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Swift transfer return

  • 13-06-2022 10:02am
    #1
    quokula
    Registered Users, Registered Users 2 Posts: 3,646 ✭✭✭


    I had an international swift payment to my KBC current account rejected because it was in US Dollars. I've spoken to their customer service team who've said the money will be returned to sender in 7-10 days. This is an important payment and having it sitting in limbo for that long is a major issue, but they insisted nothing can be done. Does anyone know if there any ways to escalate it and if it would be possible to speed up the refund?



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    The Swift system is a major international payment system with 100s of 1000s of transactions in error every day. It’s just not possible for them to offer a manual expedited service at a reasonable cost.

    Most companies who make significant use of Swift have an arrangement with their bank for temporary credit against their failed transmissions. Perhaps the senders bank might be willing to grant them temporary credit so that they can resend sooner.

    Failing to send payment in an acceptable currency is a fairly basic mistake on the senders part.



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