Receiving funds via swift. Will it work?

Hello all!

I recently requested a withdrawal from Coinbase for just under £1k. Usually it goes via faster payments, however this time it seems to be getting processed via swift in GBP. Apparently Coinbase turned off faster payments recently, so this is likely why, and I probably missed the notice.

My question is simple - what’s going to happen to my money, as I understand that swift is not properly supported?

Strangely I’ve never actually given Coinbase my BIC or IBAN so I assume they must get this information themselves from my sort code and account number.

Unfortunately support has not been very helpful and have said that there’s a chance that the money will vanish.

Thanks

Unfortunately it might vanish and it might not, there doesn’t seem to be any way of knowing since it depends on the sending bank and what route they try

It should be returned to coinbase if it doesn’t make it to monzo though

So money can actually vanish?

Monzo won’t know where it is unless they actually receive it and it might take sometime to be returned to the sending bank. Technically not vanished but nobody will actually know where it is until a bank receives it

Or it might be 100% fine. :crossed_fingers: that it’ll be one of those that gets through

Checks wallet: it would seem so :joy:

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I thought SWIFT payments were only being permitted for amounts in excess of £10K?

I read this too, however it seems the withdrawal still went through.

The money came through today. That was unexpected…

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It’s a sign that you should treat yourself!! Have fun!!