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Swift Payments

Swift Payments

Old Jul 4th 2014, 6:42 pm
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Default Swift Payments

Hi, I have sent payments to the US before and normally they get there on the same day. This time I sent it on Thursday and it still has not arrived. Anyone any ideas why this time it still has not got there?
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Old Jul 4th 2014, 6:48 pm
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Default Re: Swift Payments

Today is Independence Day - and therefore a public holiday. No banking will occur.
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Old Jul 4th 2014, 8:38 pm
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Default Re: Swift Payments

I've been told that all banks are open.
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Old Jul 4th 2014, 8:39 pm
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Default Re: Swift Payments

Originally Posted by johnboy11
I've been told that all banks are open.
Uh, no. It's a national holiday. Banks don't open on national holidays.
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Old Jul 4th 2014, 11:06 pm
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Default Re: Swift Payments

Originally Posted by johnboy11
I've been told that all banks are open.
Whoever told you that lied. ..... They are allowed to lie, Ian-stms assured me that is the case.

Originally Posted by civilservant
Uh, no. It's a national holiday. Banks don't open on national holidays.
The Federal Reserve Bank has ten national holidays, and most banks follow the Fed's lead and close on the same days the Fed Closes, given that the Fed controls the wire system (which is relevant to the OP's question), and much of the check clearing, even if they did open they couldn't provide all services. That said, Wells Fargo opens on Presidents' Day in February and Columbus day in October.

Last edited by Pulaski; Jul 4th 2014 at 11:11 pm.
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Old Jul 4th 2014, 11:10 pm
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Default Re: Swift Payments

Originally Posted by civilservant
Uh, no. It's a national holiday. Banks don't open on national holidays.
They can do, but most don't...and it would be pointless as transfers would still be down.
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Old Jul 5th 2014, 1:54 pm
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Default Re: Swift Payments

My son works night shifts in IT for a bank doing overnight processing and he likes Federal holidays because inter-bank transfers are down, meaning an easy night.
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Old Jul 5th 2014, 6:19 pm
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Default Re: Swift Payments

Ok. Money has not got there today either. Can anyone enlighten me?
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Old Jul 5th 2014, 6:54 pm
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Default Re: Swift Payments

Originally Posted by johnboy11
Ok. Money has not got there today either. Can anyone enlighten me?
It's Saturday.

Anyway why are you bothering with swift you must be losing out compared to something like Xe.com.
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Old Jul 5th 2014, 8:59 pm
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Default Re: Swift Payments

Originally Posted by johnboy11
Ok. Money has not got there today either. Can anyone enlighten me?
My son says it will depend on the bank. For his bank they will now not process the transfers until Monday.

Maybe contact your bank and ask what their schedule is over this weekend.
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Old Jul 5th 2014, 9:19 pm
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Default Re: Swift Payments

Originally Posted by durham_lad
My son says it will depend on the bank. For his bank they will now not process the transfers until Monday.

Maybe contact your bank and ask what their schedule is over this weekend.
But the Fed doesn't open on 7/4, and doesn't open on Saturdays. It will be 6am on Monday morning before the clearing computers in New York start processing wires again. Inward wires are currently queued up waiting.
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Old Jul 5th 2014, 9:35 pm
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Default Re: Swift Payments

Originally Posted by Pulaski
But the Fed doesn't open on 7/4, and doesn't open on Saturdays. It will be 6am on Monday morning before the clearing computers in New York start processing wires again. Inward wires are currently queued up waiting.
Maybe I mis-understood my son, translating "his bank won't be processing transfers until Monday", but if OP is really worried he should be calling his bank, otherwise wait until Monday since the chances of a payment submitted on Thursday 3rd July arriving the next Federal business day of Monday 7th July is extremely high, imo.
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Old Jul 5th 2014, 9:39 pm
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Default Re: Swift Payments

Originally Posted by durham_lad
Maybe I mis-understood my son, translating "his bank won't be processing transfers until Monday", but if OP is really worried he should be calling his bank, otherwise wait until Monday since the chances of a payment submitted on Thursday 3rd July arriving the next Federal business day of Monday 7th July is extremely high, imo.
With all due respect to the call center workers, there is more useful information to be had here on BE about the progress of the OP's wire than from a bank call center.
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Old Jul 5th 2014, 9:55 pm
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Default Re: Swift Payments

Indeed, the money no doubt arrived at its destination. It will not be posted until business opens on monday.
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Old Jul 5th 2014, 11:08 pm
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Default Re: Swift Payments

Originally Posted by RICH
Indeed, the money no doubt arrived at its destination. It will not be posted until business opens on monday.
The "wire" may indeed have arrived. .... Where the "money" is is a whole other question, and, quite frankly, as much a philosophical question as a practical one.
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