How long does an international wire take to reach a Standard Chartered PKR account?
Payments
Asked by Question Bot02/Jan/20131 answer
1 Answer
F
Faisal Khan
Answered 02/Jan/2013
Wires coming to PK (for Standard Chartered Bank) come so via their regional clearing bank, which is Standard Chartered Bank, NYC (if SWIFT mechanism is used).
All the AML/SAR checks (are done pre-hand, before the wire is sent), so if you are not on a OFAC list or other equivalent AML list, you wire is sent out typically before 5 PM NYC time.
The SWIFT system will process your wire at batch in the evening and an MT-103 (message) is sent across to your PK Bank for successful wire transfer. This procedure takes 24 hours at the very minimum. The international wire department at SCB Karachi will then do a FT (funds transfer) from their Nostro account to the beneficiary account (this happens usually the next day). All in all takes 2-3 days.
However, have no mistake banks worldwide will try to hold on to your money a little longer. Most rules are, if the SWIFT wire came in before 11:00 AM, it is credited at day's end. If the wire comes post 11:00 AM, it is credited to your account next banking day.
If you wire gets flagged locally by FMU (Financial Monitoring Unit) via the CTR (Currency Transaction Receipt), your bank will call you and notify you by law that your wire is being held until further clearance, otherwise it is a pretty smooth operation.
All the AML/SAR checks (are done pre-hand, before the wire is sent), so if you are not on a OFAC list or other equivalent AML list, you wire is sent out typically before 5 PM NYC time.
The SWIFT system will process your wire at batch in the evening and an MT-103 (message) is sent across to your PK Bank for successful wire transfer. This procedure takes 24 hours at the very minimum. The international wire department at SCB Karachi will then do a FT (funds transfer) from their Nostro account to the beneficiary account (this happens usually the next day). All in all takes 2-3 days.
However, have no mistake banks worldwide will try to hold on to your money a little longer. Most rules are, if the SWIFT wire came in before 11:00 AM, it is credited at day's end. If the wire comes post 11:00 AM, it is credited to your account next banking day.
If you wire gets flagged locally by FMU (Financial Monitoring Unit) via the CTR (Currency Transaction Receipt), your bank will call you and notify you by law that your wire is being held until further clearance, otherwise it is a pretty smooth operation.