working out Account number and sort code from IBAN?

weebobby123

I am trying to send money to a company based in USA. For convenience they have a GBP account so that people can send the money to them in GBP to avoid costly currency transfers. The other advantage is they receive the money immediately.

I am trying to make transfer using my online banking with RBS which requests an Account number and sort code.

Can I assume from the IBAN GB59NWBK60000410013067 that it is account number 10013067 and sort code 600004 ?

Correspondent Bank: ROYAL BANK OF SCOTLAND – LONDON, UNITED KINGDOM
Correspondent Swift code: NWBKGB2L
Beneficiary Bank: BMO Harris Bank N.A. – CHICAGO, USA
Beneficiary Bank SWIFT Code: HATRUS44GTM
Beneficiary Bank IBAN: GB59NWBK60000410013067
Beneficiary Account Name: AMP Global Clearing
Beneficiary Account Number: 777551610807
Remittance/Memo: ACCOUNT NAME & ACCOUNT NUMBER

agrinnall

If you enter the sortcode and account number into this site it will attempt to validate them.

http://www.postcodeanywhere.co.uk/demos/bank-validator/

In this case the details are valid, and belong to NatWest Overseas branch with an address of Vostro Usd Clearing in Southend. Helpfully it also gives a phone number so you could call them to confirm it is the right account to use.

Ballard

weebobby123 wrote: »

Can I assume from the IBAN GB59NWBK60000410013067 that it is account number 10013067 and sort code 600004 ?

Yes. GB is the UK, 59 is a checksum, NWBK is the first half of the BIC then sort code and account number.


Edit: Upon reading through post properly I see that the beneficiary does not hold an account directly in the UK so this will be an overseas transaction and I'd expect you to be charged accordingly.

weebobby123

Hi Ballard

i sent a test payment of £0.01 and i am awaiting confirmation if it was received - there was no charge for sending as i did it online as if it was a GBP to GBP transaction like if I was to pay a UK based friend or a utility bill.

not 100% sure if it will work but i just made a direct payment to them at :

their name (AMP) , sort code 600004 account number 10013067

Caladan

Ballard wrote: »

Yes. GB is the UK, 59 is a checksum, NWBK is the first half of the BIC then sort code and account number.


Edit: Upon reading through post properly I see that the beneficiary does not hold an account directly in the UK so this will be an overseas transaction and I'd expect you to be charged accordingly.

As OP is sending to a UK based account I wouldn't expect them to be charged by either bank. The ultimate beneficiary could apply a charge as they'll probably be charged by Natwest for forwarding it on internationally but presumably that would be covered in OPs agreement with them (and included in the amount they've asked them to send).

The beneficiary may also hold a ton of money in their UK account and transfer it all in one go so they only pay one charge which could offset the cost of doing so and therefore allow them to avoid passing the charges to the customer directly.

Ballard

weebobby123 wrote: »

Hi Ballard

i sent a test payment of £0.01 and i am awaiting confirmation if it was received - there was no charge for sending as i did it online as if it was a GBP to GBP transaction like if I was to pay a UK based friend or a utility bill.

not 100% sure if it will work but i just made a direct payment to them at :

their name (AMP) , sort code 600004 account number 10013067

I regret that I would expect this payment to be returned. From the information that you've given, AMP do not maintain an account in the UK. Their account is held with Harris Bank in the US. The sort code and account number quoted relate to Harris Bank's account with RBS.

In order to pay this company you will need to quote all of the information in your OP. Your bank will need to credit the account of Harris Bank at RBS and then send Harris Bank a message to advise them that they've credited their account and give the full details in order that they can apply the funds. Another way would be for your bank to give all of the details to RBS and let them advise Harris Bank of the details. Either way, this is an international payment.

Ballard

I should probably explain how international payments work as it's probably a mystery to those who don't work in banks.

In this case the beneficiary has a GBP account with a bank in the US. We cannot pay GBP direct to overseas banks so that bank needs an account in London (known as a correspondent bank).

When you pay to overseas accounts your bank debits your account and sends the money to the correspondent bank in favour of the beneficiary's bank. Your bank then sends a message (a Swift MT103) to the beneficiary bank giving all of the details.The beneficiary bank then credits the beneficiary.

There is an alternative way but it's essentially the same process.