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Old 04.10.2018, 14:04
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Internationa bank transfer - money "lost" or "blocked"

A Swiss-Turkish dual national transferred money from his Swiss bank account to his Turkish bank account, using the same e-banking he has successfully used many times before, and which usually takes about 2 to 3 days. This time, however, the money didn’t arrive. Not even after 10 days.

The Turkish bank tells him that between his Swiss bank and them, two intermediary banks were involved, but they couldn’t tell him which. The Swiss bank says the same. Ditto, too, not being allowed to tell him which intermediary banks. Moreover, the Swiss bank told him that he has to specifically apply for his money to be sought (he has now done so) but also that, if one of the intermediary banks has blocked the money, it can take a year (!) or more to get it released.

The money was to have been for a property purchase in Turkey, which contract has no escape clause, so I’ve been told (though I found this surprising). In the absence of that earmarked money arriving punctually, he’s had to finance the deal by other means. (That, however, is not the topic of this thread.)

In the meantime, the exchange rate fluctuations have caused him to lose a significant amount on the transfer, because it didn't go through when it was supposed to have done.

Moreover, his money is… somehow disappeared/blocked.

My questions are:
  1. Does anyone else knows of such situation, or could please recommend what to do?
  2. Is the Turkish bank or the Swiss bank responsible for the search process?
  3. How can he find out which bank has blocked his money?
  4. Is any of the four banks likely to be responsible for covering his exchange rate loss?


P.S. As far as I understand, the money was legal, correctly taxed, etc. in Switzerland, before he set about transferring it.
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