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Need Help Regarding International Bank Transfer [INDIANS]

Discussion in 'BlackHat Lounge' started by 93chandu, Feb 4, 2016.

  1. 93chandu

    93chandu Power Member

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    I will be getting some money from Germany through International Wire Transfer. I wanted to know a few things.

    1) Is it safe to go through wire transfer route or is paypal better in terms of safety?? I've heard many bad experiences about International Wire Transfer, people have not received their funds for more than 2-3 months and stuff like that.

    2) I spoke to my Bank manager, and got to know that the funds will be first transferred to correspondent bank and then will be transferred to my bank here in India. Is this normal??

    So anyone here have received money from Germany to India?? Please reply here!!
     
  2. abhi007

    abhi007 Jr. VIP Jr. VIP

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    The funds should first go to the foreign exchange branch and then to your main branch. I think wire is more safe. I don't know from where you have heard those stories.
     
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  3. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    Yes, that's the way it works, not just in India, but everywhere.

    That's called an intermediary bank.

    An intermediary bank needs to be used when you are sending any currency other than the local currency of the destination country or to the same analogy: when receiving currency other than your local currency. I'm not aware, but i guess Indian rupees aren't used in any other country as local currency, if you receive an international payment which is in currency other than your local currency (which will be the case at all times), in this case EUR, an intermediary bank is used before your beneficiary bank (you) gets the funds and that's totally normal.