International Payment for further credit
rbulph
Posts: 547 Forumite
I need to make a payment to a US account for further credit to another account outside the US. I've looked at transferwise but they say the payment will bounce if I try it. There are other operators here https://www.moneysavingexpert.com/banking/foreign-currency-exchange but I suspect they will be the same. How do I do this?
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Comments
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You need to be more specific. Is this an account holder outside the US who maintain a bank account with a bank in the US? There’s nothing untoward about that.
I suspect that I’ve misunderstood your post.I hate verisimilitude.0 -
You need to be more specific. Is this an account holder outside the US who maintain a bank account with a bank in the US?
No it's not. It's just the way that his bank receives payments in USD -the bank in the US receives them on his bank's behalf with instructions to credit them to his account. For some reason his bank can't receive the payments directly.0 -
No it's not. It's just the way that his bank receives payments in USD -the bank in the US receives them on his bank's behalf with instructions to credit them to his account. For some reason his bank can't receive the payments directly.
I’m still unsure what you’re saying. All payment in USD will transit through the US in some way.I hate verisimilitude.0 -
I’m still unsure what you’re saying. All payment in USD will transit through the US in some way.
You don't need to understand. Just follow the instructions. Here they are. You tell me how you would enter them into a typical foreign payment instruction.
Intermediary bank
CITIBANK NEW YORK, N.Y.
SWIFT CITIUS33
ABA 021000089
Beneficiary bank:
BANCO GENERAL, S.A.-PANAMA
SWIFT BAGEPAPA
beneficiary bank number: XXXXXXXXXX
Name: XXXXXXXXXXX
my personal bank account: XXXXXXXXXX0 -
This kind of arrangement is quite common, you just need to make sure that all details are entered correctly with the beneficiary bank's account details at Citibank, further credit to: etc. You will probably have to do this direct from your UK(?) bank account, transfer services don't usually have the facility.Evolution, not revolution0
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This kind of arrangement is quite common, you just need to make sure that all details are entered correctly with the beneficiary bank's account details at Citibank, further credit to: etc. You will probably have to do this direct from your UK(?) bank account, transfer services don't usually have the facility.
Do you know if any UK banks do this more cheaply than others? I've got a lot of bank accounts!0 -
You don't need to understand. Just follow the instructions. Here they are. You tell me how you would enter them into a typical foreign payment instruction.
Intermediary bank
CITIBANK NEW YORK, N.Y.
SWIFT CITIUS33
ABA 021000089
Beneficiary bank:
BANCO GENERAL, S.A.-PANAMA
SWIFT BAGEPAPA
beneficiary bank number: XXXXXXXXXX
Name: XXXXXXXXXXX
my personal bank account: XXXXXXXXXX
That’s a completely standard payment. No reason why it should cause any issues at all.I hate verisimilitude.0 -
The issue may be that UK banks like to use their own agent banks abroad and may route payments through them instead which might delay or incur further agent costs.0
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jonesMUFCforever wrote: »The issue may be that UK banks like to use their own agent banks abroad and may route payments through them instead which might delay or incur further agent costs.
It doesn't matter which correspondent the UK bank uses. They have to pay through the beneficiary banks correspondent (in this case Citibank).I hate verisimilitude.0
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