Have a question about wire transfers

[badluck]

Since the bank is closed, I need advice from somebody in ATOT land.

If my parents wire transfer money from their bank account to mine, how long will it take? Is it immediate? When will I be able to withdraw the funds from my account once it is sent?

Thanks....

 

[Mill]

Around 10-15 minutes after the wire is made.

 

[Czar]

I havent been into a bank for .. more than a year probably. Just use the internet and it depends on the bank i think. On the weekends they transfers take place the next work day and same goes with late at night. But I can transfer money around my own accounts whenever I want.

 

[badluck]

Thanks for the answer but, if my parents authorize a wire transfer to my bank, how long does it take for the money to be transferred to their account to my account?

 

[Mill]

Originally posted by: badluck
but how long does the wire transfer take?? is it available immediately, does it take a day?

Explain what you are asking. I am not completely following you here.

 

[RossMAN]

Wire Transfer is one of my many responsibilities at work so I could probably answer your question.

You and your parents hold accounts at two separate financial institutions, right?

Assuming both banks are located within the US, the FED wire system isn't up on weekends or governement holidays. After your wire has been entered (by internet, phone, mail, fax or in the branch) it usually has to be verified then goes through OFAC (Office of Foreign Asset Control which looks for wires going to Cuba, or Osama Bin Laden, etc.) then it goes through a RISK area to ensure that your parents have sufficient funds in their account to cover all pending transactions including your wire transfer then it goes out to the FED system to receive an 18 digit FED IMAD reference number. Unless your bank does MEMO POSTING you'll probably receive the credit at the end of business Monday, available for withdrawal Tuesday. If you have an account with the big 15 US banks then they probably have MEMO POSTING.

After the wire has been verified & released, passes through the OFAC filter, gets an ok from RISK and gets assigned a FED IMAD ref then it takes about 5 minutes to reach your bank ... how long it takes your bank to credit your account, only they would know.

 

[badluck]

Rossman, this is what I needed to know...... "How long it will take for the money to actually show up in my account once it is authorized from my parents account." Thanks for answering that part!!

The afforementioned scenario you gave is all correct. We have separate accounts, in the US, but our banks are not huge banks.....

So, I'm basically looking at getting the money on Tuesday if I have the money sent from my parents account Monday morning.....damn.....


Millenium...thanks for your help as well

 

[Mill]

When I get a wire it looks like this online:

03/22/2002 Deposit INCOMING WIRE TRANSFER 3,880.

It also has the 18 digit number and says FED WIRE TRANSFER.


No prob. Ross explained it a lot better than I could.

 

[RossMAN]

There's a 99.99% chance you will not see the money or be allowed to withdraw it until Tuesday morning.

The funds will probably debit your parents bank account and be received at your bank during regular business hours Monday however most banks do end of day reconciling / balancing instead of MEMO POSTING. I wouldn't lose hope though, have your parents call their bank and ask them if there's any way possible to get funds to you? You could go Western Union but they're A LOT more expensive than a typical $30 wire transfer is. So I guess is it worth saving money to wait until Tuesday or are you willing to pay big fees to get your money Monday morning?

Also if they are transferring USD $10,000.00 or more with cash or a financial instrument (cashier's check, wire transfer, etc.) they're required to complete a goverment form called a CTR (Currency Transaction Report, I think that's right).

So either wait until Tuesday or pay Western Union big fees to get the money on Monday.

 

[Mill]

Ross what if you are transferring funds of over 10,000 outside the U.S.? Is it heavily scrutinized?

 

[RossMAN]

Originally posted by: Millenium
Ross what if you are transferring funds of over 10,000 outside the U.S.? Is it heavily scrutinized?

No, you will have to complete a CTR form and assuming you're not sending it to an individual, organization or country which is listed on OFAC then you should be ok.