forgo
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- Apr 13, 2006
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- Forgo Forgorth Lundain
Just a heads up as I am a bit concerned for the first time on my withdrawal that is due, and currently unable to be processed.
My bank (in the US) has informed me that I now need to use a correspondent bank to facilitate international transfers.
It is supposed to work like this, You give them the SWIFT info of the coorespondant bank with the SWIFT info and bank info of the bank they are to transfer into (your account).
Mindark has informed me that I cannot have a corespondent bank, because their form only has one field.
My bank tells me the old direct wire method will no longer work due to new US regulations.
Mindark insists I provide one SWIFT only.
If I send to SWIFT of coorespondant bank without being able to tell that bank which SWIFT of the beneficiary bank and account to send that money to, then the money is potentially in limbo, and unrecoverable.
For now I asked them to try the SWIFT of my bank directly even though I have been told and have a clear letter from the bank stating this should no longer work.
Will keep updated, sounds like Mindark needs to update their forms, but this could potentially have affected many others in recent months, as SWIFT has new regulations coming in November that ALL financial institutions must adhere to. And perhaps is my bank just adhering to these new regulations early.
Info regarding SWIFT changes and how all banks should be able to process these as a standard.
....except the bank Mindark uses I guess?
"SWIFT Standards MT (Message Type) November 2019 – Standards Release Guide”
"The changes documented in the SWIFT Standards Release Guide are mandatory for all financial institutions. Since these changes will be active in the SWIFT Alliance from the second week of November every year, all participating bank systems needs to be aligned with these changes. "
My bank (in the US) has informed me that I now need to use a correspondent bank to facilitate international transfers.
It is supposed to work like this, You give them the SWIFT info of the coorespondant bank with the SWIFT info and bank info of the bank they are to transfer into (your account).
Mindark has informed me that I cannot have a corespondent bank, because their form only has one field.
My bank tells me the old direct wire method will no longer work due to new US regulations.
Mindark insists I provide one SWIFT only.
If I send to SWIFT of coorespondant bank without being able to tell that bank which SWIFT of the beneficiary bank and account to send that money to, then the money is potentially in limbo, and unrecoverable.
For now I asked them to try the SWIFT of my bank directly even though I have been told and have a clear letter from the bank stating this should no longer work.
Will keep updated, sounds like Mindark needs to update their forms, but this could potentially have affected many others in recent months, as SWIFT has new regulations coming in November that ALL financial institutions must adhere to. And perhaps is my bank just adhering to these new regulations early.
Info regarding SWIFT changes and how all banks should be able to process these as a standard.
....except the bank Mindark uses I guess?
"SWIFT Standards MT (Message Type) November 2019 – Standards Release Guide”
"The changes documented in the SWIFT Standards Release Guide are mandatory for all financial institutions. Since these changes will be active in the SWIFT Alliance from the second week of November every year, all participating bank systems needs to be aligned with these changes. "
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