international wire transfer- urgent! please help!!?

hi,

my parents have just purchased a house and the possession date is july 25th.

Our lawyer said that the money needs to be handed in no later than the morning of the 25th.

My parents are going to wire the money (around 400k) from South Korea on the 19th, which gives them only about 4 business days. Does anyone know how long this kind of international wire transfer would take?

For that amount, is there any chance the fund would be held up in some place?

They feel urgent because the seller's lawyer said they might cancel the deal if the fund is not received by time.

Thanks for your help

Update:

more details = the money is not going into an escrow account, but their own account.

We asked our lawyer to ask the other lawyer to extend the possession date by a few days but the lawyer on the other side rejected it, and said they might close the deal. I'm not feeling very good at them because we kindly moved the date forward last month when they asked us to.

I think if it's the 19th in korea, it's the 18th here.

4 Answers

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  • Anonymous
    1 decade ago
    Best Answer

    Relax. This is a straightforward matter and as long as your parents follow your attorney's instructions, it should work out fine.

    An international wire can be done very quickly.

    Is the wire going to an escrow account set up for closing?

    In any event, the international wire department of any major bank in South Korea should be able to handle this transaction.

    If it's the 19th in South Korea, is it the 20th where the money is going? If so, that's a Friday and with a weekend coming up, any difficulty might go into the 23rd or 24th.

    It might be a good idea to wire the funds on the 17th or 18th to be safe as long as they are going into an escrow account.

  • 1 decade ago

    The length of time for an international wire transfer is usually contingent on whether there is a currency exchange or not. If the funds are being sent in a single currency the funds could arrive same day, next day at the most. If the transfer requires a currency exchange (e.g. converting USD to euros), then the "value date" of the transfer will usually be at least 2 business days after it is processed. This is because that is the normal length of time for a bank to conduct currency purchases.

    Source(s): Senior accountant who handles wire transfer payments to international vendors.
  • dorval
    Lv 4
    3 years ago

    All you desire is the IBAN code, which you will get from the economic corporation in case you ask for it. it is a threat on occasion to do the conversion and you're able to correctly be waiting to do this in case you seek for "IBAN" on the internet. in spite of the undeniable fact that, in case you're making a extensive flow or known transfers, then it is extra helpful to apply a expert corporation to do this for you. The fees are lots extra helpful than the banks' and that they are extra efficient. attempt "flow money in another country" or comparable on a websearch for ideal businesses and make certain which you purely get the united kingdom businesses (a great variety of yank businesses additionally attempt to do this).

  • 1 decade ago

    wire transfers should take no more than one business day. Ask your bank for their policies about withdrawl.

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