Receiving luscious dosh from the US

BrandNewYear

I will shortly be receiving a Swift payment from the US into my Nationwide account. What information does the sender need? I'm thinking SWIFT Code and Account Number and Sort Code. Is that right? Do you need an IBAN and BIC as well for a payment coming from the US?

Also what address do I put for Nationwide? Their address as written on my statements?

Thanks

opinions4u

All the necessary numbers should be on your statement.

originator

Yup IBAN and BIC numbers were needed when money was paid into my santander a/c from the states last week

catokelly

BrandNewYear wrote: »

I will shortly be receiving a Swift payment from the US into my Nationwide account. What information does the sender need? I'm thinking SWIFT Code and Account Number and Sort Code. Is that right? Do you need an IBAN and BIC as well for a payment coming from the US?

Also what address do I put for Nationwide? Their address as written on my statements?

Thanks

I would advise you to avoid getting US Dollars sent to a Sterling account as the bank will convert the USD to Sterling at unfavourable tourist rates. If it is a large amount, you could potentially lose quite a chunk of the market value of the US Dollars!

Have you considered using an international money transfer specialist? Most of them hold US Dollar accounts and can accept US Dollar payments into their US Dollar account. They will convert the USD into Sterling using live market rates not generic tourist rates that the bank use.

Once you have booked a rate, they would then transfer the Sterling equivalent to your nominated UK account.:j

maniacmartin

Nationwide aren't direct members of SWIFT, so they will need the SWIFT intermediary bank details.

It's all detailed on your bank statements and in more detail at nationwide.co.uk/search/DisplayArticle.aspx?article=1572

maninthestreet

I'm with FD, and all I needed was an IBAN to transfer money from US to my FD current account.

xylophone

Might be worth letting Nationwide know that you are expecting money from abroad, especially if a one-off and a large amount.

Voyager2002

catokelly wrote: »

I would advise you to avoid getting US Dollars sent to a Sterling account as the bank will convert the USD to Sterling at unfavourable tourist rates. If it is a large amount, you could potentially lose quite a chunk of the market value of the US Dollars!

Have you considered using an international money transfer specialist? Most of them hold US Dollar accounts and can accept US Dollar payments into their US Dollar account. They will convert the USD into Sterling using live market rates not generic tourist rates that the bank use.

Once you have booked a rate, they would then transfer the Sterling equivalent to your nominated UK account.:j

Agreed. You might consider opening a US dollar account, giving you time to explore conversion options.