Guys, just vote with your wallet and ditch your bank unless of course you are already getting raped and signed your life away by locking into a bank and be forced to stick with them forever. What is more important than being able to transferring your own money to wherever you want, whenever you want? A bank that cannot handle this should be punished where it hurts them. There are plenty banks it choose from that offer the basic minimum. A bank that can't provide the basics is a criminal not a financial institution.
Don't know if it's the same everywhere, but I can transfer ACH from the computer, but each wire I've sent required at least a phone call if not a signature.
Some of the world's largest bank have that "additional info" space when sending money but its very flawed or misleading. It gives you the impression its for you to input info but in reality its for your bank (the sender) and not for you to include any additonal instructions. Some major banks will actually allow you to input the additonal info in that area but when you click send...it will show an error message or say you're not able to send the funds... This forces you to call you bank to find out what is the problem and they will respond via telling you to remove the info you inputed in the "additonal info" space. Thus, the receiving party will not see these details unless your bank include the details for you. Simply, you can not do it on your own and you need to call your bank to ask them to do the transfer for you with those additional details. The best bet is after the funds is sent to the FCM, as you stated, contact the FCM to notify them that the money is coming (has been sent) but only after your bank has given you the "tracking details" for you to give to the FCM to correlate the funds with you. Those tracking details is info you can not see when you send the funds but you can get the info from your bank "after" the money is sent. Usually the FCM will ask you for the "tracking details" to match it to the funds that you sent them. Most banks offer different services for different fees to send money, if your money is not received "beyond" (after) the date that the bank advertised the receiving party will receive those funds you sent... Call your bank after the FCM recieves your funds to get a refund on the fee that was charge to send the funds if the funds arrived after the advertised date the bank stated even if the cost was small. wrbtrader
Forexchief broker does not require this. Wire Transfer is quick and direct, no phone call, just the simple routing number and account number,
Do you know if Chase or Citi wire transfer with memo is free? or how much is it. As far as the other people saying send the money without memo and just alert them when sent, Isn't there a chance it gets lost? that would be terrible. Probably minimum is my money gets tied up and I pay fees for not including the memo. Such stone age tech, Reminds me of TD ameritrade requiring me to fax my info lol Can't believe this crap. These brokers also ask you to send private documents via open email no encryption, sickening.
Yes, it is stoneage tech and some of the largest banks in the world do such especially involving ACH that has those "memo, additional info, to further credit" space whereas very little problems with wiretransfers. I've had funds temporarily lost doing both ACH and wiretransfers. Usually I get a personal apology (phone call) for their screw up. The error with the ACH took longer to track down by the bank in comparison with a problem with a wiretransfer. If you're unsure...test it with a small amount ($100 - $200) before doing anything with a much larger funds. I've never had anyone ask me for personal details beyond the automated system in the initial phone call to get a customer service rep. Yet, I've had someone tell me to come to the branch to fix the problem even after I tell them I'm calling from another country. France is the worst, U.S. not too far behind in poor service and my best experience is via the banking system in Canada regardless to me having the ability to move funds between all three on my own (internet banking) in the past few years. wrbtrader