Internation Wire Transfers?

[Dave Hounddriver]

The speed of the transfer varies. I have been shocked with as little as 2 days or disappointed with as long as a week. The latter is often my fault for initiating a transfer a couple days before a long weekend.

[Jollygoodfellow]

Has anyone had an issue with a middle initial being used instead of the middle name? For instance, my account is listed in the :"John James Doe" format. If the sending bank used "John J. Doe," would that cause an issue you think?

I think any bank anywhere requires the exact name on the account which makes sense to me. :thumbsup:

[StayAtHomeDad]

I think any bank anywhere requires the exact name on the account which makes sense to me. :thumbsup:

Yeah, i think you are right. Checked with the sending bank, though. Name is ok, but still waiting - today is 10 days and counting. Well, hope it come soon.

[Dave Hounddriver]

Another time it was my Canadian bank miss transcribing a number on the transfer. It took a month to sort that out.

Like I said, it took a month one time and that was with a lot of phone calls and emails. No one likes to admit they are the one to make the mistake. 10 business days is too long. Start hassling everyone involved.

[StayAtHomeDad]

Like I said, it took a month one time and that was with a lot of phone calls and emails. No one likes to admit they are the one to make the mistake. 10 business days is too long. Start hassling everyone involved.

Yeah thanks Dave. I have already started pestering everyone involved. Squeeky wheel gets the grease they say.

[StayAtHomeDad]

Ok. think i am finally getting somewhere. Just talked to the sending bank, and they ran a trace. The wire appears to be ok, but since more than $10,000 seems to require some sort of investigation here in Philippines. Money source is legit, so not worried about that. Just wondering if anyone else here has had a large wire transfer held up for similar reasons. Share your applicable stories.

[Dave Hounddriver]

Now I know the reason why I am limited to $10,000 on each wire transfer. I thought they arbitrarily assigned me a limit but your experience tells me there is a method to their madness.

[JJReyes]

Now I know the reason why I am limited to $10,000 on each wire transfer.

All cash deposits of $10,000 or more into a US bank account must be reported to the IRS. Cumulative cash deposits of $10,000 or more over a ninety days period must be reported (for example, $2,000 x 5 deposits). If you transfer $10,000 or more from a US bank to a foreign account, the transaction has to be reported prior to fund transmittal. The law is to prevent money laundering, opening secret bank accounts overseas and because of the drug trade. There is now an additional security feature is newer US currency. The scanners at the airport go "Beep! Beep!" if the checked or handcarried bags contain a large amount of currency.

Passengers on direct flights to the Philippines from Honolulu (Hawaiian and Philippine Airlines) are sometimes screen by US Customs agents at the pre-departure lounged. If suspicious, the agents will search all handcarried items on the spot. You can carry more than $10,000 in cash and cash equivalent like precious metal, but you have to declare it prior to departure.

Edited January 12, 2013 by JJR

[SubicSteve]

I just wired $10,500 from my Citibank account in NY to my dollar account here at BPI. There were no issues and I had the money here in less than 12 hours.

[JJReyes]

I just wired $10,500 from my Citibank account in NY to my dollar account here at BPI. There were no issues and I had the money here in less than 12 hours.

If you routinely make large transfers to an overseas account, there is an exemption rule. Your were more likely checked during one of the earlier transactions. This is the same as supermarkets making daily $50,000 to $100,000 cash deposits. Large amounts of cash is part of their business.