Some questions about SWIFT Overseas Payments.
1. How safe is SWIFT and are there any horror stories?
2. I sent some funds from the UK to Pakistan last Friday (1st September) and they are yet to arrive. The money left my UK account the same day. They say 3 - 5 working days to reach destination. But could it be that it will take longer due to different procedures in the receiving country?
3. When SWIFT is used, when is the exchange rate determined? The bank told me it gets processed on the same day if sent before 1pm which mine was, and the funds left the same day but does it mean that the exchange rate was booked for that particular day or will it depend on the day the funds reach the destination country?
4. I have a tracking number so if its not there by next week will the bank here be able to track it? I used Nationwide Building Society to send the funds to united Bank Limited in Pakistan. Should this be ok?
5. Has anyone heard of a SWIFT Transfer go wrong and if so wha