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