Lost Swift Transaction, MT103 Question

LAuQld on 03/08/2022 - 21:03

Hi, I'm kinda lost and am currently playing ping pong with banks and currency broker.

Long story short, Citibank Australia got taken over, their swift code changed.

I transferred money like I had before to my euro Citibank account with the old swift code.

The money never arrived and they originally said it would bounce back in the next few days, a month later Citibank maintain they never received the funds or can't find them.

I've eventually gotten my hands on the MT103, which I sent to Citibank telling them they received the funds, I'm assuming I wouldn't have the mt103 if the transfer never went ahead or was blocked along the way.

Anyway if I have the transfer mt103 is this proof that Citibank received the funds or could a intermediate bank have held onto it as the swift code was invalid.

Financial

Comments

  • tio on 03/08/2022 - 22:19

    start submit your complaint to AFCA and provide the reference number to Citibank. Hopefully (very unlikely) the right people in Citibank will get notified and start doing their job.

    Worst case, you got nowhere for a while and eventually, AFCA will find in your favour and you'll get your money back…6 months later. Yeap, AFCA got a massive backlog at the moment, but once a complaint is being looked at, the AFCA member can compel Citibank to start doing their job and if a stuff up occur they can make a binding finding that Citibank will have to follow.

    • AuQld on 04/08/2022 - 06:29

      It's looking like I'll have to go that route, just not sure if the Mt103 proves they have it or if the sending bank should be trying to trace it.

      I think it would be easier to get back if I sent the money to someone else..

      • Richfield on 04/08/2022 - 08:39

        The remitting bank should be doing the following up.

        • AuQld on 04/08/2022 - 11:05

          Thanks, I've gotten onto wise again who sent the money, they originally just gave me the MT103 and asked Citibank to trace it.

          If the funds went to the old Citibank swift code, which is technically a different bank since NAB took over the Australian side I'm not sure who is at fault.

          I never knew this sort of bullshit could go on in a simple transfer.

          They just keep passing the ball, nobody actually goes and looks for it.

  • Tink on 04/08/2022 - 02:01

    Citibank should be able to trace the wire using the MT103, but it could take up to 28 business days, or so I'm told… I'm currently in the exact same situation dealing with Citibank and a lost USD transfer.

  • AuQld on 04/08/2022 - 06:27
    +1

    Ahh, they told me 2-4 business days when I sent the MT103. Have you contacted the regulator. I feel like they could be in breach of the epayments code or something similar.

    I've given up talking to Filipinos on a bad phone line. The last issue I had was similar but I could just walk into the office and got action on it, but they've closed it a few years ago.

    • Tink on 04/08/2022 - 13:51

      Not yet, but it may come to that. I'm now waiting for their "transfer team" to get back to me. Their new SWIFT code has been problematic too. I've given up on using Citibank for future transfers.

      • AuQld on 04/08/2022 - 14:17
        +1

        Yea, once I've gotten it back I'll be leaving 20$ in it. The exchange rates and accessibility to cash overseas when it was connected to the global network was unbeatable by a bank, I lost my card overseas and I just walked into the nearest overseas branch, got cash and ordered a new one.

        It's lost all that now as it's NAB bank, I've even heard they're not accepting transfers from brokers as they want you to use their new shitty exchange rates.

        I'll just use the Wise card now, it worked flawlessly overseas even for purchases over 3/4k a pop.

      • AuQld on 05/08/2022 - 20:19

        Citibank has traced the transfer and it looks like the funds were sent back a day later. They have provided the swift transaction numbers.

        The amount is slightly different so maybe that's why Wise hasn't re-funded my account yet. I'm back to pestering Wise now, the ping pong continues 🙄.

        • Tink on 05/08/2022 - 21:21

          Omg, I got the same response today! Funds supposedly returned to the remitting bank but I can't confirm yet. Tossing the ball back to the sender now. Why is your amount different though, an intermediary bank fee perhaps? 🤞 for a good outcome anyhow.

          • AuQld on 06/08/2022 - 08:40

            @Tink: I figured it was a small fee somewhere for sending it back, but Wise kept telling me once they get it back they'd send me an email and ask me if I want to amend it or credit my account.

            Now they're asking for a letter of rejection from Citibank after I told them it was sent back the day after sending.

            More games, luckily Citibank sent one yesterday so hopefully it will be the end of all the bullshit.

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