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The thing about international wire payments is you never know what you will receive. I send out an invoice for X and I get some seemingly random value less than
by danieltillett 11y ago
The thing about international wire payments is you never know what you will receive. I send out an invoice for X and I get some seemingly random value less than X. My bank can't tell me why - the best I can get out of them is some intermediate bank along the way took out some fee. It makes it a nightmare to match up an invoice with a payment.
If you wanted to exploits this effect for fun and profit you could always deduct $50 to $100 from every invoice you pay and the recipient would just assume it was some intermediate bank fee.
- ryanjshaw 11y agoSwitch banks? If your bank is using SWIFT, the MT103 message has fields to track this information (fields 71F and 71G) and validations to ensure the fields are populated correctly (i.e. 32A and 33B must reflect 71F and 71G correctly). Any decent bank should be able to display the originating payment instruction details for a given cross-border payment ledger entry. (I've implemented SWIFT processing fees for cross-border payments.)
- danieltillett 11y agoWell it is a little more difficult here in Australia. I have asked a few times and the only way they can provide me with the data is to do a trace which they charge me $50 for doing. Paying $50 extra to learn that some bank took out a fee is not too helpful. I more wish I could stop it happening.