Lost IB SWIFT transfer

[cstfx]

Quick question:

Were you transferring funds from IB USA to a US bank (Citi)? If so, why are you using a Swift code? Swift codes are for funds transfers between US and non US banks, ABA codes are for US institution to US institution xfers.

 

[davidc123]

OldTrader - My issue isn't with the length of time it took, but with how hard it is to get answers to urgent questions. The whole point of this post was to find out how long I should expect to wait. I asked many times for some indication but only got some idea from answers on this thread.

Tums - I was advised on the phone by them that I can choose any code on the list they provide because they are all linked to my bank, and that's enough assurance for me to trust their suggestion.

cstfx - I was transferring to a UK bank.

 

[nonam]

I have always maintained that most banks hold on to transfers much longer than they should.In this electronic age transfers should happen in seconds.The banks hold the money so they can use it for free.It becomes part of the float they are suposed to maintain.

 

[Tums]

Quote from davidc123:

Tums - I was advised on the phone by them that I can choose any code on the list they provide because they are all linked to my bank, and that's enough assurance for me to trust their suggestion.

that CS at IB should be fired for being too helpful.

My "bank" has over 20 listings at SWIFT. The codes are used to make transfers to SPECIFIC departments at the bank. (eg. forex dept, investment banking subsidiary, private banking division, etc.)

If your money got deposited into one of those departments, they have to go through all the audit trails to show that the money is yours, and then go through layers of corporate procedures for transfer approvals.

Consider yourself lucky if you got your money back in 3 weeks.

 

[davidc123]

Quote from Tums:

that CS at IB should be fired for being too helpful.

How can you call giving wrong information being too helpful?

Quote from Tums:

Consider yourself lucky if you got your money back in 3 weeks.

Ok I will, but as I say I have no problem with the length of time it took.

 

[jazzsax]

Quote from davidc123:

OldTrader - My issue isn't with the length of time it took, but with how hard it is to get answers to urgent questions. The whole point of this post was to find out how long I should expect to wait. I asked many times for some indication but only got some idea from answers on this thread.

Tums - I was advised on the phone by them that I can choose any code on the list they provide because they are all linked to my bank, and that's enough assurance for me to trust their suggestion.

cstfx - I was transferring to a UK bank.

There is your problem right there. I've had the same problem with wires to the UK, but not from IB. Plain and simple, if you mess up ANYTHING, it will take 2 to 3 weeks to come back. I had a wire with one digit off in the account number, the bank sent it back.