Money Missing on Int'l Fund Transfer

PowerToWait

Not sure if this is the right place but I'll try.

Last week I wired a substantial amount to a Wells Fargo account in USA. Transfer was done online using card reader and in USD. It's a deposit on sporting goods.

Anyway, vendor contacted me yesterday to say it had gone across as almost 10% shy of what I sent. I was debited the amount in Euros on Friday. Was ripped on the rate as well.

I know the vendor personally, he's well reputed etc Have no reason to doubt him. Been onto my bank but they say they transferred the full amount and it could be recipient's bank charge.

He says his bank takes no charge. Never has.

Anyone any ideas on what may have happened? Any recourse I may by have?

Spocker

This has happened to me before, when transferring to a relative in the US, using my Irish Banks online facility. I sent the full amount, in USD, and my account was debited accordingly. My relative received $amount-$25 and neither bank claimed to be at fault.

However, on further investigation (on my relatives side) it turns out there was a third bank involved (I'd suspect my Irish bank had some transfer arrangement with them), and this third bank charged a fee to handle the transfer, and this is where the "missing" funds went.

[edit] I found some specifics: I was transferring from AIB to Bank of America; they do not have a direct business relationship, so AIB transferred to Deutsche Bank in NY (who charged the fee, the missing $25), and DB then made the payment to BOA

PowerToWait

Thanks for that. Would that $25 have been in or around 10% of what your initial dollar sum was by any chance?

Joseph

Take a look at currencyfair.com (Irish company). I wouldn't be doing any currency transfers with my bank anymore because of this exact kind of thing

PowerToWait

The infuriating thing is there was no mention of any extra charge when I did the transaction. I'm sure they legally must advise you of potential charges.

I specifically went down that route to avoid a credit card charge of 2%, pretty píssed tbh.

Joseph

Did you read the relevant terms and conditions? I'd bet they are covered in there

Spocker

PowerToWait wrote: »

Thanks for that. Would that $25 have been in or around 10% of what your initial dollar sum was by any chance?

The amount I was transferring was $128, and the recipient got $103 - it seems the $25 was a fixed charge, but that could just have been relative to the amount, or whatever the broker decided on the day, you're at their mercy I guess. AIB seem to cover themselves here: https://personal.aib.ie/content/dam/aib/personal/docs/fees-and-charges/schedule-of-international-transaction-charges.pdf

Vic_08

Spocker wrote: »

The amount I was transferring was $128, and the recipient got $103 - it seems the $25 was a fixed charge, but that could just have been relative to the amount, or whatever the broker decided on the day, you're at their mercy I guess. AIB seem to cover themselves here: https://personal.aib.ie/content/dam/aib/personal/docs/fees-and-charges/schedule-of-international-transaction-charges.pdf

So I take it you didn't get you money back from them then?

I second the recommendation for currencyfair, with that and revolut I wouldn't go near banks for multi-currency transactions any more.

Speedwell

Thirding currencyfair; I'm an immigrant spouse of an Irish citizen and I maintain a US account for trivial purchases in the US (it also makes paying any tax owed easier). I'll throw the occasional 200 euro into the account for savings if nothing else and never a problem with CF.

Merowig

Pitty Currencyfair doesn't support Romanian Lei.

But nethertheles thanks for this.

I also regularly send money over to Germany and It seems AIB is even making charges on these transfers as well ( no currency discreprancy there)...

Spocker

Merowig wrote: »

I also regularly send money over to Germany and It seems AIB is even making charges on these transfers as well ( no currency discreprancy there)...

You only have to pay AIB if you're making an 'Urgent' transfer, if you use the standard payment, theres no fee.

Nody

Merowig wrote: »

I also regularly send money over to Germany and It seems AIB is even making charges on these transfers as well ( no currency discreprancy there)...

SEPA transfers; learn it, love it, use it...