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Query on international transfers
Thread poster: Miguel Llorens

Miguel Llorens  Identity Verified
Local time: 13:38
English to Spanish
+ ...
Jan 22, 2004

Hi, a question to the transfer-savvy.

A U.S. client is trying to transfer funds into my U.K. account but reports that the transfer has been rejected. The accounts person thinks it was due to jotting down the wrong corresponding bank, so they´re asking me to send "name and Chips # of the U.S. Corresponding bank".

Now then:

- Dishonesty or foot-dragging is not an issue in this case. This client has paid before and promptly, and it is a reputable company, but it was via PayPal but I´ve discontinued my PayPal account since they froze it unexplainedly.

- All other clients simply need my U.K. bank´s name, sort code, account no, branch address and SWIFT code and do not seem to report any problems.

- I did not provide any "corresponding bank info" on my invoice (I was under the impression that it is unnecessary and, in any case, I don´t know what my banks U.S. corresponding institution is).

- Why do they need a "corresponding U.S. bank"? The accounts person sounded rather peeved that I requested a transfer instead of PayPal since the latter is more convenient for them, apparently. I am just wondering if the person might be a little inexperienced with this type of transactions.
Before I invest in a long distance phone call from Venezuela to my U.K. bank (my bank does not believe in e-mail...)just in order to be told that "corresponding bank info is not necessary ", I thought I would check with other ProZ users. It goes without saying that I need to convince the accounting rep in the politest of terms that she already has all the necessary information to complete a relatively simple transaction. Correct me if I´m wrong, guys.


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DGK T-I  Identity Verified
United Kingdom
Local time: 12:38
Member (2003)
Georgian to English
+ ...
US / UK Bank transfers Jan 22, 2004

In my experience US clients ask for name of account holder, name and country of bank, branch address of bank, account number & branch("sort")code, and IBAN number (I think it's that for the US, rather than the Swift/BIC - but please correct me if I have mixed the two up:-) [I think I did mix them up here, but anyway I'd put both] - There will also be a Swift Code/BIC, one is more used for Western Europe (certainly transfers within the EU should be sent with IBAN and Swift/BIC together)? I think it's a good idea to put all of them on the invoice (including Swift/BIC & IBAN) and let the sender use what they need. (In my experience this ought to be enough information, as long as the name of the receiver is the same as the name on the receiving account.)
Best wishes
Giuli~

~Eng Russ Geo~

[Edited at 2004-01-23 12:23]

[Edited at 2004-02-04 23:06]


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Ralf Lemster  Identity Verified
Germany
Local time: 13:38
English to German
+ ...
SWIFT BIC is important Jan 22, 2004

...since that identifies the recipient bank on an international level - you don't need to know their correspondent bank in the US: strictly speaking, if their bank cannot sort out an international transfer, they would need to look for one.

Depending on how "non-international" your customer's bank is, however, they might insist on getting a US correspondent bank... although this would be based on sheer ignorance on how international money transfers work, there's probably no way around it (remember that most payments in the US are still handled by cheque...).

HTH, Ralf


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KZorn  Identity Verified
Germany
Local time: 13:38
English to German
Similar problem Jan 22, 2004

Hi,

We had a similar problem some time ago when wanting to transfer money from a small American bank to our German bank account. Apparently the American bank (HVFCU) was too small by itself so that they needed a big intermediary bank. This is nothing you can find out, the bank will have to sort this out.

We noticed that while they had problems transferring the money to our German account with Bank A they had a problem while with Bank B they hadn't. So if you have accounts with two banks, you might also try the other one.

Best regards,

Susanne


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Miguel Llorens  Identity Verified
Local time: 13:38
English to Spanish
+ ...
TOPIC STARTER
Thanks all Jan 22, 2004

I was not aware that transfers required more information for the smaller banks. I called my British bank and they gave me the details of their U.S. correspondent (its American subsidiary) and I sent them along to the client. I guess from now on I will include this additional info on my U.S. invoices.

Thanks Giuli, Ralf, Susannne

[Edited at 2004-01-22 16:58]


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Ralf Lemster  Identity Verified
Germany
Local time: 13:38
English to German
+ ...
Small vs. smart banks... Jan 22, 2004

Hi again, Miguel,
I was not aware that transfers required more information for the smaller banks.

They don't. It just depends on how well they are organised for international business...


Good luck, Ralf


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DGK T-I  Identity Verified
United Kingdom
Local time: 12:38
Member (2003)
Georgian to English
+ ...
I'm indebted for the extra information Jan 22, 2004

about extra things to bear in mind
if I find myself dealing with a smaller US bank, too
(Obviously Swift/BIC is important and as I said above I'd include it and the IBAN for transfers, whether they are asked or not, but from memory I believe US banks have only ever asked me for one of them (from memory the IBAN, but I may be misremembering:-)) with the full name & address of the bank. I remember because it's something that surprized me (perhaps my experience wasn't representative).
Giuli

Looks like I was misremembering and it was the "other one"...

[Edited at 2004-02-04 23:08]


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