bank wire sent bt not received by scotiabank, plzz help

[Sana90]

hii !! plz any1 can plzz tell me what could be the reason, i have sent bank wire from sbi on 25th june , even if anything was wrong ,they should have told me like ''we have received your fund but there is an issue'' .Rather they simply said they had not received my funds i asked to scotia bank on 28th june and this is what they replied :-

''Dear Applicant,

Further to your query, we haven't received your funds as of today (28th June 2013) and hence the GIC has not been issued. The GIC will be issued within 3 business days upon receipt of funds in your account.

Please note the following :

Only funds transferred from the student’s bank account in India will be accepted for funding the GIC. A total of $10,100 CAD must be received by Scotiabank in Canada

Do NOT use money transfer services other than Banks.
Do NOT have a third party deposit funds into your GIC Investment account on your behalf.

 

[paritosh_thanki]

You should consult SBI manager again, because ultimately they are selecting a route to transfer....they can check status at each route...We cant do anything.
When I transferred my fund it went like Surat --> Mumbai-->>Toronto -->> Vancouver.

at each stage there was a status, when and how much received. So bank can cross check what happened and why it couldnt transfer successfully.

 

[Sana90]

You should consult SBI manager again, because ultimately they are selecting a route to transfer....they can check status at each route...We cant do anything.
When I transferred my fund it went like Surat --> Mumbai-->>Toronto -->> Vancouver.

at each stage there was a status, when and how much received. So bank can cross check what happened and why it couldnt transfer successfully.

thanks for your reply, i did asked this to bank manager but he said the funds have been sent and there was no issue on banks end , he also gave me an acknowledgement receipt which i later mailed to scotia bank but scotia still said they did not receive my funds. what should i do now ?

 

[lucky_always24]

Make sure that the sender account name and scotia bank account name are identical. Wire transfer only takes 1 day to remit the money. But due to workload , Scotia bank takes 4,5 day's to confirm the payment even more if they receive high volume of applications like now. Check your mobile messages if your number was integrated with the account. If you've received the swift copy from bank then send it to the Scotia bank.

 

[Josh21]

The money does not go through any "route" like the one mentioned above.

Your bank initiates the transfer by sending a message to their partner bank in Canada. SBI's partner bank is Bank of Montreal usually.

After one of their partner banks receives the message, they forward it to Scotiabank.

All this usually takes a day max if done properly. The receiving bank in Canada processes it immediately and deposits the funds.


If Scotiabank still hasn't received the funds, then I dont think they are going to receive it anytime soon. Either the partner bank which received the message found the instructions to be insufficient and kept it aside or Scotia themself has kept it aside due to insufficient instructions.

Keep in mind that they process millions of transfers each day and if there's even one mistake, they have to leave it by and move on.

Your money is most likely sitting in one of the banks, untill someone decides to look at it and decide if they should reject it or repair the information. Unfortunately, this could take several weeks in extreme cases.

If bank of montreal or anyother partner bank is holding the money, there is nothing Scotia or SBI can do. They have to just wait, sometimes this takes a very long time sadly.

 

[paritosh_thanki]

This is sad...!! even worst because we cant do anything by ourself.
Try to send transaction receipt to scotia bank.....Does your receipt say received by scotia bank on this day and time? If yes then they should check out issue.
SBI has their branches in canada also, I am going to vancouver ...they have their branch in vancouver.....You can ask him once again to cross check situation by phone call.

Can someone please explain me what is exactly scotia bank? Canda has only one bank ?? Because all of us are trasferring fees to scotia including me...What is the core reason behind this....??

 

[SenoritaBella]

My tuition has been wire transferred to Scotia Bank before and I can tell you it does not take one day. The only way it can take one day is if you were sending funds from Scotia Bank in your home country to Scotia Bank in Canada. If they are using different partners, then ofcourse, the partners have to assure themselves this money really exists before proceeding. i.e. there is a route.

You've only been waiting for 2 business days. Give it 5 to 10 business days, if you don't have it then you can try to trace it. Even when the money goes to Scotia Bank, they will verify again before issuing GIC.

Lastly, I don't know where you're applying from but if it's anything like mine, it's also possible your own bank has not yet wired the money(eventhough they gave you a receipt). Ask to see paperwork of the actual transfer so that you can verify information. This will tell you when it done.

 

[Josh21]

My tuition has been wire transferred to Scotia Bank before and I can tell you it does not take one day. The only way it can take one day is if you were sending funds from Scotia Bank in your home country to Scotia Bank in Canada. If they are using different partners, then ofcourse, the partners have to assure themselves this money really exists before proceeding. i.e. there is a route.

You've only been waiting for 2 business days. Give it 5 to 10 business days, if you don't have it then you can try to trace it. Even when the money goes to Scotia Bank, they will verify again before issuing GIC.

Lastly, I don't know where you're applying from but if it's anything like mine, it's also possible your own bank has not yet wired the money(eventhough they gave you a receipt). Ask to see paperwork of the actual transfer so that you can verify information. This will tell you when it done.

Transferring from India to any RBC/TD/CIBC branch in my experience has always taken one day, max two assuming all the information is right. Have been sending and recently receiving money for the last 5 years.

Scotiabank in this case is refusing that they've even received the swift transfer which is odd because they must have received or its sitting in transit with the partner bank due to lack of proper instructions.

It's unfortunate but sometimes stuff like this happens because of wrong instructions on the transfer.

http://answers.yahoo.com/question/index?qid=20091101094658AA9Nmgf

 

[Sana90]

i forgot to write anything except 'living expenses' in ''remittance information'' field on the sbi wire form, could this be the reason ? though tomorrrow i will go to bank to correct this( but i still think they should receive funds coz my gic a/c no. and name was written in ''sender'' field ? what do you guys think ?

 

[Josh21]

i forgot to write anything except 'living expenses' in ''remittance information'' field on the sbi wire form, could this be the reason ? though tomorrrow i will go to bank to correct this( but i still think they should receive funds coz my gic a/c no. and name was written in ''sender'' field ? what do you guys think ?

The Sender Field is suppose to have You're name and Indian Account Number, NOT GIC number.

These are standard international wire transfer rules which all banks follow. If the GIC number wasn't in the remittance information, then the transfer will not be processed.

Going to your bank is pointless, they have no control over the money once it leaves the country. They cant send corrections. Wire Transfers are final.

At the most, they can send a trace request to the partner bank to help them find out where the money is currently.

 

[kar88]

Have you received any response on this yet???

have you received your GIC certificate ?

I am facing the same scenario..Please let me know what did you do if you have sorted it out..

 

[Sparky_Dave]

Same thing happened with me ...scotiabank replied me that they havent recieved my funds and my bank saying they did a successful transection... Scotia bank sucks ...account details in 17 days and now this ...

 

[SenoritaBella]

Sorry to hear that. You may want to check the transaction documents from your bank and verify that the information is correct. Can your bank track the funds somehow? Ask them which partners or route they used to send the funds.

17 days(including weekends?) or 17 business days?

Same thing happened with me ...scotiabank replied me that they havent recieved my funds and my bank saying they did a successful transection... Scotia bank sucks ...account details in 17 days and now this ...

 

[navi9]

Same thing happened with me ...scotiabank replied me that they havent recieved my funds and my bank saying they did a successful transection... Scotia bank sucks ...account details in 17 days and now this ...

have u transferred from ur own account or by third party

 

[Chauhan1223]

Same thing happened with me ...scotiabank replied me that they havent recieved my funds and my bank saying they did a successful transection... Scotia bank sucks ...account details in 17 days and now this ...

dont worry its very normal. the same happened with me. I mailed them the swift receipt and got the certificate in 24hrs.
I think u should try doing the same. Ol d best