5 ms·
Try buying property for the first time. After having successfully wire transferred the 3% deposit to the escrow company, we tried to transfer the remaining amou
by s1mon 2y ago
Try buying property for the first time. After having successfully wire transferred the 3% deposit to the escrow company, we tried to transfer the remaining amount of the down payment, and the bank just refused. They wouldn’t tell us in detail why but it seemed that a third party analysis service had flagged it as risky. We had to first wire transfer to another bank account with our lender (a different bank from where we had our cash to close), and that bank finally allowed the transfer to the escrow company.
It felt really scary when we first were denied the ability to transfer our own money. Each wire transfer takes days, not minutes, and there were moments where it seemed like the money didn’t exist at the sending or receiving bank, so it made closing in 21 days a lot harder and more stressful than we expected.
- ashkankiani 2y agoI only realized after leaving the US how insanely slow transfers are there. In Hong Kong, transfers are basically instant. In Japan they often finish within 10 minutes. HSBC HK's daily transfer limit (not FPS) for me is about 3m HKD ~ 385k USD. I've transferred 30k within seconds to IBKR before.
- matwood 2y agoI've also had US bank wires be nearly instant. It all depends on how much and if it triggers additional fraud checks.
- TacticalCoder 2y ago> I've transferred 30k within seconds to IBKR before. 30 K EUR using instant SEPA tx? Transferring EUR to IBKR takes about one to two days for me so YMMV. As for the daily limit, it really depends on the bank and how much you have there: at one bank of mine I can tx up to 125 K EUR from the banking's website myself. At another bank I'm stuck at 5 K EUR max (!) and the option to raise that limit to 25 K EUR ain't working for me.
- vidarh 2y agoSome of those limits are insidious because they risk causing people to trigger fraud checks for structuring/smurfing (doing multiple transfers below the reporting limits to avoid them), so by setting low limits they risk causing innocent users to inadvertently engage in behaviours that'll cause problems.
- fallinghawks 2y agoYour typical ACH transfer takes 3 days, but it seems like some banks have set up some kind of agreement or system by which transfers are pretty instant. Between the bank where I have my personal checking and the bank where my sister and I share an account, transfer is instant. There's a newish means of logging into one bank through another, and once you establish that relationship it enables this kind of transfer.