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JoDeNardo · Sep 11, 2011, 11:57 AM

I am trying to help a close fiend who was left money by her late father in the form of a trust fund. The company who is in control and has access to the trust fund wants to charge her a substantial amount for the international wire transfer fee. This amount is not affordable by her so she is unable to get her inheritance transferred to her. I have tried but cannot borrow the amount of money needed to satisfy this fee, due to my being over extended currently.

Does anyone have experience in dealing with international wire transfer fees and know the ins and outs on how to negotiate those fees and are familiar with paragraph 13{1}{n} of the International Monetary act as adopted in 1993 and amended on 3rd July 1996? That amendment is as follows;

{1}The beneficiary has rights or legitimate interest to pursue his or her remittance funds in utmost good Faith from the principal bank.

{2}That all remittance funds has been insured to its full value and therefore no deduction can or should be entertained whatsoever.

{3}Subject to the above,all remittance funds by the beneficiary would be processed subject to rules and regulations of the remittance bank.As evidential support for this assertion, the beneficiary must furnished a consideration for the transferring of his/her funds,subject to the approval this Act.

Curlyben · Sep 11, 2011, 12:02 PM

Something doesn't pan out quite right here.

Wire transfers are normally dealt with by Banks, or other financial brokers, and are a set fee.
If this was such a close relative why is there a need for this transfer method at all ?

Please fill in the missing information for us, as so far it looks like a classic 419 SCAM!

JoDeNardo · Sep 11, 2011, 12:12 PM

the amount of the trust fund is quite substantial. The European Central Bank had to fund this transaction and we were notified by the sending bank that the Cost Of Transfer fee to process the electronic swift transfer would be x amount of dollars, and the x is more than either of us can afford to pay nor raise at the moment. I need to be able to fully understand these swift transfer fees and know the ins and ours so I know that we are not getting ripped off and paying too much. We are trying to get her inheritance left by her father in his will. It seems inappropriate that she should be held hostage by a cost of transfer fee to get what is rightfully hers. And I need to know what is a reasonable cost of transfer fee. I assure you this is not a scam.

kcomissiong · Sep 12, 2011, 08:34 AM

This is most definitely a scam. There are ALWAYS set fees for a wire transfer. Why would the European Central Bank be funding an inheritance transaction. Was his account there? Why would an outside company have control of trust funds? Why can't they just cut her a check? Has she actually seen the will? Have you? Have you checked with the probate court involved? If there is a will and they are trying to distribute the assets, then it has been probated. Wire transfer fees are debited from the originating account, they are not paid separately. I work in financial services... google the text of this "International Monetary Act" and see what you find. The wording so far from any bank regulation I have ever seen that it is laughable.

If you insist on walking into a scam, feel free, but this IS a SCAM I am sorry to be harsh, but you need to do some due diligence to protect yourself and you assets. If you were able to find this forum, then you are internet savvy enough to look up some information on this "inheritance".

JoDeNardo · Sep 12, 2011, 08:54 AM

Ok, I have seen the will and the inheritance is over 6.5 million EUROs. I did not say this is a relative but a very close friend. The fund money was sitting in an offshore account in the capable hands of ING Bank ESPANA. Recently she was told by ING bank that she had to pay 7524 EUROs in order to get the money SWIFT transferred to her bank account here in the US. Then when she told ING Bank ESPANA that she could not afford to pay 7524 EUROs then we were told that if she could come up with at least 38% of the mount then she could get the money, but she still couldn't afford to pay the C.O.T.. She had asked me to be a beneficiary of the account so I can help her in getting her inheritance. But since I am a beneficiary ING Bank ESPANA will not talk to me at all or give me any information. We have heard since that the control of the trust fund has been transferred from ING Bank ESPANA to another company, which we are trying to identify and I am sure that company will be pulling the same thing as far as the Cost of Transfer for the SWIFT transfer, hence my question on this forum

kcomissiong · Sep 12, 2011, 08:59 AM

You saw the PROBATED will? Anyone can type something up and send it off. If she is the beneficiary of the account, close the account and have a CHECK CUT for the balance. There is no requirement that this be wire transferred. If a bank has a transfer fee it isn't negotiable, that is what is costs. This is a scam. My original advice still stands: if you want to walk into this and have you money taken, fine. Why would you need to be a beneficiary on an account to loan her money?

kcomissiong · Sep 12, 2011, 09:02 AM

Take a look at this and come back if you have any questions.

JoDeNardo · Sep 12, 2011, 09:06 AM

I saw the will where it said her father left her all this money. Why she wanted me to be a beneficiary is beyond me. And I still am confused by all this so I am sorry I cannot answer all of your questions.

JoDeNardo · Sep 12, 2011, 09:17 AM

I already knew about this. I guess I still have some answers I need to drag out of this lady.

excon · Sep 12, 2011, 09:20 AM

Hello Jo:

What you need to know, is that wire transfer fees are CHEAP. Seriously, they're CHEAP. If the money is hers, transferring it to her would be VERY SIMPLE and CHEAP! It would take a banker 5 minutes to do it, and he could DEDUCT his fees from the inheritance...

I understand you saw documents... It doesn't matter... Anyone can print official looking documents. Bank wire transfer fees are CHEAP. They're VERY affordable... Anyone who tries to get you to SEND money to them, so they can SEND money to you, is LYING. It makes NO SENSE. Really, think about, they're LYING THROUGH THEIR TEETH.

Ok, I see that you're going to raise the money somehow and send it off anyway, even though you've been warned. Good luck with that.

excon

JoDeNardo · Sep 12, 2011, 09:23 AM

You can't get blood from a rock, nor money from a poor person. I am not raising any money and am now more wiser and need to third degree this lady and get the truth out of her.

excon · Sep 12, 2011, 09:28 AM

Originally Posted by JoDeNardo

need to third degree this lady and get the truth out of her.

Hello again, Jo:

It's not her fault... She got convinced by the email just like 1,000's of victims have over the years.. They're very good, you know. The good news is, you contacted US before you or she put a nickel into this scam. Tell her how lucky she is to have you for a friend.

excon

kcomissiong · Sep 12, 2011, 10:01 AM

you can't get blood from a rock, nor money from a poor person

Jo,

This sort of desperation is what these folks bank on. Some people desperately need these emails to be true, especially given the poor economic climate, and they will spend their last penny and sell their things in the hope of future stability, and end up with nothing but a pile of unpaid bills and a worse situation than they were in when they started. There are thousands of stories online of people who sent their rent money to these scammers in hope of a payoff. You have to be wiser and protect yourself and your friend. You can't stop her but, you can choose to not be a party to the deception.

Fr_Chuck · Sep 12, 2011, 10:37 AM

And the wire fee would be merely held out of the money being transferred. The wire fee even for money in the millions would be very small.