Question How long does a bank transaction from Georgia to Switzerland take?

[CyberCommander]

Hi Guys

My business partner has started a bank transaction last week (01.06.2021) from TBC Bank to my Bank in Switzerland.
The operater of TBC Bank told him that the transaction need ca. 3-5 business days. So the money should landing max. Tu 15.06.2021.
My bank told me if the money will landing, i will see it in the balance on the same day.

Now we have friday 11.06.2021 and nothing was happen. Do you have any experiences with the timeline of international transactions?
What is your experience with Georgia? how long can it take? what can i do? TBC Bank says the transfer was started and the Swiss Bank says nothing is landed.

Kind regards
CC

 

[Mark Rucken]

2-3 business days. If nothing happened in that period, request an official SWIFT confirmation from the sending (Georgian) bank. Then send that SWIFT confirmation to your banker in Swiss bank and request from them to do an investigation. They can easily see where are the funds stuck if you obtain a proper SWIFT transaction confirmation.

 

[GPT]

Georgia uses IBAN. Switzerland also uses IBAN. As a result it might be challenging to get a proper SWIFT confirmation.
In reality it should not take longer than 2-4 business days with IBAN to IBAN. If it is; did your partner in Georgia have all the correct details to make the transfer?

1. Entity name and address details
2. IBAN & Swift/BIC code and the address corresponding with the SWIFT/BIC code
3. Payment details

I don't know if Georgia asks to provide the document for the transfer to the bank. If that is the case then the 2-4 business days can take longer.

The next action step is unfortunately at your business partners side. Push him to get the SWIFT and at the same time contact your own bank and tell them you are expecting a payment from Georgia and provide them with the reason for the payment.

What has likely happened is that the payment has been randomly set aside for a further due diligence search. This process can take place on any step along the line ranging from originating bank to intermediary bank to receiving bank. Banks do not (have to) inform you when this happens.

Good luck!