Tracking down an international payment
Discussion
A client in the Caribbean made a payment to me on the 11th November but has yet to reach my account.
(Before the suggestions come flying in.... this is a very credible NGO backed by leading international development organisations. They are in no way a dodgy outfit)
They've sent me the transaction report and all the account details are correct.
My bank can find no trace of any payment attempt and have said that they need a UETR number (Unique End-to-end Transfer Number) to investigate further, which my client's bank do not issue (their bank is USBank).
Has anyone had this problem and found a solution?
(Before the suggestions come flying in.... this is a very credible NGO backed by leading international development organisations. They are in no way a dodgy outfit)
They've sent me the transaction report and all the account details are correct.
My bank can find no trace of any payment attempt and have said that they need a UETR number (Unique End-to-end Transfer Number) to investigate further, which my client's bank do not issue (their bank is USBank).
Has anyone had this problem and found a solution?
StevieBee said:
A client in the Caribbean made a payment to me on the 11th November but has yet to reach my account.
(Before the suggestions come flying in.... this is a very credible NGO backed by leading international development organisations. They are in no way a dodgy outfit)
They've sent me the transaction report and all the account details are correct.
My bank can find no trace of any payment attempt and have said that they need a UETR number (Unique End-to-end Transfer Number) to investigate further, which my client's bank do not issue (their bank is USBank).
Has anyone had this problem and found a solution?
What sort of transaction report? It’ll probably be a SWIFT transfer, so if all they’ve sent you is a simple screenshot, need may need to ask them for an MT103.(Before the suggestions come flying in.... this is a very credible NGO backed by leading international development organisations. They are in no way a dodgy outfit)
They've sent me the transaction report and all the account details are correct.
My bank can find no trace of any payment attempt and have said that they need a UETR number (Unique End-to-end Transfer Number) to investigate further, which my client's bank do not issue (their bank is USBank).
Has anyone had this problem and found a solution?
Could be a range of things dependent on the currencies and banks involved but if the money has left their account and not arrived in yours it is most likely due to missing/misplaced data on the MT103 and/or it being stuck in an account at a correspondent bank.
It depends on a few things.
If it is a large amount (over 6 figures), then the issue is the UK banking system.
Currently any new payments (from an account that has not previously paid large sums) over 6 figures into a UK bank account (SME not corporate) are subject to money laundering scrutiny.
This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
I'm having the same problem currently.
However, if you get your client to send you the Remittance Advice Number, (US banks definitely do this) you can then get your bank to trace to see if is with the correspondent bank or in their system.
If it is with neither. Your client is pulling a fast one.
If it is a large amount (over 6 figures), then the issue is the UK banking system.
Currently any new payments (from an account that has not previously paid large sums) over 6 figures into a UK bank account (SME not corporate) are subject to money laundering scrutiny.
This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
I'm having the same problem currently.
However, if you get your client to send you the Remittance Advice Number, (US banks definitely do this) you can then get your bank to trace to see if is with the correspondent bank or in their system.
If it is with neither. Your client is pulling a fast one.
Edited by Geoffcapes on Friday 13th December 10:21
Cheers all.
Geoffcapes said:
Currently any new payments (from an account that has not previously paid large sums) over 6 figures into a UK bank account (SME not corporate) are subject to money laundering scrutiny.
This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
Thanks for this. I was thinking this may be the issue as it's the first payment from this particular client. Not six figures - just four ($9k) so perhaps enough to raise a flag!This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
StevieBee said:
Cheers all.
It's unlikely to be that, not after over a month and with no queries raised. Geoffcapes said:
Currently any new payments (from an account that has not previously paid large sums) over 6 figures into a UK bank account (SME not corporate) are subject to money laundering scrutiny.
This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
Thanks for this. I was thinking this may be the issue as it's the first payment from this particular client. Not six figures - just four ($9k) so perhaps enough to raise a flag!This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
The vast majority of international payments I have known fail are due to addressing and/or correspondent banks being unable to apply the funds.
LooneyTunes said:
StevieBee said:
Cheers all.
It's unlikely to be that, not after over a month and with no queries raised. Geoffcapes said:
Currently any new payments (from an account that has not previously paid large sums) over 6 figures into a UK bank account (SME not corporate) are subject to money laundering scrutiny.
This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
Thanks for this. I was thinking this may be the issue as it's the first payment from this particular client. Not six figures - just four ($9k) so perhaps enough to raise a flag!This will done by the correspondence bank, and they are perfectly within their rights to hold the payment for up to 30 days and either return to sender or forward to your bank.
Your bank may then do the same checks.
The vast majority of international payments I have known fail are due to addressing and/or correspondent banks being unable to apply the funds.
Sounds like they have either not paid you, or they've got your bank details wrong and have paid someone else.
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