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  1. #1
    Join Date
    Jun 2011

    Default International Wire Transfer Wrong Swift Code

    My question involves a banking matter in the State of:

    I've a broker in the USA. They provided me with their USA bank account and address and their Bank's US Address. hey gave me SWIFT code of the bank's London Branch instead of the USA branch.

    Now, I sent the Wire from my bank using USA Bank details and UK Swift code. Its been almost two weeks that my broker is saying they didn't receive the transaction. I would like to know, if the UK bank branch would actually forward the transaction to their US branch given the account number and address of the recipient was from USA?

    Or they will send the transacton back to me? If not, I know the fund will be posted in a "holding fund" and I've to reclaim it via my local bank who initiated the transfer by issuing a "trace."

    Regardless I get my money deposited in my broker account (after the waiting period), or claim it back from their bank's UK branch, can I take any legal action against my broker for providing wrong banking information?

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: International Wire Transfer Wrong Swift Code

    Contact the U.K. bank and ask what they will do under the circumstances.

    As for your legal rights, if you're asking under U.K. law you need to investigate your remedies with a U.K. lawyer. If you're asking about your rights under U.S. law, start by reading your contract and its dispute resolution provisions, as brokerage agreements almost always define and mandate ADR for disputes between brokers and their clients.

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