Does BPD delay wire transfers on purpose?

caribmike

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Jul 9, 2009
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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
 

Castellamonte

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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.
 

caribmike

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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...
 

Castellamonte

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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.
 

waytogo

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Apr 3, 2009
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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
 

caribmike

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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.
 

VJS

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Sep 19, 2010
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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.
 

pelaut

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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.
 

santa110xyz

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Oct 25, 2005
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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?!?!
 

PJT

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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.
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
 

caribmike

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Jul 9, 2009
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:)

Funny, funny things happening here... But after all that's the DR...

In short:

1/2 hour ago it was still not there...
Sent my wife to ask, she was told transfers would be always credited immediately to the corresponding account! So it MUST be at the other end... bla bla bla.

Just now, 5 minutes after my wife left the bank i checked the account yet again online and... lo and behold the money was in the account... strange, eh Banco Popular?

Chance? I doubt it... ;)
 

nyc dad

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Jul 28, 2011
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Do you get charged in both ends?

Sent a "test" wire for 50 bucks and got credited 44.








:)

Funny, funny things happening here... But after all that's the DR...

In short:

1/2 hour ago it was still not there...
Sent my wife to ask, she was told transfers would be always credited immediately to the corresponding account! So it MUST be at the other end... bla bla bla.

Just now, 5 minutes after my wife left the bank i checked the account yet again online and... lo and behold the money was in the account... strange, eh Banco Popular?

Chance? I doubt it... ;)
 

nyc dad

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Yeah,just noticed that this morning:ermm: how about I do this: go to vimenca next door with the dollars get a better exchange rate and brake even???
 
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I've worked for employers that intentionally delayed their payroll. It's like having an ongoing loan for $5000 from your own employees.
 

Tarheel

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Dec 19, 2005
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The banks in the DR are very cautious with wire transfers. Most likely due to the drug trade and money laundering. I sent a wire once and they held it up for 2 weeks. They kept telling me that my bank in the US had to send them "one paper" before they would accept the wire. When I asked what should be on the "one paper" they had no answer. Finally I had my bank send them a fax showing my account information on their letterhead and the wire was received. Very fustrating to say the least.
 

nyc dad

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Jul 28, 2011
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No 30 days

So they actually hace control of that "30 days for clearance on foreign checks" deal?




My employer sends me a 7K check weekly by airplane that I take to BPD. They cash it for me and deposit it in my account, where it is immediately available.

Get to know your bank manager, people.
 

Robert

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My employer sends me a 7K check weekly by airplane that I take to BPD. They cash it for me and deposit it in my account, where it is immediately available.

Get to know your bank manager, people.
Ain' that the truth!

If the girl that managed my Banco Popular accounts moved to another bank, I would take all my business to her.
 

CaptnGlenn

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Mar 29, 2010
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My employer sends me a 7K check weekly by airplane that I take to BPD. They cash it for me and deposit it in my account, where it is immediately available.

Get to know your bank manager, people.

good advice EVERYWHERE.


As for the delays... I wouldn't sweat it... YET. But I WOULD keep an eye on it. If it continues, I'd start the questions with the sender / employer then sending bank, then local bank. They can trace it... with time stamps.