on what grounds can a Receiving Bank not pay MT 103

Posted in the Banking Forum

kamran

Shanghai, China

#1 Apr 2, 2013
we had a case that after one month still the receiving Bank did not pay the sending banks swift MT 103..to beneficiaries account.

What are possible reasons??

Since: Jul 11

Location hidden

#2 Apr 3, 2013
kamran wrote:
we had a case that after one month still the receiving Bank did not pay the sending banks swift MT 103..to beneficiaries account.
What are possible reasons??
Why don't you ask the bank yourself?

Any answer coming from other source would be simply a guessing game.

Like, The MT 103 was never received.
Like, The MT 103 was never sent.
Like, The documents you received claiming to represent the MT 103 were fake.

Like, The MT 103 came without a MT 202 / MT 202COV.
Like, your bank received the MT 103 and before it arrived at your bank account, your balance showed a history of 20 dollars per month and suddenly, you have $1,000,000,000,000,000,000,000 ,000,000

Get my point?
Raylow

Singapore, Singapore

#3 Apr 3, 2013
kamran wrote:
we had a case that after one month still the receiving Bank did not pay the sending banks swift MT 103..to beneficiaries account.
What are possible reasons??
Ask your remitter to get a copy of the MT103 from the sending bank and give it to the receiving bank to investigate. In advanced countries MT103s are processed automatically without human intervention but in less advanced countries they are processed manally and may be mishandled.
HAndersen

Denmark

#5 Apr 4, 2013
Unless an intermediary bank is involved, MT202/MT202 COV is mute.

Moreover, there ain't no need to indulge oneself with the technicalities of banking between banks.

I concur with Raylow .. check the MT103 copy. Neither the sending or receiving bank is obliged to inform anyone if the transfer fails. Sending bank will have a field days "playing" with senders' money.

If MT103 is valid, several factors need to be observed :-

1) Is the receivers' IBAN/bank account no. correct ?

2) Is it a multi-currency account ? If not, sending USD to a RMB account or vice versa etc.. will fails to conclude. Ensures that it is converted by sender bank prior to transmission.

3) Is the receivers' bank account name spelt correctly ?

4) Is the receiving bank SWIFT Code correct ?
Most banks have more than one SWIFT CODE.

If all are in order, you should have the money credited. Your bank will call you up if it finds anything suspicious.

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