Receiving Money from USA

4Chickens

My Mum, who lives in the USA wishes to transfer some money from her bank account to mine.
I bank with Lloyds and she banks with First National Bank.
She lives in a one horse town (maybe two on a good day) and I don't know if they have a lot of experience of international money transfers. And this is why:

Yesterday my Mum waddled down to her bank armed with my BIC number and my IBAN number. They told her at the bank that she, they or I (I am not sure which) needs the "wiring instructions" from my bank.

Now a few years ago she did a transfer from her bank to mine just using my IBAN number. Have the rules changed? What on earth are "wiring instructions"?

My Mum wants me to go to my bank today and find out the "wiring instructions". I can just see it now, I walk into the bank and say "My Mums said" and it's going to go downhill from there.

Any ideas folks

FireWyrm

Geez, you werent kidding when you said 'one horse town'...I doubt they even know there are other currencies in the world. Tell them that your bank says to dust off their telegraph and get Old Horis to tap out the IBAN to them....

Seriously...I have no idea how to sort that mess out but share your bemusement....or should that be 'amusement' with the situation. Alternatively...do you have a Paypal account? You could move money around that way but you'll lose some in the fees...

http://www.moneysupermarket.com/current-accounts/international-money-transfer/?source=MIC-6C24EB38&mckv=tP4zUqsZ_pcrid_1415521588_mtype_p_kword_send%20money_2764ri918980&uuid=A9D4C455-6FEB-40DC-B3B0-3CAAF501B58F

https://www.bankofamerica.com/deposits/manage/faq-wire-transfers.go

On second thoughts...are the Yanks talking about SWIFT?

catokelly

Many bank cashiers are not familiar with international payments! If your Mother explains she wants to send funds to your account which is in Europe, so the only wiring info they need is your IBAN code, SWIFT/BIC code and account holders name.

Also, if you are receiving US Dollars from your Mother, your bank will convert the funds to Sterling at pretty bad rates so you are better off to use an international money transfer specialist to receive the USD funds and they can convert the funds to Sterling at much better rates than high street banks.

scragend

4Chickens wrote: »

What on earth are "wiring instructions"?

Blue to neutral, brown to live, green & yellow to earth

Sorry to be flippant. catokelly's advice is good.

jonesMUFCforever

IBAN and BIC are not used in USA I think.
She needs to tell the bank that she wants to do a SWIFT/WIRE transfer to UK.
She will have to provide your name and address the name and address of your bank together with the sort code and account number.

platterfish

You could look at Paypal.

If your mum has/were to set up a US paypal account and link it to her bank account, then send the funds to your UK paypal account, which you withdraw into your bank - it could work out faster and cheaper.

catokelly

jonesMUFCforever wrote: »

IBAN and BIC are not used in USA I think.
She needs to tell the bank that she wants to do a SWIFT/WIRE transfer to UK.
She will have to provide your name and address the name and address of your bank together with the sort code and account number.

If you are sending funds to a bank account in Europe the IBAN and SWIFT/BIC are compulsory. But IBAN and BIC are not required for sending funds to US Dollar accounts as they use 'account numbers', 'routing codes' etc, .

barak

4Chickens wrote: »

.....My Mum wants me to go to my bank today and find out the "wiring instructions". I can just see it now, I walk into the bank and say "My Mums said" and it's going to go downhill from there.
Any ideas folks

I think your Mum is right! I just hope you find somebody at Lloyd's who will provide exactly what her bank needs to ensure that the money arrives in your account [?in sterling].

henm2

jonesMUFCforever wrote: »

IBAN and BIC are not used in USA I think.
She needs to tell the bank that she wants to do a SWIFT/WIRE transfer to UK.
She will have to provide your name and address the name and address of your bank together with the sort code and account number.

Exactly right. Many US banks are just not familiar with international transfers. The payment will get through without an IBAN. They will send it as US dollars with the sterling conversion done by the receiving bank in the UK.

4Chickens

So off I trundle to Lloyds yesterday and asks the question about wiring instructions. They told me that they don't accept "wired money". The sort of people who accept "wired money" are Western Union etc.

A few years ago my Mum transfered funds into my account using my IBAN number and full name and address.

I spoke to someone at my Mums bank yesterday and by god was it hard work. I am getting my Mum to talk to one of the senior managers to see if she gets any joy there.

However, I have had another thought. Is it possible for her bank to raise a bank draft in US Dollars made out to me and I present it to my bank? Would my bank cash it? Or just laugh me out the door?

I am going to give my bank a call today, even though the branch staff were has helpfull as possible they may not know the finer details of receiving foreign funds.

Mum does not have a paypal account and would not have the faintest idea what to do with one.

Any more ideas?

4Chickens

I contacted the international payments section of Lloyds today and


BINGO

They know what I'm talking about. They explain that the Yanks still call a SWIFT payment a "wire" payment and they gave me the details of the "routing" bank and the clearing code.

So this should satisfy 1st (last & only) National Bank

However, it ain't over 'til the fat lady sings. I am going to phone the lovely Jessica at 1st (last & only) National Bank and give her all the information they will need for the transfer. Then I am going to call my Mum and tell her to waddle off down the bank again and just sign the goddamn bit of paper.

I will update you again tomorrow. With any luck there will be a fat lady singing:j