wiring money

[Donna A 4]

ok everyone i have a question about wiring money overseas thru banks.

we sent money thru chase bank and after 3 weeks it still hasnt arrived in syria. we have contacted our bank over and over again and he says he keeps sending inquires to them and they dont respond. the wire did leave their bank. well finally they called and said...good news..the bank recieved the money. we sent my father in law to the bank to get the money.....sorry we havent recieved it.

oh my god....i want to scream. how can they loose it out in space some where? its not like the real money was sent itself. just a automatic transfer!!!!!

so anyway. the bank says we can get our money back and my father in laws bank told him they will try to find it on their side.

so has anyone ever had this happen to them? what is the best way to send money so it really gets there and not lost?

thanks, donna

[Fandango 1,440]

The best thing to do is not let Shonnie see this thread

oh, but I jest....well have you ever tried Western Union? I would say try that, it's a money wire but has nothing to do with a bank transfer. Once you have a conf #, the recipient just has to find a WU and give them the #, id & boom! there's the moola! Seems a lot more straightfoward than this! Yet I don't know if Western Union is in Syria, so perhaps you could check out the website.

Sorry that's all I came up with here!

[beetee4ever 0]

Sorry for butting in, in your thread, but I'm curious about the money wire question too, and I have another one to add.

Which way is cheapest to send/wire money to Denmark *Europe* when you are in the US??? Any experiences, info pls ????

Thank you.

[Fandango 1,440]

http://www.westernunion.com/info/homePage....&origination=U1 for the OP

and either Western Union or Paypal would be my guess for beetee....though I've never sent any, so I'm not sure!

[aussiewench 9]

Sorry for butting in, in your thread, but I'm curious about the money wire question too, and I have another one to add.

Which way is cheapest to send/wire money to Denmark *Europe* when you are in the US??? Any experiences, info pls ????

Thank you.

Hubby and I each got a second card on our individual accounts and sent each other the second card....that way we could draw on money in each others account using ATM's. Perhaps this is viable for you if it can be done between Denmark and US. The fees when I looked into it were so much cheaper then transferring money through Wester Union and a much better exchange rate.

[Mr. Big Dog 10,747]

so has anyone ever had this happen to them? what is the best way to send money so it really gets there and not lost?

The first step when sending US funds to an overseas bank, is to find the overseas bank's US correspondent. You can use Chips.org to do that.

Once you know the US correspondent, you instruct your bank to pay the funds to the overseas bank's account at that correspondent for the benefit of whoever the unltimate beneficiary is going to be.

The better and the more concise the instructions you give to your bank, then faster the transfer.

Example:

You want to send $500.00 to John Doe who has an account (#123456789) @ Awash Bank in Addis Ababa.

When you look up "Awash" in "Addis Ababa" @ Chips.org, you will find the following information (see below):

CHIPs Participant

Information Current as of : 05/26/2006

UID# 356653

BIC/SWIFT : AWINETAA

AWASH INTERNATIONAL BANK

P.O.B. 12638

BOLE RD, OPPOSITE JAPANESE EMBASSY

ADDIS ABABA, ETHIOPIA

Participants Attached (Total: 2)

Participant# Participant Name

0008 CITIBANK, N.A.

0103 DEUTSCHE BANK TRUST CO AMERICAS

Based on that information, you would want to instruct your bank to send a $500.00 wire as follows:

Intermediary:

Citibank, NYC - ABA 021000089

Receiving Bank:

AWINETAA

AWASH INTERNATIONAL BANK

P.O.B. 12638

BOLE RD, OPPOSITE JAPANESE EMBASSY

ADDIS ABABA, ETHIOPIA

Beneficiary:

John Doe

Beneficiary Account Number:

123456789

Once done, it shouldn't take but 10 days for the wire to get to the beneficiary. If it doesn't get there, your bank should be able to provide you with a fed reference number for their fedwire to Citibank. You would want to give that fed reference number to the beneficiary who, in turn, will provide it to his/her bank overseas indicating that the bank has received said $500.00 into their account at Citibank, NYC under said reference number on <insert date>. That should enable them to find the funds.

We send funds to MIL that way before and it worked great. Took 6 business days to get there.

Just one word of caution: Sending money to certain countries may be difficult. Bank's are obligated to scrub any and all money transfers against a "blacklist" (known as OFAC list). If the beneficiary or the beneficiary's overseas bank are listed with the Office of Foreign Assets Control (OFAC), the wire may either not be completed at all or it may delay the transaction until the banks involved are satisfied that the beneficiary of the wire is not the same person or entity listed with OFAC.

[Fandango 1,440]

Sorry for butting in, in your thread, but I'm curious about the money wire question too, and I have another one to add.

Which way is cheapest to send/wire money to Denmark *Europe* when you are in the US??? Any experiences, info pls ????

Thank you.

Hubby and I each got a second card on our individual accounts and sent each other the second card....that way we could draw on money in each others account using ATM's. Perhaps this is viable for you if it can be done between Denmark and US. The fees when I looked into it were so much cheaper then transferring money through Wester Union and a much better exchange rate.

That is a brilliant idea woman!

[GaryC 7]

I went the Westernunion route for the last 2 years with Luz. It's so damn expensive if you do it on a regular basis like I do. I did like Ausiewench and got a 2nd bank card. Gonna give it to her next week when I go there. Should save me $75/month in fee's.

[Baileyj96 0]

We exchanged atm cards also. Works great and my bank uses the current exchange rate and a $1.00 fee. So much less expensive.

Baileyj

[beetee4ever 0]

My husband and I do have the ATM exchange card thing going on too.... seems like a popular and very good choice

I'm sorry that I wasn't being clear on why I asked that question. The moneywire I meant was not for me, but I was looking into the possibilities for the money wire in case I'm in the US and want to give my younger brother money when he graduates school, take driving lesson....you know, stuff like that. That older siblings chip in for the younger one.

I tried Western Union once... wow, that was very expensive, and wiring money from the bank is also expensive as hell *pardon my french *, so I guess there's only the Paypal left.. I wonder how that goes, I'm not used to that - is it easy to use???? or any other choices?? anyone???

[babybunny 2]

The best thing to do is not let Shonnie see this thread

oh, but I jest....well have you ever tried Western Union? I would say try that, it's a money wire but has nothing to do with a bank transfer. Once you have a conf #, the recipient just has to find a WU and give them the #, id & boom! there's the moola! Seems a lot more straightfoward than this! Yet I don't know if Western Union is in Syria, so perhaps you could check out the website.

Sorry that's all I came up with here!

Why say that? send Money Gramm its is cheaper than western union. most banks and exchanges

have money gramm service. all the recepient need is ID and REF number.

[Mr. Big Dog 10,747]

send Money Gramm its is cheaper than western union. most banks and exchanges have money gramm service. all the recepient need is ID and REF number.

I agree. For the smaller transfers, Money Gram beats Western Union by far. Lower fees and better exchange rates. For the larger sums, the bank wire is the way to go. Of course, ATM service is nice but there are still a number of places where ATM's are pretty much non existent.

[Ban Hammer 13,619]

i tried that with wiring money to brazil. what a nutroll. the banks like to sit on the money as long as possible and draw interest on it. the brazilian bank sat on the money for 2 weeks! in your case i'd recommend recalling the money, which i did, and go with western union or the other one mentioned below. know that you will probably be charged a service fee of up to $100 for the foreign banks "services"

[Mr. Big Dog 10,747]

i tried that with wiring money to brazil. what a nutroll. the banks like to sit on the money as long as possible and draw interest on it. the brazilian bank sat on the money for 2 weeks! in your case i'd recommend recalling the money, which i did, and go with western union or the other one mentioned below. know that you will probably be charged a service fee of up to $100 for the foreign banks "services"

The service fee may vary. Usually $25.00 - $50.00 for each bank involved. For the wire we sent over to Nani's mom, it was $90.00 total ($40.00 upfront that my bank charged and $25.00 each for the foreign bank and the US correspondent). Not bad at all considering the amount of the transfer - would have cost several hundred dollars more using Money Gram or Western Union. That's why I say, use other means of transfer for the small stuff (couple hundred bucks or somesuch) and use the wire option only if you need to wire a couple or few grand.

[arwensun1965 1]

Washington Mutual have a FREE money wire system to anywhere in the world, I have used it twice since i've been here and within 7 days the money was there. Too two different accounts in England. So I know it works.

Good luck

Janice

Edited May 29, 2006 by arwensun1965