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IBAN transfer gone wrong

including wills and probate
Sorcery
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IBAN transfer gone wrong

#125446

Postby Sorcery » March 16th, 2018, 4:58 pm

This is not yet a legal problem. However Monday it could turn into one.

I made a credit transfer to my daughter on 7th March this year, the balance of funds to purchase a flat in Madrid, so a fair bit involved.
HSBC (local) did their bit and the receiving bank ING in Spain received the cash. ING decided my daughter needed to have some paperwork A, gave her 48 hours to come up with it. She did within 24 hours, however paperwork A was deemed not to be paperwork B (unasked for) which my daughter did in the next 24 hours. However ING say they returned the funds after 24 hours holding (it should have been 48).

Still waiting for the funds today. I have a SEPA transfer number (which apparently in law means it's a 2 day transfer max), HSBC cannot see it in the system and the funds have not been credited back to me.

Unfortunately we only have 10 working days before the sale is supposed to go through and my daughter will suffer a 10% deposit loss if it doesn't, so on a bit of a countdown. I have written a letter to ING and emailed to my daughter for delivery on Monday detailing that I hold ING responsible for any emotional and financial loss and I would be suing them if the funds are not available for my daughter in time to go through with the purchase.

My thoughts are that it's fraud or incompetence in ING.

Any suggestions gratefully received No experience of this kind of problem.

stockton
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Re: IBAN transfer gone wrong

#126821

Postby stockton » March 21st, 2018, 6:34 pm

Your daughters experience in Spain is not unusual. There is little alternative but simply to persist.

In Spain, whenever asked to provide documents, one should try to ensure that the instructions are written down. Producing a simple handwritten note can avoid a lot of bother.

dspp
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Re: IBAN transfer gone wrong

#127016

Postby dspp » March 22nd, 2018, 10:37 am

Sorcery,

I've only just seen this post of yours.

Is it still a problem ? Have the returned funds arrived yet ?

If they are back then my suggestion would be to send direct to the relevant Spanish notaire. Alternatively if you are going to send to your daughter then best to split into some smaller chunks to get underneath the reporting threshold. Alternatively get HSBC to try and quickly open an account for her just to resolve this (it is a slender chance). Banc Sabadell used to be better with clients than ING in my experience in Spain.

regards, dspp

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Re: IBAN transfer gone wrong

#128053

Postby Sorcery » March 26th, 2018, 10:52 am

Thanks for your interest and advice, dspp and stockton,
The rejected payment eventually turned up Tuesday last week, in a euro holding account somewhere in London. It took 10 working days to reach me and not the 2 days as promised. To avoid another euro sterling conversion I asked if the holding account's euro contents be paid again to my daughter's ING account.
This happened Friday but did not know until today.

I was quite keen for a plan B (another bank account) but really the clock is ticking. Purchase due to complete on 2nd April with a bankers draft for the balance. It's going to be touch & go to get it all done before then since Thursday & Friday are bank holidays in Spain.

Will update on progress for those interested.

Steve

Sorcery
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Re: IBAN transfer gone wrong

#128792

Postby Sorcery » March 29th, 2018, 12:05 pm

This time the transfer went through to my daughter's ING bank account and it stayed there.
Looks like everything is now in place to purchase the flat on Monday.

Touch wood, stress is over :D

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Re: IBAN transfer gone wrong

#128888

Postby Slarti » March 29th, 2018, 6:27 pm

Sorcery wrote:This time the transfer went through to my daughter's ING bank account and it stayed there.
Looks like everything is now in place to purchase the flat on Monday.

Touch wood, stress is over :D



Monday?

Isn't it a bank holiday in Spain?

Slarti

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Re: IBAN transfer gone wrong

#129012

Postby Sorcery » March 30th, 2018, 2:05 pm

Slarti wrote:
Sorcery wrote:This time the transfer went through to my daughter's ING bank account and it stayed there.
Looks like everything is now in place to purchase the flat on Monday.

Touch wood, stress is over :D



Monday?

Isn't it a bank holiday in Spain?

Slarti


I don't think so but they have the Thursday off instead I think.

Slarti
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Re: IBAN transfer gone wrong

#129052

Postby Slarti » March 30th, 2018, 5:04 pm

Sorcery wrote:
Slarti wrote:Monday?

Isn't it a bank holiday in Spain?

Slarti


I don't think so but they have the Thursday off instead I think.



I'll never understand other country's holidays :o

Slarti

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Re: IBAN transfer gone wrong

#129055

Postby swill453 » March 30th, 2018, 5:12 pm

Slarti wrote:I'll never understand other country's holidays :o

I bet you don't even understand bank holidays in other parts of the UK.

For example - Easter Monday isn't a bank holiday in Scotland. We get the 2nd January instead.

Except that - the banks will be shut on Monday.

Don't worry, we don't understand it either.

Scott.

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Re: IBAN transfer gone wrong

#129087

Postby richlist » March 30th, 2018, 8:52 pm

Most places are closed on Easter Monday (Lunes de Pascua) in Spain.

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Re: IBAN transfer gone wrong

#129134

Postby stockton » March 31st, 2018, 9:06 am

richlist wrote:Most places are closed on Easter Monday (Lunes de Pascua) in Spain.


Not correct. Monday is apparently a fiesta in Cataluña, Balearics, Valencia, Navarre and the Basque country.

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Re: IBAN transfer gone wrong

#129219

Postby Sorcery » March 31st, 2018, 7:17 pm

stockton wrote:
richlist wrote:Most places are closed on Easter Monday (Lunes de Pascua) in Spain.


Not correct. Monday is apparently a fiesta in Cataluña, Balearics, Valencia, Navarre and the Basque country.


I suspect bank holidays are regional, found this list for Madrid, Spain : https://www.officeholidays.com/countrie ... gional.php

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Re: IBAN transfer gone wrong

#130117

Postby Sorcery » April 5th, 2018, 10:25 am

Well the purchase went ahead with a hitch.
My daughter had agreed an instant transfer with her bank and the vendor for Monday 12:00. Nobody thought there was an issue, Jane's bank was open, Madrids' banks were open. Trouble is vendor's wasn't because of a bank holiday in his region.
Vendor helpfully loaned my daughter the keys while saying that if the funds did not arrive the next day the deal was off.
Funds went through the next day.

An end to almost a month of worry :)


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