Wire Transfers

Just one those simple things that get very complicated when you don’t need it to be. I have come to know that in reality the bank only needs an account number and a routing number or swift code of the bank to make a transfer, the rest is all gibberish. When you see all these movies and money transfers taking place, they happen with the click of a button, money is here then there. I don’t really understand why it takes three to five days for a wire transfer to go through, I’m not a finance guy I’m just annoyed that it isn’t instant, the money instantly disappears from your account but not showing up in the other is annoying. And if you say you want to pay the fees of the transfer for the receiver, they always charge them some fee which is a farce.

A guy who is just trying to enjoy life!


  1. Mo

    It’s a little game banks play called “how much interest can your money earn for one more day”. Instead of doing the transfer instantly they try to keep the money on their accounts for as long as possible coz it brings in a nice percentage if they lend it to other banks overnight.

  2. jewaira

    how else will they make money?

  3. it’s a matter of the working hours! if u do the transfer on a Thursday in Kuwait, u’r bank may or may not do the request in the same day,, if not then the request will be in the next working day which is Sunday. and u r sending the money to the US. they will receive the request on Sunday which is an off day,, next working day is Monday,, money is there!

  4. I don’t see them sleeping on the money really, basically this is what happens as I already did some transfers last Thursday.

    The money is deducted from my Kuwaiti Account

    Almost a few hours later it is entered in my American account minus the 25$ that the other bank charges (these charges are not based on the Kuwaiti bank but instead it’s what the Intermidiary bank charges i.e. my bank deals with JP Chase Morgan Bank.. so then JP Chase transfers it let’s say to Citibank or wherever, it is JP Chase who takes the other charges and if by any chance JP doesn’t deal with the other bank that you are transferring to, then it will send the money to it’s intermidiary bank and another charge will be deducted (get it?).

    The money is now available in the States however it is pending as it needs to be cleared and that usually takes a day or two.

    Hence the whole process :/

  5. i know what you mean … i wish someone would explain it to me as well

  6. Simple really: as long as u’ve got a SWIFT code & beneficiary account #/name, that’s all you need. It’s instant; like an email.

    It goes through to the receiving bank. If you’re transferring to the US, it usually can be credited the same day. If you’re transferring to the eastern part of the world, due to working hours, it’ll get credited the next day (barring any holidays/wknds in between.)

    The reason banks here take 2-3 days is like Mo said.. the bank actually uses your money to make interest off it before they deliver it. Other banks, just try to cover their basis in case there’s a delay. They say 2-3 days but it gets delivered before that.

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