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SWIFT does not take 2 months; it takes minutes or hours. Your bank already has your money or it never received it. More likely, they are holding your money due

SWIFT does not take 2 months; it takes minutes or hours. Your bank already has your money or it never received it. More likely, they are holding your money due to some issues with your local KYC laws. (This is especially likely in South America, where foreign senders must verify the source and purpose of payments made to local residents.)

xboxnolifes 4y ago
Either way, they haven't received the money.
- kimixa 4y ago
  Yes, but the same issue will likely occur for any other large transfer of value, be it on the blockchain or a briefcase of cash or anything else. The wording of the regulations may not have caught up, but their intent is to regulate all wealth transfers. Unless you're avoiding the regulation and just not reporting it, of course, which is likely illegal depending on the jurisdictions involved.
nibbleshifter 4y ago
Sometimes wire transfers mysteriously fail for no reason, in particular between US and EU banks. I've had this issue with being paid before, nobody could tell me why the transaction would mysteriously fail.
- gamblor956 4y ago
  Agreed, but in this case the OP says that the bank acknowledges receiving the money, and simply won't release it to his account. That means KYC or source-of-income laws are applying (I don't know what country OP is in so I can't say which).
  - bellip 4y ago
    Sorry for not being specific enough, let me give more details about the incident. My bank tell me they can see the transaction but it is not approved so they cant do anything about it and recommend me to contact with the sender's bank. Sender's bank tells the sender that the amount is held by the beneficiary bank and they can not do anything about it either. At some point, sender's bank told the sender that the beneficiary bank released the payment (around 25-30 days ago), but the transaction is still not completed anyhow. Weird thing about this is, the amount is very small (around 1k EUR), and I have received 20-30 payments from the same sender, same bank in the past 4 years. The most troubling part is, I or the sender, can not take any action to fix the issue and the neither bank tells us what the issue is or recommends us an action to fix the issue. I am not saying this happens all the time, or all SWIFT transactions are flawed by nature, but this occurring even once is enough for me to be in a very stressful situation without any remedy.

xboxnolifes 4y ago

Either way, they haven't received the money.

kimixa 4y ago
Yes, but the same issue will likely occur for any other large transfer of value, be it on the blockchain or a briefcase of cash or anything else. The wording of the regulations may not have caught up, but their intent is to regulate all wealth transfers. Unless you're avoiding the regulation and just not reporting it, of course, which is likely illegal depending on the jurisdictions involved.

nibbleshifter 4y ago

Sometimes wire transfers mysteriously fail for no reason, in particular between US and EU banks. I've had this issue with being paid before, nobody could tell me why the transaction would mysteriously fail.

gamblor956 4y ago
Agreed, but in this case the OP says that the bank acknowledges receiving the money, and simply won't release it to his account. That means KYC or source-of-income laws are applying (I don't know what country OP is in so I can't say which).
- bellip 4y ago
  Sorry for not being specific enough, let me give more details about the incident. My bank tell me they can see the transaction but it is not approved so they cant do anything about it and recommend me to contact with the sender's bank. Sender's bank tells the sender that the amount is held by the beneficiary bank and they can not do anything about it either. At some point, sender's bank told the sender that the beneficiary bank released the payment (around 25-30 days ago), but the transaction is still not completed anyhow. Weird thing about this is, the amount is very small (around 1k EUR), and I have received 20-30 payments from the same sender, same bank in the past 4 years. The most troubling part is, I or the sender, can not take any action to fix the issue and the neither bank tells us what the issue is or recommends us an action to fix the issue. I am not saying this happens all the time, or all SWIFT transactions are flawed by nature, but this occurring even once is enough for me to be in a very stressful situation without any remedy.