Receiving international (non-EU) payments - BIC, SWIFT, correspondent bank etc

stardog32

Hi

I was wondering if someone could help me. I bank with nationwide and need to receive a payment from Norway. I need two codes, the IBAN which I have, and the 'SWIFT'.

On my statement there's a 'BIC' (which apparently also means SWIFT) and also a 'SWIFT Intermediary' code. Does anyone know which one I need? I've tried emailing nationwide but they're just telling me I need the IBAN code, which I already know :mad:

Chorlie

You'll need both, an IBAN is an International Bank Account Number, a SWIFT is a Secure Wire International Funds Transfer code.

The SWIFT code tells the remitting Bank how to route the payment and the IBAN tells them where it's to end up (your A/c).

Nationwide's clearing bank is HSBC so there SWIFT code is somethings like MIDLGB?? (can't remember the last 2 digits think its 22 or 2L), it should be quoted on your Flexaccount Statement next to your IBAN.


Edit:

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1572

stardog32

Chorlie wrote: »

You'll need both, an IBAN is an International Bank Account Number, a SWIFT is a Secure Wire International Funds Transfer code.

The SWIFT code tells the remitting Bank how to route the payment and the IBAN tells them where it's to end up (your A/c).

Nationwide's clearing bank is HSBC so there SWIFT code is somethings like MIDLGB?? (can't remember the last 2 digits think its 22 or 2L), it should be quoted on your Flexaccount Statement next to your IBAN.


Edit:

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1572

Thanks, however I can see 2 codes which could be the SWIFT, the BIC (SWIFT) and the SWIFT Intermediary Bank. I've read that article but I still can't work out which one I need

The BIC code is NAIAGB21, the SWIFT Intermediary code is MIDLGB22.

ERICS_MUM

stard!!!2 wrote: »

Thanks, however I can see 2 codes which could be the SWIFT, the BIC (SWIFT) and the SWIFT Intermediary Bank. I've read that article but I still can't work out which one I need

The BIC code is NAIAGB21, the SWIFT Intermediary code is MIDLGB22.

Ordinarily you would just give the sending bank the BIC for the UK account-holding bank say for example if your account were with Nat West you give the Norwegian bank the BIC: NWBKGB2L. They should then quote your IBAN in their SWIFT payment order so Nat West could pay it onto your branch/account.

The norwegian bank will have a database within their international payments system which contains details of how every SWIFT member bank in the world wants to be paid. This will determine how the payment will be routed.

With Nationwide's BIC not being set up as a routing bank, I think you will need to give the norwegian bank both BICs - they will send the payment to HSBC, quoting the Nationwide BIC in the section of the payment for "beneficiary bank". Nationwide presumably bank with HSBC and HSBC will credit their account via CHAPS and give them your IBAN.

Sorry I've not explained this very well, hope it makes enough sense!

Chorlie

:j

stard!!!2 wrote: »

The BIC code is NAIAGB21, the SWIFT Intermediary code is MIDLGB22.

Give them both as quoted above along with your IBAN and Bank / Building Society Name & Address

stardog32

ERICS_MUM wrote: »

Ordinarily you would just give the sending bank the BIC for the UK account-holding bank say for example if your account were with Nat West you give the Norwegian bank the BIC: NWBKGB2L. They should then quote your IBAN in their SWIFT payment order so Nat West could pay it onto your branch/account.

The norwegian bank will have a database within their international payments system which contains details of how every SWIFT member bank in the world wants to be paid. This will determine how the payment will be routed.

With Nationwide's BIC not being set up as a routing bank, I think you will need to give the norwegian bank both BICs - they will send the payment to HSBC, quoting the Nationwide BIC in the section of the payment for "beneficiary bank". Nationwide presumably bank with HSBC and HSBC will credit their account via CHAPS and give them your IBAN.

Sorry I've not explained this very well, hope it makes enough sense!

That does make sense, thanks