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  #21  
Old 17.02.2015, 20:41
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Re: advice on wrong currency wire transfer US to CH

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Can you not do an ebanking transfer in future?
I have yet to find an eBanking solution in the US that lets me send my own international transfers. You always have to involve a human, who is often not familiar with wiring money overseas, and this always has the potential to introduce errors. Forgive me, but these days I place more trust in a system than in your average retail banking clerk.

That's why I use XE -- I enter all the data myself to arrange the transfer, then I log into my US banking system and enter all the data to initiate the domestic transfer to XE. I have confidence when I complete all the entries myself that what gets executed will match what I've entered -- this is not the case when dealing with a human teller!
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Old 17.02.2015, 21:14
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Re: advice on wrong currency wire transfer US to CH

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I have yet to find an eBanking solution in the US that lets me send my own international transfers. You always have to involve a human, who is often not familiar with wiring money overseas, and this always has the potential to introduce errors. Forgive me, but these days I place more trust in a system than in your average retail banking clerk.

That's why I use XE -- I enter all the data myself to arrange the transfer, then I log into my US banking system and enter all the data to initiate the domestic transfer to XE. I have confidence when I complete all the entries myself that what gets executed will match what I've entered -- this is not the case when dealing with a human teller!
I totally agree with you.
btw, I just opened and XE account.
You have been very helpful
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  #23  
Old 17.02.2015, 22:00
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Re: advice on wrong currency wire transfer US to CH

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I am not sure I will get money back, but the scary thing is that when I asked what I can do in the future to be sure that my money are transfered in the correct currency, they told me that they cannot reassure me that this happens (sic!).
If you still have the original written instructions, then it is the Banks error and you could/should be in a position to get the money back.

I wouldn't be surprised though, if "the cost of the transfer" ends up being 250USD. Thats 2.5%.

Net Financial Result may be no real gain for you.

It really depends who the person on the other end of the phone is - and how persistent you are.
Unfortunately... especially with an attitude like "..we can't guarantee..."
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Old 19.02.2015, 11:08
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Re: advice on wrong currency wire transfer US to CH

From your description you seem to have entered written instructions when initiating the transfer, as opposed to clicking some selectable options (e.g. currency to use for the transfer).

Maybe the receiving country/currency has BofA automatically exchange before sending. Converting by default makes sense as you can expected to want to use CHF here, instead of USD (and of course the sending bank will want to have the exchange margin in their own coffers). And that default behavior, if it actually exists, may have gone unnoticed by you.

Mabe try again sending 10k to PF (just don't hit "send") and see if, say, the destination country has them convert automatically. I'd expect that to show on the final tally upon which you say "send".
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Old 19.02.2015, 13:26
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Re: advice on wrong currency wire transfer US to CH

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Just called BoA they opened a claim for me and doing some investigation.
I am not sure I will get money back, but the scary thing is that when I asked what I can do in the future to be sure that my money are transfered in the correct currency, they told me that they cannot reassure me that this happens (sic!).

I mean this is maybe the largest bank in the US. I am speechless

In the future I will try to use one of the services you have suggested here.

I see XE and CurrencyFair are popular. Is one of the two better for large amounts?

Thank you very much to all the replies. very helpful.
If you're posting on an Internet forum asking how, then you're not playing with "large amounts" in the currency game. Don't worry about it.
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  #26  
Old 26.02.2015, 06:56
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Re: advice on wrong currency wire transfer US to CH

Case solved.
The mistake was made by an intermediary bank (in St. Gallen).
BoA asked them to fix the problem. They wired me the missing $250.
Moreover, BoA waived the $45 fee I had paid for the wire.
I have to say that besides the first BoA customer representative (that had a terrible attitude) all the other people I have talked to were very nice and helpful.

So overall BoA handled this mistake well.
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