Dear Friends

Many times after supplies when my buyer deposit money in the bank for me in there country, the payment reaches my account after 15 - 20 days. Sometimes it also take 30 days.

If buyer can send me proof of deposit can I get interest claim for the delay in the transfer of the money. As technically the money is mine as soon as it is deposited.

I would like to know what you people think on the matter.

Madhur Agarwal

Replying to [Madhur_Agarwal]:I think you can not claim for interest rate for delay of fund from buyer account to your account.I think you are from india so your case is not special.The trasfer fund always comes late in indian banks i do not know why.First of all,you said that it takes 15 to 20 days to come .When a buyer makes a wire transfer from his country(any country) to india,money always goes through another bank.So sometimes it takes more time.

Replying to [Madhur_Agarwal]:

Who are your bankers?

We have our current account with HSBC and we receive our payment within 2 - 3 working days and our account gets credited same day the day we receive money.

We provide following details to our buyer

SWIFT MT/100/103 TO HSBC MUMBAI (SWIFT ADDRESS HSBC INBB)
FOR CREDIT TO A/C. NO. 123456 OF MY COMPANY NAME
PLEASE REMIT THRU HSBC MUMBAI'S ACCOUNT NO.:000-4417-2
WITH HSBC BANK USA, NEW YORK
HSBC BANK USA, NEW YORK CHIPS CODE: 302755
HSBC BANK USA, NEW YORK SWIFT ADDRESS MRMDUS33
HSBC BANK USA, NEW YORK ABA ROUTING MO 02-001-088

Earlier we had our account with Sangli Bank which has no direct facility to receive the foreign money hence we used to wait for 10 days as the payment used to come to us via-via

Quoting from [Madhur_Agarwal]:


Dear Friends


Many times after supplies when my buyer deposit money in the bank for me in there country, the payment reaches my account after 15 - 20 days. Sometimes it also take 30 days.


If buyer can send me proof of deposit can I get interest claim for the delay in the transfer of the money. As technically the money is mine as soon as it is deposited.


I would like to know what you people think on the matter.


Madhur Agarwal

There are many methods in Funds transfer

Now there is SWIFT available : If you might have given the SWIFT number and your account details to your Bueyr: If he give the details to their Banker and ask them to make SWIFT payment  (TT) with value date, it will be credited imemdaitely :

20-30days delay is something wrong somewhere

Replying to [Madhur_Agarwal]:
I think you cannot get an interest since it was not deposited in time deposit or savings. It is only a fund transfer. Besides the delayed is not on your bank.

Replying to [Cascarvip]:

Dear Friend

You are right in India simetimes these payments are really late. Specially in case of LC.

Madhur Agarwal

Replying to [Smir]:

Dear Smir

We too also many times provide payment route to the buyer but still there are delays.

Madhur Agarwal

Replying to [Smir]: Samir , this is a useful information for me, thankyou,

Can you please check my case,

My buyer from europe he wants me to send the payment , via bank, and i need atleast 30% deposit , so that i may ensure fully and can start the production , total amount is 12000 usd ,

I suppose he will not go for T/T , this is our first deal, can he send me the L/C in which bank can release only 30% before the production and rest at the time of deleivery with the despath documents .

In case of 100% L/C without deposit , how many days should a L/C should be accepted if the banks in india will take 20 days to proceed.
My production time is 12 days.

I think it should be more than 70 days,

Please suggest me.....................................

Replying to [Madhur_Agarwal]:

Can I get Interest on delay in Fund Transfer

Replying to [Madhur_Agarwal]:
hi friend, i don't think you can obain any interest until the money arrives in your account.

Replying to [Madhur_Agarwal]:
hi friend, i don't think you can obain any interest until the money arrives in your account.