The BEST Guide to POLAND
Unanswered  |  Archives 
 
 
User: Guest

Home / Law  % width posts: 13

Time Required to process/receive an International Wire Transfer Sent to Poland?


wilhelm_wundt 1 | 15
17 Mar 2015 #1
Hello everyone!

I should be receiving a wire transfer today from a Chilean friend of mine and I've got a question.

Now, my question is a general one and could prove useful in the future: What are the laws in Poland when it comes to receiving international wire transfers and how long do they usually take to get processed?

I'm a young lad, so please excuse my ignorance when it comes to transfers and Polish law.

Thanks,
Nathans
17 Mar 2015 #2
What is the expected amount? If it's less than, I'd guess, 5000 USD then a transfer from South America to Poland should only take 2-3 days. If it's over (5000-10000) then they may want to wait longer to 'clear it.' Is money sent to a bank account set up in a bank in Poland? If so I wouldn't expect much problems receiving it.
OP wilhelm_wundt 1 | 15
17 Mar 2015 #3
I'm very confused.

The bank in Chile told my colleague that Poland denied his request to send me money and that he can only send 5.000 per day.

He tried to send me 60.000 USD, by the way.

Perhaps I should contact a lawyer?

Thanks,
pigsy 7 | 304
17 Mar 2015 #4
Strange,I send large amounts through bank transfers from States,takes almost 5 to 7 working days though for the funds to be available.It only went wrong when my name was mispelt or the routing number or account number was wrong,otherwise never a problem since I do that almost every year.

Maybe its Chile certainly not Poland that refuses.Check the amount you can send out from Chile.
JollyRomek 7 | 461
17 Mar 2015 #5
What are the laws in Poland when it comes to receiving international wire transfers and how long do they usually take to get processed?

From within SEPA countries, it is no more than 2 working days.

As Chile is not part of the SEPA scheme, it is difficult to estimate the time it takes to arrive at the bank account in Poland. This can only be answered by bank of the sender. Once it hits the Polish banking system, the amount would be posted to your bank account either in the late morning, lunch time or evening, depending on when your bank runs its incoming sessions. Most banks have three incoming sessions per day.

However, only the bank of the sender would be able to give you an estimate on how long it would take for the money to hit the Polish banking system
Nathans
17 Mar 2015 #6
In that case, the fastest way for you is to send multiple transactions, one every day. There's a limit (if they say 5,000 USD per day then it must be it) that allows to receive money without any extra checking. When the amount is greater than 5K then they must report it to the 'Polish IRS' which requires extra paper work for them. Plus, if it's a personal bank account (not business) then they prefer not to risk it to avoid being accused of money laundering. Another option, if it's not in fact a company bank account, is to set up a business bank account and then the sending/receiving limit should not apply (in theory).
OP wilhelm_wundt 1 | 15
17 Mar 2015 #7
Thanks for the reply, Nathans.

I think he must have misspelt my name or something. I guess the 'Polish IRS' could have denied it as well. Considering that it's coming from South America and what not.

He sent the first transfer of 5.000 USD today. How long would it take for the first payment to get here? I suppose the normal 2-3 days?

Also, is it a bad idea to use third party websites (western union) to decrease the time of this process?

I forgot to mention that the Polish authorities told him that some data was wrong and that once he gets the data correct, he can only send a limit of 5.000 USD per day.

Seems odd..
Nathans
17 Mar 2015 #8
It shouldn't take more than the normal 2-3 days. Using Western Union you'd have to pay a LOT in fees, probably $300+ for every $5000, so it's not a reasonable solution. What's the name of the bank? I'd have him open an account in a better one that doesn't have this receiving limit, it seems odd (unless this particular company or person is in a questionable niche or something).
OP wilhelm_wundt 1 | 15
17 Mar 2015 #9
The problem isn't his bank, I think.

His bank, Santander, received a call from some authorities (I assume Polish) that some data was incorrect and that he and his bank can now only send 5.000 per day. Which is awful because now I need to wait more or less 12 business days.

Why isn't sending money abroad easier? I presume it's because of Islamic extremists or what? In any case, this is a huge pain.
pigsy 7 | 304
17 Mar 2015 #10
When the amount is greater than 5K then they must report it to the 'Polish IRS' which requires extra paper work for them

According to current bank rules the limit is over 12k euro,same is when one withdraws or deposits over 12k euro or equilent the banks tend to ask and some banks even make you sign a declaration the purpose or the source of money.I assume its not for uzjad skarbowe(polish irs) but mostly for security.

OP should ask around in the bank as it will cost him more for 12 transactions instead of one.
OP wilhelm_wundt 1 | 15
17 Mar 2015 #11
Thanks for the reply, Pigsy.

My bank said that they didn't receive any transfer or enquiry, therefore I can only assume that the Polish authorities denied it before it even reached the bank.

I'm not sure what else to do. We started the first of 12 transactions today.
pigsy 7 | 304
17 Mar 2015 #12
Wrong assumption man,when the money is wired from overseas a mediatary bank is involved also,since I have been doing this so many times and Polish authorities never asked me even,then again it was from states,wonder if the rules are different from Chile.I strongly believe its the bank or the laws in Chile itself.This is the first time in almost 15 years i am hearing this issue Polish banks have only refused my transactions if the name and number don't match or are wrong.Your best bet would be go to the bank and ask them(lol if they don't speak english, INSIST,and most likely they will find someone who does.
OP wilhelm_wundt 1 | 15
18 Mar 2015 #13
He added my second name to the banking transfer, could that perhaps be the problem?

He's now sending me 5.000 per day. I'll know tomorrow or Friday if the first transfer was successful.

Thanks so much for the help!


Home / Law / Time Required to process/receive an International Wire Transfer Sent to Poland?