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recent swift experience


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5 minutes ago, Vvittin said:

Just figured it easy to lose sight of real world use. Today i needed to send USD to Finland...Payment options via the company are only swift.

USD sent 2191.05  Euro received 1881.71   Exchange rate 1 usd/.86873 euro....Cost me about apx 300 USD to send it or apx 20% of the total Bill 1881 Euro.

date available: 8/06/19 (fund receive date)

 

Swift is a terrible system and still completely slow... I read about GPI etc...18 sec etc....This was my experience at the bank today.  

 

holding and waiting for something better. real world use on its way. For those that have never actually used the system your competing against.

Would it have been faster to put your money in a suitcase and fly it there?

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4 minutes ago, LiquidGoat said:

Would it have been faster to put your money in a suitcase and fly it there?

It  would...lol...have some larger Tx to Philippines coming up....on a island in the area.....Might literally do just that. Its really is an interesting time to see how payments are going to change.  People invest or hold in crypto and I often hear complaints.....But there is an actual usage, that i think people talk about...but do not experience/enough

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3 hours ago, Vvittin said:

Just figured it easy to lose sight of real world use. Today i needed to send USD to Finland...Payment options via the company are only swift.

USD sent 2191.05  Euro received 1881.71   Exchange rate 1 usd/.86873 euro....Cost me about apx 300 USD to send it or apx 20% of the total Bill 1881 Euro.

date available: 8/06/19 (fund receive date)

 

Swift is a terrible system and still completely slow... I read about GPI etc...18 sec etc....This was my experience at the bank today.  

 

holding and waiting for something better. real world use on its way. For those that have never actually used the system your competing against.

You sent 2191.05 USD and received 1881.71 Euro, it did not cost $300 USD. 1 USD at the current exchange rate is worth less than 1 Euro. 1 USD is only .90 Euro and if the exchange had been free, you would have recieved 1,965.46 Euro, it is costs you 83.75 Euros or 93.36 USD as the total cost.

 

You cannot expect to send 2191 USD and receive 2191 Euros on the other side.

 

The time it is taking is quite slow though. Even 4 years ago my US to Russia and US to Europe Wires times had funds arrive the next business day or two business days at most. Yours probably had to hop a lot via the correspondent system.

Edited by Archbob
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4 hours ago, Vvittin said:

Just figured it easy to lose sight of real world use. Today i needed to send USD to Finland...Payment options via the company are only swift.

USD sent 2191.05  Euro received 1881.71   Exchange rate 1 usd/.86873 euro....Cost me about apx 300 USD to send it or apx 20% of the total Bill 1881 Euro.

date available: 8/06/19 (fund receive date)

 

Swift is a terrible system and still completely slow... I read about GPI etc...18 sec etc....This was my experience at the bank today.  

 

holding and waiting for something better. real world use on its way. For those that have never actually used the system your competing against.

You are really bad at math.  Your exchange rate sucked to btw.

Edited by jmrichky
Guy is an idiot
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4 hours ago, Vvittin said:

USD sent 2191.05  Euro received 1881.71   Exchange rate 1 usd/.86873 euro

Your conversion rate was 0.8588, very bad because official rate is around 0.90 at the moment  https://www.google.com/search?q=dollar+euro

This is where you got screwed.

At 0.90 You should get 1972 € from $2191

The actual "Swift experience" would have costed you 1972 - 1882 = 90 € (not 300) in a fair conversion rate scenario

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Yeah...some shotty math...was multitasking and being lazy...not proof reading...but swing away..lol...this particular payment for is classes....not my choice, nor can I change the way it’s paid...but as a consumer....contrary from all the things I hear and read....this system still sucks....I know it’s the rates etc...eagerly await a new system...

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10 minutes ago, Lamberth said:

Why SWIFT was the only option? Couldn’t you use Transferwise? Not sure about the US to Europe transfers but it definitely works vice versa.

I use TransferWise with all my international transactions.  I refuse to use ANY bank.  Case in point: I have some money in my NAB  account (Aussie bank account).  If I were to move some of my money there to my UK bank account, NAB will offer $1.88 (just checked) per £1 when the current exchange rate is $1.79.  TransferWise uses the market rate and will charge a very very small amount (e.g. $7 charge to send $1000).

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6 hours ago, Dario_o said:

Your conversion rate was 0.8588, very bad because official rate is around 0.90 at the moment  https://www.google.com/search?q=dollar+euro

This is where you got screwed.

At 0.90 You should get 1972 € from $2191

The actual "Swift experience" would have costed you 1972 - 1882 = 90 € (not 300) in a fair conversion rate scenario

That's the banks robbing you.  They diddle people with the exchange rates. 

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12 hours ago, Vvittin said:

Just figured it easy to lose sight of real world use. Today i needed to send USD to Finland...Payment options via the company are only swift.

USD sent 2191.05  Euro received 1881.71   Exchange rate 1 usd/.86873 euro....Cost me about apx 300 USD to send it or apx 20% of the total Bill 1881 Euro.

date available: 8/06/19 (fund receive date)

 

Swift is a terrible system and still completely slow... I read about GPI etc...18 sec etc....This was my experience at the bank today.  

 

holding and waiting for something better. real world use on its way. For those that have never actually used the system your competing against.

 

AAC93C91-BFCF-46CA-9202-844DE7ADBBB2.png

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8 hours ago, Archbob said:

You sent 2191.05 USD and received 1881.71 Euro, it did not cost $300 USD. 1 USD at the current exchange rate is worth less than 1 Euro. 1 USD is only .90 Euro and if the exchange had been free, you would have recieved 1,965.46 Euro, it is costs you 83.75 Euros or 93.36 USD as the total cost.

 

You cannot expect to send 2191 USD and receive 2191 Euros on the other side.

 

The time it is taking is quite slow though. Even 4 years ago my US to Russia and US to Europe Wires times had funds arrive the next business day or two business days at most. Yours probably had to hop a lot via the correspondent system.

Just because you received the funds the next day doesn’t mean the funds were settled the next day. I can bet my a** they weren’t.

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i bought a phone todsy so i could run an app to make instant transferes using Osko.

Only took 4 hours and 2 lies for bank to tell me they dont support the merchants ID method.

Nor do they support their own ID method when doing Osko's between different account holders of the same bank!

shyster banks!, they gota go!

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9 hours ago, Dario_o said:

Your conversion rate was 0.8588, very bad because official rate is around 0.90 at the moment  https://www.google.com/search?q=dollar+euro

This is where you got screwed.

This is also an important note for anyone who uses exchanges services that claim to have no fees. Odds are if they have no fees, then their exchange rate will have a bigger gap to get that money anyway. There's no global exchange rate that everyone follows, so don't expect a fee-driven service to match what you'd find online either. I've had experiences in the past moving USD to CAD and the biggest factor of who I went with ended up being based on the exchange rate rather than the fees.

I understand and accept that they need to make some sort of money to stay a business, but it is unnecessarily deceitful to say "We don't charge fees like our competitors!". Although, to say "We have a better exchange rate than our competitors!" is probably not as catchy and a bit more difficult for people to interpret at a glance.

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