Withdrawl concern

forgo

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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. "
 
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Rock Stone

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Was your bank working with only a routing number prior to your last withdrawal?
Can I know who your bank is?
When and how did you find out it got stuck?
Rock
 

mastermesh

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This bullshit right here is why it Mindark should be fighting tooth and nail to get paypal deposits and withdrawals back in order ASAP. Many banks in US are like this. A lot of banks are starting to slow down or shut down international transfers... and a lot of banks in US have no freaking idea what numbers Mindark are looking for... which can and does result in things like transfers not going through and Mindark charging quite a bit for every failed transfer! (once when I tried to withdrawal it took 2 failed attempts before it finally went through the 3rd time, and Mindark took the damn fee every time!)...

https://account.entropiauniverse.com/support-faq/deposits-and-withdrawals/withdrawal-faq/
Do you charge any fees for a failed transfer?
If a transfer of a payment fails and the money is returned to MindArk, a bank charge equivalent to 700 PED (70 USD) or more will be drawn from your withdrawal amount.

Reasons for a failed transfer can be:

the name on the bank account does not match with the name on your Entropia Universe account
you have entered incorrect bank account information
your bank account cannot receive international payments
your bank account cannot receive payments in the currency you have selected
To avoid the transfer to fail, contact your bank and ask which information you need to give for an international transfer to your bank account.
If Mindark cannot get paypal to work Mindark should look to create a branch in the US so that they can just take regular domestic non-international transfers imho. (they used to have an office or something in Mexico, so they need to just send Kim a little North)... I suspect that until the Paypal issues is over a lot of folks are not going to be depositing or doing withdrawals any time soon. If they do get a resolution this may be the end for a lot of us.
 
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forgo

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Nope this bank I have used many times for withdrawals, successfully and without issue until now.

I am due and in Que for a withdrawal done months ago that will not complete as of now.

The problem is that my bank and US regulations have changed recently and Mindark seems to want to insist that my government or bank change their new policy, instead of MA replacing their forms.

I still am being told I can only have one SWIFT from MA despite SWIFT requiring all banks (this includes international, so this could be a problem for every player) to comply using multiple.

MA is refusing to update forms and be in compliance with basic wire transfer standards that apparently changed.

Bank tells me not to use the SWIFT they have, MA tells me I must.....I have feeling Bank will win the argument.

Meanwhile, its my money that will be in limbo until people figure out whats going on.
 
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Xcessive

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i am not sure if your situation is better or worse than mine. 3 days before my withdrawal ready, paypal shits the bed. and i really dont have another bank option. i live in a small town with only a local credit union that doesnt accept international wires.

so... i have debated going to a bigger city to open an account... i dunno. seems like the sky is falling :(
 

ClosedFile

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TBH, I think the problem here is the US and not MindArk.
But lets keep that can of worms sealed.

Having an American bank account might be the best thing for MA to do.
That or PayPal.
 

CozMoDan

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I do not understand the bank transfer thing, why that way only ? Before online poker was basically ban in the US I got western union wires. Took them down and depoed in my bank and done. I do blame MA for some of this by making it a pain and taking 30 days to get your money. We don't get to make a depo and spend it and then get to wait 30 days+ before they take it from us.

Here's how the US banks are. I am a partner in a business I loaned the company money at the start. We decided to remodel and a few other things so we wanted to consolidate everything into one loan. The bank required that my loan be paid off. Fine,no problem. Because it involved real estate it had to go through a title company. The bank sent the money to the title company. The title company then took the check to the bank and deposited the check into my account. All good, right ? Not really. I then got a letter from the bank 2 days later, the one where our company's account and all the principals have accounts that said that I could not get credit for the deposit for 9 days because it was over 5K USD and wanted to make sure it cleared. Really, I mean REALLY?? The ironic thing is I had to sign, along with the others principals, the note guaranteeing the loan would be repaid.

I have said this many times, never trust anyone especially banks because when they do screw up it is never anyone's fault and no one knows how to get it fixed.
 

Finnigan

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OP, you should not provide a correspondant bank.

You just need to give mindark your account number with your bank and they BIC code.
Mindark then instsructs his bank to credit the account you have given them. THen MA's bank will make sure that all the money is transferred. If they have no account with your bank they will use their correcpondant bank and if needed the correspondant bank of your bank if it is really complicated. But you, not MA are involved in this .. this is all agreements between banks worldwide.
A customer payment is executed by MA's bank using SWIFT MT103 (or ISO20022 equiv.).
So it is probably MA's bank that goes wrong.
 

San

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I have suggested TransferWise in the other thread about Paypal and would throw it in here, too. Have a look through their docs if it would solve your problem. You can have MA send the funds in Swedish Kronor or Euro using a domestic or SEPA transfer, and you could withdraw USD from there for the best possible exchange rate and fees. Only thing I don't know is whether it's a hindrance if you withdraw to a different account than the one you deposited with.
 

Liu

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Had same issue, problem was withdrawal requested in wrong currency. Check that out.

Didn't read the whole thread, sorry if this has already been said.
 

Hypnotyk

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I would try this.

I have suggested TransferWise in the other thread about Paypal and would throw it in here, too. Have a look through their docs if it would solve your problem. You can have MA send the funds in Swedish Kronor or Euro using a domestic or SEPA transfer, and you could withdraw USD from there for the best possible exchange rate and fees. Only thing I don't know is whether it's a hindrance if you withdraw to a different account than the one you deposited with.
 
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