2018 5:52 pm

Funny things bank transfers. Payments are made through SWIFT. From the Wikipedia article:

    SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

As far as I can tell, and I could be wrong, in Greece the major banks, i.e. Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank have a direct relationship with SWIFT while the smaller banks, such as the various cooperative banks, do not seem to have a direct relationship with SWIFT. They rely on receiving payments by being affiliated to one of the major banks. That seems to make payments a bit slower to these smaller banks and occasionally transfers fail and the money gets returned.

In my experience payments to the major banks are very fast, e.g. showing on the statement the following day but with a recorded date of payment the same as the date of transfer. That is because, even if it arrives the same day, transactions are processed overnight so don't appear on the statement until the following day. Sometimes it might show an availability date, i.e. funds have cleared, a couple of days after the recorded date.

Warwick

filippos
Posts: 5614
Joined: Mon Feb 05, 2007 7:38 pm
Location: Kalyves
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Re: Currencyfair

Postby filippos » Wed Jun 20, 2018 6:13 pm

My latest transfer was funds in and out of Currency Fair 15 June 12:20 and in our account here and available sometime between lunchtime 17 June and 12:00 18June which is when I checked.

Kamisiana
Posts: 143
Joined: Tue Jul 25, 2017 4:06 pm

Re: Currencyfair

Postby Kamisiana » Mon Jun 25, 2018 11:02 am

Update on transfer time, currencey fair said the funds would clear on friday went to bank of xania today monday funds in bank, so 2 working days for bank of xania to clear now not 3 weeks like the last time i tried 3 years ago,so some aspects of greece seem to be emerging from the third world.

filippos
Posts: 5614
Joined: Mon Feb 05, 2007 7:38 pm
Location: Kalyves
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Re: Currencyfair

Postby filippos » Mon Jun 25, 2018 11:15 am

Kamisiana wrote:....funds would clear on friday went to bank of xania today monday funds in bank, so 2 working days for bank of xania to clear now.....
Saturday/Sunday working days?

Kamisiana
Posts: 143
Joined: Tue Jul 25, 2017 4:06 pm

Re: Currencyfair

Postby Kamisiana » Mon Jun 25, 2018 12:16 pm

No Thurs and Fri working days told funds would clear by friday after Wednesday transfer, Keep up.

filippos
Posts: 5614
Joined: Mon Feb 05, 2007 7:38 pm
Location: Kalyves
Contact:

Re: Currencyfair

Postby filippos » Mon Jun 25, 2018 3:30 pm

Your posts were hardly a model of clarity but not to worry.
Kamisiana wrote:......................, Keep up.
With that attitude to someone who's previously offered information that might be useful I shan't be attempting to keep up with you as I'll be ignoring any future posts of yours. I consider your final comment
.......some aspects of greece seem to be emerging from the third world.
insulting to Greece and disrespectful to Greek people who, after all are our hosts. If that's the way you feel I'm surprised that you choose to be here and suspect that in the longer term you won't be very content.

Kamisiana
Posts: 143
Joined: Tue Jul 25, 2017 4:06 pm

Re: Currencyfair

Postby Kamisiana » Mon Jun 25, 2018 4:18 pm

My first post stated clearly days and dates no mention of Saturday and sunday so dont know where you got that from.
There is no disrespect for Greece or the Greek people there are plenty of examples to many to list, go to a goverment building and watch the Greeks screaming at Greeks with no respect go to the notery and watch them get the massive ledger out like something from the doomsday book one step up from a stone tablet, buying and selling a car can take days the list goes on for ever.
Been here for ten years and very content (thank you very much) and will be here for another ten years or more EU permmiting.

Kilkis
Posts: 9806
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currencyfair

Postby Kilkis » Mon Jun 25, 2018 4:36 pm

Having just spent a lot of time trying to deal with the jolly japes of the tax authority, my sympathies tend to be with Kamisiana this time, although I would describe it more as "trying to drag Greece kicking and screaming into the fifteenth century" rather than "emerging from the third world".

Warwick


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