HELP - WIRE transfer issue

mkennedy27118

I processed a WIRE transfer from my broker based in the Bahamas to pay into my UK Nationwide Building Society Account. However, it wasn't particularly clear what information they needed and being my first WIRE transfer I wasn't aware that a SWIFT code and a BIC code are actually the same thing (?!). Anyway to cut a long story short, Nationwide provide the SWIFT intermediary bank information and also the Nationwide BIC. As the brokerage was requiring the SWIFT code I mistakenly put in the SWIFT intermediary bank code that Nationwide provided, which in their case is HSBC. Along with this though I did submit my IBAN code.

My question is, that the funds have been sent to the HSBC intermediary bank but without the Nationwide BIC (as there was no option to put this in. But I am assuming I should have put in the Nationwide BIC instead of the SWIFT intermediary code), but the details of the transfer do have my IBAN code, obviously detailing my Nationwide account.

Will HSBC notice this and then logically use the IBAN to transfer on to my Nationwide account? Or will they reject the WIRE/me have to request the broker to request the return of funds and start all over again with the Nationwide BIC?

The only thing I read about the Nationwide BIC was that it wasn't connected to the SWIFT systems as they use HSBC for the intermediary services for this reason?

Either way, I now have a fair bit of money lost in space. I appreciate I should have been more thorough and asked these questions before making the mistake, but information was a little hard to find and now I'm learning the hard way.

Any insight/answers are HUGELY appreciated!! PLEASE"!

Ballard

Before IBANS there would have been no chance of you getting the funds but you might find that HSBC are able to route it to you as you've provided it. Unfortunately I can't be more specific than that.

As you've intimated, not all banks are on the Swift network. You can tell whether a BIC is a Swift code fairly easily as non-Swift BICs have a 1 in position 8. (Sorry to be so geeky!)

eDicky

Did you enter those details on a form supplied by your broker, or their bank?

Did you enter Nationwide or HSBC as the recipient bank name?

When there is a specific intermediary bank required, both their details and the beneficiary's bank account details (yours) need to be given. Nationwide may be unable to receive the transfer if it sent directly to them, or via a different intermediary bank.

You need to inform your broker of the full details required by nationwide, explaining that they did not give you the facility to enter everything correctly (If that's indeed the case) and they must now take responsibility to follow up with with their own bank or transfer broker to make sure everything is rectified. There's a chance it will go through as is, but obviously it's better to be sure. Don't worry too much, your money will bounce back to the broker or be held somewhere pending clarification if it cannot go through, not disappear into a black hole...

mkennedy27118

I can report that I received the money this morning - I think I got away lightly there! Thanks!

mkennedy27118

Thank you for the insight - hugely appreciated.

I had filled out the form from the broker and they then pass it on to their bank. There was no option for further instructions. I had put nationwide as the bank name though. When I asked for the PDF confirming the transfer, the only details they used were my Name, IBAN and the SWIFT code. With Nationwide not being SWIFT registered the Broker could only transfer it to the intermediary anyway.

Luckily, I received the money no problem in 2 working days which is quite a relief. I guess HSBC are so used to Nationwide passing through them, they identified the IBAN and could fill in the blanks. Still very thankful though. Next withdrawal I will be sure to get the broker to send the BIC instructions especially.

Goes to show that there are efficient cookies sat working through the WIRE transfers! I was dreading trying to chase it up and trace it! Couldn't believe some of the stories I found of how long it took to return funds then re-process etc.

Anyway, Happy Friday!! Thanks a lot!

agrinnall

mkennedy27118 wrote: »

Goes to show that there are efficient cookies sat working through the WIRE transfers!

My experience (from around 10 years ago) is that there were a significantly higher proportion of errors in SWIFT transactions than in domestic transfers, and the people investigating those errors were pretty good at getting them resolved.

System

HSBC were obviously happy enough with the Nationwide name and the Nationwide IBAN (HSBCs look different)

I would imagine that Nationwide are actually big enough to be a direct member of SWIFT but 'we are only a Building Society' was their pre-prepared retort last time.