Fellow nairalanders

How long will it take for dollars sent from a USA bank account to enter a GTBank Domiciliary account using CITIBANK in UK account i.e I think that it is GTBank account in UK?

Any clue plz as it is going up to 7days now that the cash had been sent to me.

Thanks in advance.

There are 2 answers to this. The first is the Nigerian answer which is “Ol boy these things can delay oh. Let us hope “. Then there is the educated answer, which is 48 hours. Why 48 hours? Because banks use, “swift” telegraphic transfers. The day the person in the USA orders the wire, the banks correspondent bank gets the money. The correspondent bank has a grace period of a day, maybe two to wire the money to a bank in your country.
If in fact there is a wire let the sender email you a copy of the wire instructions his bank gave him. This will contain all the info (swift numbers, transfer numbers etc) that identify the transaction. Take this to your bank and ask what is happening to your money. As a last resort people do what is called a trace. This is the sender’s bank demanding from the correspondent bank an account of the money they asked them to forward to you. It used to be the practice in some banks here in Nigeria for wires to arrive and the bank will just sit on it till the owner “shows his or her face”.

Prime007: There are 2 answers to this. The first is the Nigerian answer which is “Ol boy these things can delay oh. Let us hope “. Then there is the educated answer, which is 48 hours. Why 48 hours? Because banks use, “swift” telegraphic transfers. The day the person in the USA orders the wire, the banks correspondent bank gets the money. The correspondent bank has a grace period of a day, maybe two to wire the money to a bank in your country.
If in fact there is a wire let the sender email you a copy of the wire instructions his bank gave him. This will contain all the info (swift numbers, transfer numbers etc) that identify the transaction. Take this to your bank and ask what is happening to your money. As a last resort people do what is called a trace. This is the sender’s bank demanding from the correspondent bank an account of the money they asked them to forward to you. It used to be the practice in some banks here in Nigeria for wires to arrive and the bank will just sit on it till the owner “shows his or her face”.

This is somehow helpful but well understood.

Can you plz break it down a bit.Thanks

legalwealth:

This is somehow helpful but well understood.

Can you plz break it down a bit.Thanks

When a wire is sent there are a number of steps involved.
1. The sender (Mr. A) asks his bank (bank A) to send a wire for say $100
2. Mr. A gets from his bank a confirmation email / note that the wire has been sent.
3. Bank A sends a wire to Bank B ( this is an intermediary bank called a correspondent bank) to credit the account of your bank "GTB” with them.
4. Bank B credits GTB’s account and tells them “this money is for Legalwealth and gives your account details.
5. GTB credits your account in your local branch.

Now if this is taking to long, you can trace where the money is by asking Mr. A for the confirmation email or note his bank gave him. It will have all the details needed to ask your bank for the money. If they still cannot find the money, then Mr. A’s bank can do what is called a trace. Banks charge for a trace.

Kudos and I really appreciate this as it is highly explanative.Thanks

Prime007:
When a wire is sent there are a number of steps involved.
1. The sender (Mr. A) asks his bank (bank A) to send a wire for say $100
2. Mr. A gets from his bank a confirmation email / note that the wire has been sent.
3. Bank A sends a wire to Bank B ( this is an intermediary bank called a correspondent bank) to credit the account of your bank "GTB” with them.
4. Bank B credits GTB’s account and tells them “this money is for Legalwealth and gives your account details.
5. GTB credits your account in your local branch.

Now if this is taking to long, you can trace where the money is by asking Mr. A for the confirmation email or note his bank gave him. It will have all the details needed to ask your bank for the money. If they still cannot find the money, then Mr. A’s bank can do what is called a trace. Banks charge for a trace.