Currency Transfers, possible problems.

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ros21m
Posts: 34
Joined: Fri Jul 06, 2018 9:32 pm

Re: Currency Transfers, possible problems.

Postby ros21m » Thu Feb 28, 2019 4:03 pm

The 2nd payment, made on Monday, on a same day transfer has also failed to pe paid! I have an email from the Head of Interbanking Transactions Systems of PanCretan bank, confirming SWIFT/BIC codes I have been using are correct & that the money has NOT been received. I'm at a complete loss as to where to turn to now, with my money "lost or stranded" in the ether!

paul g
Posts: 166
Joined: Sun Jan 18, 2009 9:20 pm
Location: Nr. Kato Gouves

Re: Currency Transfers, possible problems.

Postby paul g » Thu Feb 28, 2019 5:38 pm

used Transferwise this AM xfering to Pancreta, €s just arrived.

Kilkis
Posts: 10770
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Transfers, possible problems.

Postby Kilkis » Thu Feb 28, 2019 6:18 pm

You can verify a BIC or look up a BIC for a particular bank using this Transferwise tool.

I would have thought IBAN was more important than BIC. That identifies your specific account and includes within it the country code, the bank identifier and the branch identifier as well as the account number. You can use this XE IBAN decoder to decipher an IBAN into its constituent parts.

From experience of a friend who experienced problems transferring funds to the Cooperative Bank of Chania, which is part of the same cooperative group as Pancretan, the problem is often with the corresponding bank, usually either The Bank of Greece or The National Bank of Greece. I don't think that the cooperative banks act as corresponding banks in the Swift system so the funds route through an intermediary. The problem is often with the intermediary bank. The major banks, i.e. Alpha, Eurobank, NBG and Piraeus act directly as corresponding banks so do not use an intermediary. If the problem is there the funds should be returned so you should check back with the exchange company.

Transferwise claim not to use the Swift system to transfer funds so it might be worth trying them instead of your current exchange company. I would be amazed if the rates were worse.

Warwick

ros21m
Posts: 34
Joined: Fri Jul 06, 2018 9:32 pm

Re: Currency Transfers, possible problems.

Postby ros21m » Thu Feb 28, 2019 8:05 pm

Kilkis,

I used the 2 tools you provided links to, with the Swift Code & IBAN numbers I have been using for years & they are all correct!
And are the codes SCE have been using for years.

paul g
Posts: 166
Joined: Sun Jan 18, 2009 9:20 pm
Location: Nr. Kato Gouves

Re: Currency Transfers, possible problems.

Postby paul g » Wed Mar 06, 2019 11:42 am

Ros, did you have any joy with your transfer?

ros21m
Posts: 34
Joined: Fri Jul 06, 2018 9:32 pm

Re: Currency Transfers, possible problems.

Postby ros21m » Thu Mar 07, 2019 2:42 pm

The money eventually arrived in my account on Friday morning, this was on a same day payment sent on Monday!!! I was also informed by SCE that the original payment was returned to them on the same day, two weeks after it had been sent.

I am still totally flumoxed as to what went on!

PanCtretan bank have stated all along that the Swift/BIC code, that the intermediary bank ( Deutsche Bank), on the 1st transfer deemed to be an invalid code, has not changed. It's the same Swift code you used paul g & I've been using for years.

Kilkis
Posts: 10770
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Currency Transfers, possible problems.

Postby Kilkis » Wed Apr 24, 2019 10:03 am

I've just experienced a slow transfer for the first time. Currency Fair to Alpha Bank. Sent on 18 April and due to arrive on 19 April but didn't arrive until 23 April and not showing on online banking until today, 24 April. Purely by chance I spotted a notice on the Alpha Bank web site saying that because it was Catholic Easter they were not processing any interbank transfers from outside Greece from 19 April to 22 April inclusive. Interbank transfers within Greece would be processed. I guess it is because they wouldn't be able to verify information with banks outside Greece during this period so they don't want to risk making the funds available.

Sometimes there are good reasons for the delay, even if those reasons seem a little strange.

Warwick

Carolina
Site Admin
Posts: 3139
Joined: Thu Jul 24, 2003 11:53 pm
Location: Chania, Crete
Contact:

Re: Currency Transfers, possible problems.

Postby Carolina » Wed Apr 24, 2019 12:06 pm

I made some local Greek bank payments on Friday afternoon, 19th April and the transfer date came up as Tuesday 23rd April. Greece to Greece transfer between two Greek banks, so some of the Greek banks were not registering local transactions over the Catholic Easter. Very strange!

bobscott
Posts: 2464
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Currency Transfers, possible problems.

Postby bobscott » Wed Apr 24, 2019 2:34 pm

Carolina wrote:I made some local Greek bank payments on Friday afternoon, 19th April and the transfer date came up as Tuesday 23rd April. Greece to Greece transfer between two Greek banks, so some of the Greek banks were not registering local transactions over the Catholic Easter. Very strange!


The things that are done in the name of religion!!!! Bob.
Yesterday today was tomorrow. Don't dilly dally!


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