Receive money via SWIFT wire transfer

Hi,

Recently i withdraw $500 from foreign company into my Standard Chartered Bank PKR Account but the amount i received was Rs. 45,051/-

The foreign company told me that the fee charge from their bank is approx $15 and i will get $485 approx (48500 PKR) in my bank account.

Screenshot

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I am not sure if the deduction was due to some Taxation or it was just interbank exchange cost.

The SCB even never send any Transaction Alert via Mobile / Internet email for any of these transactions and i have to login to my Internet Banking Portal every time to see if the money has been received or not.

Can anyone tell me if i need a foreign currency USD account for these kind of Swift Transactions. ?

Check what SC Schedule of Charges (SoC) state about foreign remittance.

Same happened to me last year. Its SCB, they convert it at very low rate. In my case USD conversation rate was 107 but SCB converted with 101.

I filed a complaint at help line and state bank also but in vain. I had to visit my branch at-least three times and asked them to provide me the transaction certificate (showing conversation rate etc...) after one week, they replied ''the best we can do is to offer 103, if you are agree we will credit the difference to your account''.

they never gave me the justification for above robbery. During this period i realised that one should have a foreign currency account for such transactions, hence opened a USD account.

^ You should visit your branch and asked them to provide justification, "hath dho ke peechey pad jao phir kuch compensation mil jaye ga"

its usually around 25 $ foreign banks and local also charge almost same 25 $ is just right according to what i said but its too much 50 $ on 500 $ is like loosing 10 % of the amount

[quote=“multichoice, post:4, topic:21901”]

its usually around 25 $ foreign banks and local also charge almost same 25 $ is just right according to what i said but its too much 50 $ on 500 $ is like loosing 10 % of the amount

[/quote]

The sender told me that their bank charge $15 fixed for sending a SWIFT transfer to other countries. It does not matter if the amount is $100 or $100000 the fee will remain the same.

I am not sure about SCB policy for receiving money via Swift transfer.

[quote=“shafiq, post:3, topic:21901”]

Same happened to me last year. Its SCB, they convert it at very low rate. In my case USD conversation rate was 107 but SCB converted with 101.

I filed a complaint at help line and state bank also but in vain. I had to visit my branch at-least three times and asked them to provide me the transaction certificate (showing conversation rate etc...) after one week, they replied ''the best we can do is to offer 103, if you are agree we will credit the difference to your account''.

they never gave me the justification for above robbery. During this period i realised that one should have a foreign currency account for such transactions, hence opened a USD account.

^ You should visit your branch and asked them to provide justification, "hath dho ke peechey pad jao phir kuch compensation mil jaye ga"

[/quote]

SCB play very smart.

When you buy something online they show USD and PKR both in the transaction history but this is not the case vise versa. I can not see USD 500 in history. :angry:

[quote=“shafiq, post:3, topic:21901”]

During this period i realised that one should have a foreign currency account for such transactions, hence opened a USD account.

[/quote]

FC account in SCB?

it all just fee, fee's and currency exchange rate's in between.

[quote=“Asad, post:7, topic:21901”]

FC account in SCB?

[/quote]

Noooooo way. but UBL off-course.

[quote=“shafiq, post:9, topic:21901”]

Noooooo way. but UBL off-course.

[/quote]

Check up on Askari. IIRC, they have pretty low (~100 units of account currency) FC account minimum limits but my knowledge about that is a bit dated now.

The follow up of this thread.

I received a FAX copy "Inward Payment Advice" via TCS by SCB which includes every details about USD transaction and USD to PKR exchange rates.

Remittance Amount USD 457

Exchange Rates 98.5800

Credit Amount 45,051.06

Credit Account # My Local SCB Account Number

IBAN My IBAN

Charges NIL

I send the scanned copy to the company and they send me their bank "Australian National Bank" Receipt which is a PDF file which states that.

THE BELOW INTERNATIONAL FUNDS TRANSFER HAS BEEN

SENT TO

SWIFT ADDRESS: SCBLUS33

STANDARD CHARTERED BANK

NEW YORK,NY

ACCOUNT CAPMAUSD01 DEBITED USD 482.00 VALUE 2015.02.04

----------------------------------------------------------------------------------------

Summaries of post.

Receiving Amount $500 via Swift WT

Sender Bank ANB Australia deduct $18 flat fee

Intermediate Bank SCB New York deduct $25 Fee

Receiver Bank SCB PK received $457

USD to PKR conversion rates 98.58 (Actual rate is 101)

I received PKR 4505.06 in my account.

Now we know how banks ripoff their clients.

Sent from my GT-I9100G using Tapatalk 2

$25 is a standard wire transfer fee paid by the receiver.

//USD to PKR conversion rates 98.58 (Actual rate is 101)//

I think you are looking at the market rate and not the interbank rate of the day. The market rate will always be jacked up by people day trading in USD. I have been using my SCB account as my primary account for wires since a year now, receive a wire monthly, the rates have always been ~0.2-0.5 paisa less than the current interbank rates. The best part about SCB is that a SWIFT is processed within 2 days. While my experience with other banks has been quite frustrating, excluding UBL (which now charged PKR 500 for each inward wire + a longer processing time, 2 more days than SCB + a lower exchange rate based on interbank).

[quote="makhan, post:11, topic:21901"]

The follow up of this thread.

I received a FAX copy "Inward Payment Advice" via TCS by SCB which includes every details about USD transaction and USD to PKR exchange rates.

Remittance Amount USD 457

Exchange Rates 98.5800

Credit Amount 45,051.06

Credit Account # My Local SCB Account Number

IBAN My IBAN

Charges NIL

I send the scanned copy to the company and they send me their bank "Australian National Bank" Receipt which is a PDF file which states that.

THE BELOW INTERNATIONAL FUNDS TRANSFER HAS BEEN

SENT TO

SWIFT ADDRESS: SCBLUS33

STANDARD CHARTERED BANK

NEW YORK,NY

ACCOUNT CAPMAUSD01 DEBITED USD 482.00 VALUE 2015.02.04

----------------------------------------------------------------------------------------

Summaries of post.

Receiving Amount $500 via Swift WT

Sender Bank ANB Australia deduct $18 flat fee

Intermediate Bank SCB New York deduct $25 Fee

Receiver Bank SCB PK received $457

USD to PKR conversion rates 98.58 (Actual rate is 101)

I received PKR 4505.06 in my account.

[/quote]

Can you let us know what SWIFT code did you gave to the company?

[quote=“mateen.khalid, post:13, topic:21901”]

$25 is a standard wire transfer fee paid by the receiver.

[/quote]

Then why these charges are not mentioned in the Inward Payment Advice ?

[quote=“BlueClub, post:14, topic:21901”]

//USD to PKR conversion rates 98.58 (Actual rate is 101)//

I think you are looking at the market rate and not the interbank rate of the day. The market rate will always be jacked up by people day trading in USD. I have been using my SCB account as my primary account for wires since a year now, receive a wire monthly, the rates have always been ~0.2-0.5 paisa less than the current interbank rates. The best part about SCB is that a SWIFT is processed within 2 days. While my experience with other banks has been quite frustrating, excluding UBL (which now charged PKR 500 for each inward wire + a longer processing time, 2 more days than SCB + a lower exchange rate based on interbank).

Can you let us know what SWIFT code did you gave to the company?

[/quote]

Word of Mouth, Show me the Interbank Rates for today with Proof.

BIC/SWIFT Code: SCBLPKKXXXX

This still doesn't make sense as the interbank rate on 6 Feb was 100.8. To find out current and historical interbank forex rates in Pakistan, go to http://www.forex.pk/inter-rates.php and choose the date from the menu at the top.

Sent from my GT-I9100G using Tapatalk 2

[quote=“makhan, post:16, topic:21901”]

Word of Mouth, Show me the Interbank Rates for today with Proof.

[/quote]

You could have saved a lot of time, rather than wanted me to provide you with something that is aviable online, http://bit.ly/1DiinnD

[quote=“taru, post:17, topic:21901”]

This still doesn't make sense as the interbank rate on 6 Feb was 100.8. To find out current and historical interbank forex rates in Pakistan, go to http://www.forex.pk/inter-rates.php and choose the date from the menu at the top.

Sent from my GT-I9100G using Tapatalk 2

[/quote]

True.

[quote="BlueClub, post:18, topic:21901"]

You could have saved a lot of time, rather than wanted me to provide you with something that is aviable online, http://bit.ly/1DiinnD

[/quote]

Absolute Genius :D

I want to clarify one thing for other people those who want to receive money from foreign companies.

If the sender is an individual you can receive the money into a foreign currency or rupee account . But if the sender is a company then according to State Bank of Pakistan rules your earnings must be credited to a Pakistan rupee account. source

Receive money from International Company

FCY TO FCY Account (Not Allowed)

FCY TO PKR Account (Allowed)

Receive money from Individual

FCY TO FCY Account (Allowed)

FCY TO PKR Account (Allowed)