sms747 Posted October 29, 2013 Share Posted October 29, 2013 I just transferred money from UK to here and noticed this message: SWIFT payments within the European Economic Area (EEA) usually take 1 working day to reach the destination bank; but payments outside the European Economic Area may take longer. Payments to India can take up to 3 months and occasionally longer to reach the receiving account. How on earth can it take three months or longer for an electronic transfer to get money to India? You could walk there in that time! Link to comment Share on other sites More sharing options...
Naam Posted October 29, 2013 Share Posted October 29, 2013 SWIFT to India from Asia takes one day, from Europe two days, i.e. 3 months = rubbish! caveat: you cannot transfer INR (Indian Rupees) from abroad. but any freely convertible currency is fine. Link to comment Share on other sites More sharing options...
sms747 Posted October 29, 2013 Author Share Posted October 29, 2013 well that was from the nationwide site and there are an awful lots of Indians in the UK transferring cash back home Link to comment Share on other sites More sharing options...
AyG Posted October 29, 2013 Share Posted October 29, 2013 If you've ever been inside a bank in India you'd understand just how antiquated the systems and procedures are. The sheer mass of people involved in following the local bureaucratic procedures is staggering, as is the mass of customers trying to get something (anything) done. The actual money transfer to the head office may only take moments, but getting the money from there to some tiny outpost in the depths of rural India could indeed take weeks (depending upon how spritely the ass responsible is). 1 Link to comment Share on other sites More sharing options...
koo Posted October 29, 2013 Share Posted October 29, 2013 The actual SWIFT transfer goes in (milli)seconds. All the rest depends on the sending, intermediary and receiving banks and their processing, plus there might be a currency conversion and maybe some wait for the cover transfer for the payment to go through. I would imagine that if you held an account in a major Indian bank, and their headquarters, the funds will arrive on your account within a couple of days from sending. In more rural areas and banks, it really can take weeks if the recipient's bank is not connected to SWIFT and therefore must pass through many intermediaries and cover checkups. SWIFT payments within the European Economic Area (EEA) usually take 1 working day to reach the destination bank; but payments outside the European Economic Area may take longer. This is due to EU legislation on SEPA transfers, where it is stated that the sender's bank has up to 1 business day to transfer the funds to the recipient's bank, and there the money has to be credited to the recipient's account the same day the funds arrive. Link to comment Share on other sites More sharing options...
Naam Posted October 29, 2013 Share Posted October 29, 2013 well that was from the nationwide site and there are an awful lots of Indians in the UK transferring cash back home there are an awful lot of Indians worldwide who transfer money back home. only an ignorant could have made the comment "three months". p.s. i am since many years a partner in an Indian business venture and i know what i'm talking about. Link to comment Share on other sites More sharing options...
sms747 Posted October 30, 2013 Author Share Posted October 30, 2013 well I am going to ask nationwide for an explanation and let you know what they say Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now