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  1. #1
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    Default Does BPD delay wire transfers on purpose?

    Here is the situation:

    I get every week tuesday night 8 pm a wire transfer from the US, it is an automated procedure. Every wednesday at 9:30 am the money arrives at my account at Popular.

    Not so last week.... Then it came delayed at 3 pm.

    This week it is 4 pm no money has arrived...

    It is definitely on their end.

    Asking them doesn't reveal anything of course

    My question is: Are they doing that on purpose? Does anybody else experienced changes in the routine w/ them?

    Thanks
    Michael

  2. #2
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    I have no idea as to the size of the wire transfers but it would be common for the banks to delay or withhold (reject) until they perform the due diligence they feel is necessary to comply with money laundering laws. If this is a smaller wire transfer amount (less than $3000) then I would discuss it with the bank to provide them with proof of source of funds so they can more readily make the funds available.

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  4. #3
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    Actually it is salary and (unfortunately ) less than 3 K a week. I am getting these transfers little over a year and they were always on time. That's why it makes me think why it didn't happen as always today and last Wednesday...

  5. #4
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    Yes, but consistency breeds suspicion...and least here it seems to. I have funds wired all of the time, the amounts vary of course, and never have any hold ups. But I disclose source of funds before the transfer so everyone who may be interested can sniff my tail and look up my skirt (figuratively speaking, of course).

    Given it is a salary, I recommend going to Banco Popular with a letter from your employer indicating that they are paying you via wire transfer in amounts less than US $3000 (or maybe US $5000 if you expect a raise) so as to clear the path easier for you. I expect money laundering laws in this country to get much more stringent as opposed to lax in the future.

  6. #5
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    Been wire transferring funds to Banco Popular for 3 years on a monthly basis, a descent amount.
    Had a problem a couple of times and it was always with the sending institution in the states.
    Most of the time the funds were made available to me in one day............sometimes two...........

    B in Santiago

  7. #6
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    "Most of the time the funds were made available to me in one day............sometimes two..........."

    That is what i am used to, yes. More in one day, that's why I am getting nervous if it is delayed, since one has to take care here a little more than elsewhere...

    And the Bank knows from where it comes from etc.

  8. #7
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    It's probably something trivial, like the person who usually processes wires at the branch / banking center is off on vacation or recently quit and someone less experienced is doing it, wouldn't read too much into it.

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  10. #8
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    Banks everywhere benefit from delays on transfers. It increases their float, and depending on shenanigans behind their doors, and their correspondents' doors, and expected inspectors' visits, the delay may be greater or even none at all.
    In the 1980s delays of weeks were not uncommon. They've learned new tricks since then, however, and we don't suffer so much these days.

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  12. #9
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    yesterday was kind of a Holiday for the banks. BPD was only open until midday and Leon even did not open. maybe that was the reason?!?!

  13. #10
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    Default Cut Off Time

    Quote Originally Posted by pelaut View Post
    Banks everywhere benefit from delays on transfers. It increases their float, and depending on shenanigans behind their doors, and their correspondents' doors, and expected inspectors' visits, the delay may be greater or even none at all.
    In the 1980s delays of weeks were not uncommon. They've learned new tricks since then, however, and we don't suffer so much these days.
    The above quote is a reason, the "float"

    Yet, you may want to check back with the source to find out what time of day the transaction enters the BPD system from your employer. Let's say an entry posted to the system is posted before 2:00 pm
    that business day, then it will be credited for that day and will be available to the beneficiary the next business day. A transaction posted after 2:00 pm will not be credited until the next business day and will be available to the beneficiary the business day following the credit day.

    Regards,

    PJT

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