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Why is the time limit of international wire transfer fast or slow?

2019/6/12 10:43:18 Viewers:
Telegraphic transfer is a method of settlement adopted in many international trade. It is very popular with both sides of the trade because of its simplicity and rapidity. But there are also some problems when using telegraphic transfer settlement method. For example, how long is the time for international telegraphic remittance to arrive at accounts? This is a problem that foreign trade enterprises often encounter when they use telegraphic remittance to settle accounts.

For some large enterprises, it is normal to transfer money every day. It is not only domestic but also foreign. It is not surprising to collect so much money every day that we can not tell which way of remittance. It is more convenient to collect and pay by T/T. In addition, T/T has the advantages of fast arrival and safety, which is favored by the majority of enterprises.

Why is international wire transfer so entangled?

A Great Analysis of the International Telegraphic Transfer Problem

1. International wire transfer is accomplished through SWIFT network, which can not be achieved in real time.

CNAPS liquidation system for RMB in China, ACH and Fedwire liquidation system in the United States, and SEPA liquidation system for PanPay euro currency. These liquidations are all transfers between local currencies. There is no automatic clearing system for international remittances. It relies on SWIFT system. Banks complete the clearing by sending inter-bank telegrams. It involves a large number of manual processing, unable to achieve real-time accounts.

2. The time limit of international wire transfer is usually 3-5 working days.

Because international wire transfer involves a large number of manual operations, and the SWIFT system does not work on weekends, if it happens on weekends, the time limit will be delayed. Therefore, the time limit of international wire transfer is usually 3-5 working days. For the small partners who are used to second arrival at home, the time limit is really worrying.

3. The financial links of international remittances are very complex, and the reasons for non-arrival need to be specifically investigated.

A remittance from the remittance to the entry, through the remittance bank, intermediary bank (sometimes more than one), the collection bank and many other links, each link of the bank has its own wind control compliance checks. The remittance has not arrived at the account, which link is the card? It needs specific analysis. It can not be simply attributed to the problem of the receiving bank.

Correct Opening Way of International Telegraphic Transfer Accounting

1. Calculate the correct aging. When we calculate the time limit, we must deduct weekends and holidays.

2. Query after at least 3 working days (weekends excluded).

3. Provide MT103 message as far as possible when checking accounts. The water bill does not determine the execution time of this fund. MT103 is a bank customer's remittance format. It has information about the remitter, the name of the recipient and the account. Only when you get these details can you indicate that the bank has executed the remittance.

Account checking needs the cooperation of remittance bank. The fund card is in the middle Bank of remittance bank or remittance bank. The remittance bank can not know where the fund is going, so it needs to be traced by remittance bank. Reasonable face, positive communication can solve. Wish you a smooth receipt and a lot of orders!

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