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Wire Transfer, Correspondent Bank charges, UK
Thread poster: Nuri Razi
Nuri Razi
Nuri Razi  Identity Verified
Türkiye
Local time: 17:23
Member (2008)
English to Turkish
+ ...
Aug 9, 2013

Hello Colleagues,

I am english to Turkish translator, and I want to attend DIPTRANS 2014 Exam. But I have to wire the fee of the exam to the UK Bank, Royal Bank of Scotland. I need to wire 565 Pounds. But I do not know how much the correspondent bank will charge in UK, so if I send just 565 pounds, IOL will not receive the full amount. Do anybody know how much correspondents banks charge for wire transferring to a UK bank like Royal Bank of Scotland?

Thank you.
... See more
Hello Colleagues,

I am english to Turkish translator, and I want to attend DIPTRANS 2014 Exam. But I have to wire the fee of the exam to the UK Bank, Royal Bank of Scotland. I need to wire 565 Pounds. But I do not know how much the correspondent bank will charge in UK, so if I send just 565 pounds, IOL will not receive the full amount. Do anybody know how much correspondents banks charge for wire transferring to a UK bank like Royal Bank of Scotland?

Thank you.

Nuri Razi ▲ Collapse
 
Srini Venkataraman
Srini Venkataraman
United States
Local time: 09:23
Member (2012)
Tamil to English
+ ...
call him to find out Aug 9, 2013

Istanbul Main Branch of RBS:
Tanburi Ali Efendi Sokak
No. 13 34337 Etiler
Istanbul
Turkey

T: +90 212 359 40 40
 
Alex Lago
Alex Lago  Identity Verified
Spain
Local time: 16:23
English to Spanish
+ ...
Varies Aug 10, 2013

Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.

SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:

BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the ... See more
Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.

SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:

BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the money pays all the fees (this is the one you need to use in this case)

So just tell the bank to send the money charging you all the fees.

[Edited at 2013-08-10 11:59 GMT] ▲ Collapse
 
2GT
2GT  Identity Verified
Italy
Local time: 16:23
English to Italian
+ ...
Intermediate banks Aug 10, 2013

Alex Lago:
Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.

SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:

BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the money pays all the fees (this is the one you need to use in this case)

So just tell the bank to send the money charging you all the fees.


Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.

You should ask your bank whether wire transfers to RBS pass through another bank in between.

Bye
Gianni

[Edited at 2013-08-10 12:59 GMT]
 
Srini Venkataraman
Srini Venkataraman
United States
Local time: 09:23
Member (2012)
Tamil to English
+ ...
Direct, right? Aug 10, 2013

When you send money from RBS Turkey to RBS, UK- you are well covered, I think- I mean no intermediate banks.
 
Alex Lago
Alex Lago  Identity Verified
Spain
Local time: 16:23
English to Spanish
+ ...
Are you sure? Aug 12, 2013

2G Trad wrote:
Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.


This has never happened to me, as far as I know the SWIFT instructions state that OUR covers all fees including intermediary banks
 
2GT
2GT  Identity Verified
Italy
Local time: 16:23
English to Italian
+ ...
I am sure Aug 12, 2013

Alex Lago wrote:

2G Trad wrote:
Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.


This has never happened to me, as far as I know the SWIFT instructions state that OUR covers all fees including intermediary banks


OUR instructions mean the sender pays for his bank fees and the beneficiary bank fees.

Any intermediate bank can charge more fees which are deducted from the amount the beneficiary receives.

And some banks work with several intermediate banks in chain.

Bye
Gianni
 
Nuri Razi
Nuri Razi  Identity Verified
Türkiye
Local time: 17:23
Member (2008)
English to Turkish
+ ...
TOPIC STARTER
Dear 2g Trad Aug 12, 2013

Dear Colleagues,

Thank you for the replies, it indeed was helpful.

Dear 2g TRad,

So does SWIFT OUR enough for beneficiary to receive the full amount sent or there will be intermediary bank deducations from what beneficiary gets?
 
2GT
2GT  Identity Verified
Italy
Local time: 16:23
English to Italian
+ ...
Bank agreements Aug 14, 2013

Nuri Razi:
So does SWIFT OUR enough for beneficiary to receive the full amount sent or there will be intermediary bank deducations from what beneficiary gets?


It could be enough provided that sender's bank transfers the money directly to beneficiary's bank.
Should this not happen, any intermediary bank could claim its part of fees while the money is on the way.

It all depends on sender's bank and beneficiary's bank agreements.

Bye
Gianni
 
Nuri Razi
Nuri Razi  Identity Verified
Türkiye
Local time: 17:23
Member (2008)
English to Turkish
+ ...
TOPIC STARTER
Thank you Aug 14, 2013

Thank you Colleagues for this information, I am indeed enlightened. I can now imagine how a wire transfer works and who pays what.

All the best,

Nuri Razi
Eng to TUrkish translator
 


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Wire Transfer, Correspondent Bank charges, UK







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