Hi, Does anyone know how long swift funds transfer to Kenya typically take? I got sent money over a week ago, and it has not hit my account yet. Thanks.
It depends, Was it international or local. If local it takes 2-3 days for EFT and less than a day for RTGS. For international transferred I have waited for one for 2 weeks. Ask the sender what time frame the remittance advice indicated. Regards, Job Muriuki, Phone: (+254) - 722906324 | 736333075 Skype: heviejob | Yahoo: heviejob Address: 42665 00100 Nrb On Wed, Aug 20, 2014 at 10:07 AM, Matt Gathu via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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I do & get International transfers and its always 3 days maximum. What you have to be aware of is that some banks especially in the Eurozone specify that the onus is on the sender to put the correct details for a transfer. Any incorrect details are never notified and the sender may be sitting pretty thinking the transfer is done only to check later and realize they have to do it afresh. Let your sender countercheck details (or even send you a copy) of the transfer. ./Ok3ch On Wed, Aug 20, 2014 at 8:18 AM, Job Muriuki via skunkworks < skunkworks@lists.my.co.ke> wrote:
It depends,
Was it international or local. If local it takes 2-3 days for EFT and less than a day for RTGS. For international transferred I have waited for one for 2 weeks. Ask the sender what time frame the remittance advice indicated.
Regards, Job Muriuki,
Phone: (+254) - 722906324 | 736333075 Skype: heviejob | Yahoo: heviejob
Address: 42665 00100 Nrb
On Wed, Aug 20, 2014 at 10:07 AM, Matt Gathu via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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Depends. If there banks concerned are not correspondent banks (i.e. don't have agency relationship) the transfer may go through a third party bank before hitting your account. Think of it like hops in a tracert. If there is a direct relationship, it should be immediate to like 1hr. On Wed, Aug 20, 2014 at 10:07 AM, Matt Gathu via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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Have you considered that the remittance was not done. If its a local transfer then something is not right. 1 week is long for local interbank transfer. Ask for a remittance advice from the sender then you can follow up.. Regards, Job Muriuki, Phone: (+254) - 722906324 | 736333075 Skype: heviejob | Yahoo: heviejob Address: 42665 00100 Nrb On Wed, Aug 20, 2014 at 10:07 AM, Matt Gathu via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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Hi Matt, It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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Why will it be called swift=>'Swift'??? On Wed, Aug 20, 2014 at 10:35 AM, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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-- Best Regards, Michael Akunga. Freelance Research Writer, Web and App Developer Cell No: +254 726 174 815 E-Mail: michaelakunga@gmail.com Skype: michaelakunga Viber: +254 726 174 815
@Mickey its called SWIFT because its *Society for Worldwide Interbank Financial Telecommunication * Nothing to do with the word swift for speed! ./Ok3ch On Wed, Aug 20, 2014 at 10:31 AM, Mickey Mickey via skunkworks < skunkworks@lists.my.co.ke> wrote:
Why will it be called swift=>'Swift'???
On Wed, Aug 20, 2014 at 10:35 AM, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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A little about swift: If you are sending from Bank A in Kenya to Bank X in India, for it to be really fast, Bank A and Bank X must be correspondent banks. I.e., they must maintain each other's accounts using the Nostro and Vostro account setups. Bank A will debit your account and credit Bank X's account here. So, in that case, the message can actually be immediate. The moment the transfer is authorised, the message leaves the banking system in Bank A and hits the SWIFT network. The banking system in Bank X will receive the message and transpose it into a transaction to do the debits. Bank X will debit from Bank A's account in Bank X and credit the original beneficiary. The two banks then share a reconciliation statement, still via SWIFT (MT940, MT950) to check that the mirror accounts are properly balanced. If, by some luck, bank A and bank X do not have this kind of relationship - and this was a big problem with Kenyan banks when the market started going East - bank A has to send the message to bank B for which bank A and bank B are correspondents, and if bank B is a correspondent bank of X, then the final message is delivered, if not, they send to their own correspondent bank C, etc until it finally reaches bank X. By that time, of course the final amount has reduced dramatically due to charges and exchange rate issues. @Jangita, I am sure there are more banks that are automated. By automation, I mean you can request a transfer via online banking/USSD banking. No bank has end to end automation. Once it hits the Swift network you cant control the recipient bank's speed of action. Secondly, for local transactions (RTGS) the local clearing house is fully automated using the same swift protocol. On Wed, Aug 20, 2014 at 12:43 PM, Okechukwu via skunkworks < skunkworks@lists.my.co.ke> wrote:
@Mickey its called SWIFT because its *Society for Worldwide Interbank Financial Telecommunication * Nothing to do with the word swift for speed!
./Ok3ch
On Wed, Aug 20, 2014 at 10:31 AM, Mickey Mickey via skunkworks < skunkworks@lists.my.co.ke> wrote:
Why will it be called swift=>'Swift'???
On Wed, Aug 20, 2014 at 10:35 AM, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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-- Best Regards, Michael Akunga. Freelance Research Writer, Web and App Developer Cell No: +254 726 174 815 E-Mail: michaelakunga@gmail.com Skype: michaelakunga Viber: +254 726 174 815
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+1 On 20 August 2014 16:08, Bwana Lawi via skunkworks < skunkworks@lists.my.co.ke> wrote:
A little about swift:
If you are sending from Bank A in Kenya to Bank X in India, for it to be really fast, Bank A and Bank X must be correspondent banks. I.e., they must maintain each other's accounts using the Nostro and Vostro account setups.
Bank A will debit your account and credit Bank X's account here. So, in that case, the message can actually be immediate. The moment the transfer is authorised, the message leaves the banking system in Bank A and hits the SWIFT network. The banking system in Bank X will receive the message and transpose it into a transaction to do the debits.
Bank X will debit from Bank A's account in Bank X and credit the original beneficiary. The two banks then share a reconciliation statement, still via SWIFT (MT940, MT950) to check that the mirror accounts are properly balanced.
If, by some luck, bank A and bank X do not have this kind of relationship - and this was a big problem with Kenyan banks when the market started going East - bank A has to send the message to bank B for which bank A and bank B are correspondents, and if bank B is a correspondent bank of X, then the final message is delivered, if not, they send to their own correspondent bank C, etc until it finally reaches bank X. By that time, of course the final amount has reduced dramatically due to charges and exchange rate issues.
@Jangita, I am sure there are more banks that are automated. By automation, I mean you can request a transfer via online banking/USSD banking. No bank has end to end automation. Once it hits the Swift network you cant control the recipient bank's speed of action.
Secondly, for local transactions (RTGS) the local clearing house is fully automated using the same swift protocol.
On Wed, Aug 20, 2014 at 12:43 PM, Okechukwu via skunkworks < skunkworks@lists.my.co.ke> wrote:
@Mickey its called SWIFT because its *Society for Worldwide Interbank Financial Telecommunication * Nothing to do with the word swift for speed!
./Ok3ch
On Wed, Aug 20, 2014 at 10:31 AM, Mickey Mickey via skunkworks < skunkworks@lists.my.co.ke> wrote:
Why will it be called swift=>'Swift'???
On Wed, Aug 20, 2014 at 10:35 AM, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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-- Best Regards, Michael Akunga. Freelance Research Writer, Web and App Developer Cell No: +254 726 174 815 E-Mail: michaelakunga@gmail.com Skype: michaelakunga Viber: +254 726 174 815
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Dubai Sunday to Thursday :) Swift on its own is actually instant. The delays are caused by the sending and receiving banks because the first and last legs are is always almost done manually or at a set time every day. the only banks i know who have end to end automated swift transfers in Kenya is CBA and Citi, when a transaction is sent across banks it is instant. 1. You fill the swift forms (day 1) 2. They are sent to some central treasury where someone keys it in and sends it to the swift system (day 2) 3. It appears on the receiving bank instantly 4. At a set time (hopefully) someone lists all the inward swift transfers and either manually keys them into the beneficiary accounts or authorises them (day 3) 5. in some banks (don't want to name names) after manual clearing, the branch then authorises crediting into account (day 4) Then the swift person in step 2 or 4 goes on a one day leave... or the swift arrives just after he has keyed in the day's batch (+ 1 day) :) On 20 August 2014 10:35, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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Now you see, I leart something new, Thanks Okech On Wed, Aug 20, 2014 at 12:42 PM, Jangita Nyagudi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Dubai Sunday to Thursday :)
Swift on its own is actually instant. The delays are caused by the sending and receiving banks because the first and last legs are is always almost done manually or at a set time every day. the only banks i know who have end to end automated swift transfers in Kenya is CBA and Citi, when a transaction is sent across banks it is instant.
1. You fill the swift forms (day 1) 2. They are sent to some central treasury where someone keys it in and sends it to the swift system (day 2) 3. It appears on the receiving bank instantly 4. At a set time (hopefully) someone lists all the inward swift transfers and either manually keys them into the beneficiary accounts or authorises them (day 3) 5. in some banks (don't want to name names) after manual clearing, the branch then authorises crediting into account (day 4)
Then the swift person in step 2 or 4 goes on a one day leave... or the swift arrives just after he has keyed in the day's batch (+ 1 day) :)
On 20 August 2014 10:35, Charles Murithi via skunkworks < skunkworks@lists.my.co.ke> wrote:
Hi Matt,
It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency. CK On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" < skunkworks@lists.my.co.ke> wrote:
Hi,
Does anyone know how long swift funds transfer to Kenya typically take?
I got sent money over a week ago, and it has not hit my account yet.
Thanks.
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participants (7)
-
Bwana Lawi -
Charles Murithi -
Jangita Nyagudi -
Job Muriuki -
Matt Gathu -
Mickey Mickey -
Okechukwu