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Originally posted by Patri
This is awesome, thanks for the rundown.
Would you be able to tell me why intermediary banks like to take it upon themselves to change the currencies of bank wires between remitting and beneficiary accounts? This is my nightmare at work and I want to whip **** at my screen every time it happens.
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Sometimes it can be caused by an error. We had a news update like last week about foreign payments being done incorrectly. If a payment is saved on an account - usually if it's been done in the last 12 months - then it defaults to the currency used in that country. So we've been told to keep an eye out when processing payments of that nature. If you do a payment like this online, it's also worth keeping an eye out and making sure the boxes selected aren't already filled in wrongly.
Also a bank account can only store the one currency so if you're sending money from a UK account in £ to Spain, but the Spain account is specifically a € account, then it'll be converted to €. Both accounts need to be the same regular currency. That's all I really know on that though. It wouldn't be dealt with by us; more so the system itself and overlooked by a payment verification team.
