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Good American bank for receiving int.'l wires?
Thread poster: Kelly O'Connor

Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
Aug 8, 2007

Anybody know of one? I have been really getting shafted in the wire transfer fees and need to change banks. I am currently with HSBC NA. Anybody have a good experience. Don't tell me to use Moneybookers (or PayPal), I already do. This is for customers who refuse to wake up and save us both money by using MB.

Thanks!


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Mihaela Boteva  Identity Verified
Local time: 05:45
Member (2005)
English to Bulgarian
+ ...
Bank of America Aug 8, 2007

Hi Kelly,

I receive my wire transfers through Bank of America -- they charge $10 per each one. I think this is reasonable -- of course I prefer check payments when possible...

)
Michaela


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Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
TOPIC STARTER
checks cost less? Aug 8, 2007

Mihaela Boteva wrote:

Hi Kelly,

I receive my wire transfers through Bank of America -- they charge $10 per each one. I think this is reasonable -- of course I prefer check payments when possible...

)
Michaela


Wow, HSBC charges me between $ 25 and $ 35 for checks! I have a Bank of America virtually right across the street. I'd better do some shopping around. But if anyone else has any suggestions, I'm listening ...


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Mihaela Boteva  Identity Verified
Local time: 05:45
Member (2005)
English to Bulgarian
+ ...
checks Aug 8, 2007

Well, I've worked for a companiy based in the UK and I wasn't charged for the check at all. It was issued in USD if it matters.

Hope it helps,
M.


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Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
TOPIC STARTER
yes, the currency is different Aug 8, 2007

Mihaela Boteva wrote:

Well, I've worked for a companiy based in the UK and I wasn't charged for the check at all. It was issued in USD if it matters.

Hope it helps,
M.


My clients are Euro-payers....

K


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SusieZ
United States
Local time: 05:45
German to English
Wachovia as well.. Aug 8, 2007

I've researched this as well. My bank is locally based, and they've accepted many wire transfers at $12 each. I still think this is unfair. I do know that Wachovia seems to offer the same service as Bank of America. And, Bank of America even accepts checks in euros.

My next step, though, is to check some of the online banks. I'm not sure how they work...

I wonder if American Express offers anything? Will look into that as well. I've used them before to wire funds to Europe and it was $10 each. But I'm not sure about receiving funds from them. I'm rambling here, so you can also look into other options.


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Steven Capsuto  Identity Verified
United States
Local time: 05:45
Spanish to English
+ ...
Commerce Bank Aug 8, 2007

I switched from Wachovia to Commerce Bank when I went back to freelancing and couldn't be happier.

They have a personal checking account that charges ZERO fees for incoming international wires (though depending on the source country, the intermediate bank often charges a small percentage). They also have wonderfully low fees for depositing foreign checks, as long as checks from any one country are deposited in batches of $75 or more.


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Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
TOPIC STARTER
Which Commerce Bank? Aug 8, 2007

Steven Capsuto wrote:

I switched from Wachovia to Commerce Bank when I went back to freelancing and couldn't be happier.

They have a personal checking account that charges ZERO fees for incoming international wires (though depending on the source country, the intermediate bank often charges a small percentage). They also have wonderfully low fees for depositing foreign checks, as long as checks from any one country are deposited in batches of $75 or more.


This one ?

http://bank.commerceonline.com/


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Jessica Klingberg  Identity Verified
United States
Local time: 05:45
Member (2002)
German to English
+ ...
NetBank Aug 8, 2007

www.netbank.com

They don't charge you for incoming bank wires.


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peiling  Identity Verified
Germany
Local time: 11:45
Chinese to English
+ ...
No fees Aug 8, 2007

on both domestic & international (incoming) wires?
Jessica K. wrote:

www.netbank.com

They don't charge you for incoming bank wires.


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Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
TOPIC STARTER
how can you order payment to the account ... Aug 8, 2007

Jessica K. wrote:

www.netbank.com

They don't charge you for incoming bank wires.


if there is no SWIFT number? The process seems complicated according to their site:

>>Incoming international wires should be directed to:
>>American Express Bank, Ltd.
>>New York Agency
>>200 Vesey Street
>>New York, NY 10008 USA

>>SWIFT: AEIBUS33
>>Beneficiary Name and Account Number: NetBank, 000752766

>>NetBank account holder's name & account number

That tells me that NetBank holds an account with American Express Bank and so the beneficiary is not me personally, but rather NetBank. Then I assume that NetBank orders the final payment to me. But where does my information go? I am only concerned that my customers would not understand where all this information goes in the wire transfer order form ...



[Edited at 2007-08-08 17:46]


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ntext  Identity Verified
United States
Local time: 04:45
Member
German to English
+ ...
Not complicated Aug 8, 2007

Kelly O'Connor wrote:

if there is no SWIFT number? The process seems complicated according to their site:



Their SWIFT code is TBBAUS33.

http://www.netbank.com/print/banking_deposit.htm


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Kelly O'Connor  Identity Verified
United States
Local time: 05:45
Italian to English
TOPIC STARTER
That's the intermediary bank's swift code Aug 8, 2007

Norbert Gunther Kramer wrote:

Kelly O'Connor wrote:

if there is no SWIFT number? The process seems complicated according to their site:



Their SWIFT code is TBBAUS33.

http://www.netbank.com/print/banking_deposit.htm


but that's not their swift code, that's the swift code of their intermediary bank, The Bankers Bank. They also use American Express as an intermediary bank with the swift code AEIBUS33...

K


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ntext  Identity Verified
United States
Local time: 04:45
Member
German to English
+ ...
@ Kelly Aug 8, 2007

Kelly O'Connor wrote:

but that's not their swift code, that's the swift code of their intermediary bank, The Bankers Bank. They also use American Express as an intermediary bank with the swift code AEIBUS33...

K


Yes, but I've received numerous transfers from Europe using these data. So from a practical point of view, it's not complicated.


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Steven Capsuto  Identity Verified
United States
Local time: 05:45
Spanish to English
+ ...
Commerce Bank Aug 8, 2007

Kelly O'Connor wrote:

This one ?

http://bank.commerceonline.com/



Yes. I'd forgotten there were several. That's their web site.


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