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What do you mean by “Give your bank time to fully "digest" the payment.”?

• robomartin 13y ago
  With international trade the payment doesn't necessarily end with the money showing up in your account. There are countries and circumstances that could result in money being pulled out of your account even a year later. I remember a situation with a payment from Greece where my bank basically said "you would be nuts to do it this way". I would not have known had I not taken the time to meet with the bank manager who reviewed the issues and guided me through the process of structuring a safe transaction. If I remember correctly it involved telling my customer to go to the bank and do a wire transfer with cash as opposed to writing a check. Details are fuzzy. I think I remember him saying that their banking system allowed them to recall the check up to a year later. All of the banks involved in that transaction would have to honor this and you would end-up on the hook for the money. Cash or a cashiers check used for the EFT would break that link and result in a solid transaction.