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  #21  
Old 21.05.2015, 17:09
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Re: PostFinance - Failed payment to US, Not being credited full amount

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Because US bank accounts don't have IBANs.

Tom
They have cheques (checks) instead which are far more reliable
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Old 21.05.2015, 17:10
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Re: PostFinance - Failed payment to US, Not being credited full amount

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Edit: forget this, just read the last post from OP and don't understand why it wasn't done as a simple, reliable transfer via IBAN.
Thanks for your other information. I just wanted to respond and say that since I've had a positive experience with PostFinance the past 4 years, I thought this was also a simple and reliable transfer method. I went with the idea that they otherwise wouldn't offer it. In the past (not including xe.com since I haven't yet used it), an electronic transfer meant a not insignificant fee to send it and equally not insignificant fee to receive it. A mere 12 CHF fee total seemed much more reasonable. And since it's not like I was doing anything under the table or other unsavory financing strategies, it certainly didn't feel like I was taking a risk.

Lesson, expensively, learned.

I'll be moving onto xe.com.

EDIT: I recently received a 300 CHF credit from KLM for a botched travel experience. I just need to win 200CHF somewhere/somehow and it's all a wash .
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  #23  
Old 21.05.2015, 17:18
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Re: PostFinance - Failed payment to US, Not being credited full amount

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Because US bank accounts don't have IBANs.

Tom
Fair point - but they do provide a BIC and an account number. IBAN is (effectively) just a wrapper for these two.
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  #24  
Old 21.05.2015, 17:56
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Re: PostFinance - Failed payment to US, Not being credited full amount

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maybe it's semantics, but when I hear something like "misleading," I think of a "deliberate intention to skew the truth," which is absolutely not is what is happening here.
That would be deliberately misleading
Don't take it personally, we were all just trying to figure out what happened.

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EDIT: I recently received a 300 CHF credit from KLM for a botched travel experience. I just need to win 200CHF somewhere/somehow and it's all a wash .
I don't think you should look at it as a loss of CHF500.-, all you lost are the transaction fees / spread, you were happy to pay CHF5020 for $5000 at the time you initiated the transaction, the same amount would now cost you CHF4678 or thereabouts.

To make you feel better, think of the loss in CHF as a gain in USD, I presume you earn your money in CHF so you should be able to buy more USD now
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Old 21.05.2015, 19:28
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Re: PostFinance - Failed payment to US, Not being credited full amount

In case it helps, I had a similar experience with UBS.

A frequently used unchanged template was once returned apparently for "insufficient payee details" by the receiving bank. I lost about CHF 50 on a CHF 1500 transaction BUT actually gained about CHF 100(so net gain of CHF 50) due to the exchange rate working in my favour. My transaction also like yours Jetset was returned after over a month.

It seemed to me after various phone calls that it was a back office personnel mistake and BOTH the banks were not ready to acknowledge it and were passing the ball to the other and were adamant on applying their charges(correctly in case of the not at fault bank) of the admin work associated with the return transaction and also the exchange rate(which includes their spread).
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Old 21.05.2015, 20:44
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Re: PostFinance - Failed payment to US, Not being credited full amount

Would the reason for rejecting the check be, that the payment could not be traced back directly to you, and was thus considered possible money laundering?
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  #27  
Old 21.05.2015, 21:30
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Re: PostFinance - Failed payment to US, Not being credited full amount

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They have cheques (checks) instead which are far more reliable
Had the OP just done a bank transfer it would have been fine, he sent cash which is an option with post finance.
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Old 22.05.2015, 09:07
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Re: PostFinance - Failed payment to US, Not being credited full amount

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Would the reason for rejecting the check be, that the payment could not be traced back directly to you, and was thus considered possible money laundering?
I wouldn't think so. It is traceable back to me, which is how they were able to credit me back the money after the check was returned.
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  #29  
Old 25.05.2015, 16:50
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Re: PostFinance - Failed payment to US, Not being credited full amount

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They have cheques (checks) instead which are far more profitable
FTFY

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I went and checked their fees online again. It's 12 CHF to have them send the "cash payment/money order/check" and I pay nothing at my US Bank to receive it, since there's no fee for receiving/cashing a check. Hence, what was so attractive about the option.
E-finance / electronic standing order (ESO) / electronic payment order (EPO)
Cash outpayment to beneficiary in foreign currency
CHF 12.–
1
The Cash international selling rate applies.
That makes the exchange rate an unfavourable one, as of now it's 0.9139/0.9559 so the spread at the moment is 4-5%. Whenever you have a choice you want to have them not use Notenkurs (cash exchange rate), but rather Devisenkurs. Chose transfer mode/means accordingly.

Plus, after mid-January (when the Swiss National Bank removed the cap on the CHF) virtually all exchange rates involving CHF had bigger spreads than usual, meaning Postfinance probably took a bigger bite than usual. This may still have been the case Jan 29.

I think using Postfinance is a good move. But it would usually be better if you used a means where Postfinance use the more favourable "Devisenkurs" rather than the "Notenkurs". Right now (I think the differences in the exchange rates should apply generally, not just right now):
Devisenkurs = 0.9279 / 0.9419
Notenkurs = 0.9139 / 0.9559

So for every 1000CHF you send, getting Devisenkurs instead of Notenkurs saves you about 13.- CHF. Thus, if you were to send 4700CHF (=4990USD using Devisenkurs, 4917USD using Notenkurs) using a means where Devisenkurs applies would save you 71USD. And it's probably faster and more comfortable to boot.
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