Moving money between bank accounts should be easy. Even internationally, it should be easy. The last estimate I heard (and this was a couple of years ago) was that two trillion dollars are exchanged on the international currency markets each and every day.
So I don’t quite understand why it should have taken over a month for money to not transfer between my accounts at HSBC and Fifth Third Bank. Well, maybe I do understand to some degree. Technically it’s because the transfer request between HSBC and Fifth Third didn’t come with a Swift Code. The banks seem to differ on who’s to blame for the mix-up.
Fifth Third maintain that it’s an entirely reasonable step on their part. They did supply the Swift code, though they never stressed it was essential. HSBC inform me that Fifth Third are the only US bank they’ve ever dealt with who don’t accept the standard WorldPay transfers. WorldPay transfers don’t use Swift Codes. Fifth Third respond to that by saying that HSBC should have been aware, or have had some method of checking. No responsibility is being taken.
I’m left with money in limbo (it hasn’t yet been returned, it hasn’t arrived) and rather out of pocket (translation for the non-English: i’ve spent the money and have nothing to show for it) from transfer fees. Neither bank will take any responsibility despite both falling down on customer service.
I’ve long railed against the fact that economic globalisation doesn’t work in favour of the majority of people. This is a small example and there is no real suffering involved. But it’s a reminder that we can all be affected.