Internet banking - correspondent banks

taxrebel

I am a small business with a principal supplier in India to whom I need to make regular SWIFT payments (in GBP). I am unable to make payments directly to the supplier's Indian bank account - it has to go via a correspondent bank. (My supplier tells me that this applies to all Indian banks because of Indian banking regulations.)

I am unable to make international payments via correspondent banks using my internet banking service and HSBC are driving me nuts! Does anyone know a bank that offers a better internet banking service that can handle correspondent banks?

Plus

Have you looked at the Indian banks in the UK - for instance ICICI, State Bank of India and Punjab National Bank? No idea if they do this, but they're probably set up better for Indian transactions. They might also be lower cost.

Otherwise, presumably you need someone who will allow you to save a SWIFT message (including correspondent details) and repeat the transaction every time you want to pay. Correspondent banks aren't uncommon in the SWIFT world, but most UK folks don't make regular SWIFT payments.

Are you on business or personal banking? I don't know what major banks business offerings so, but those are the most likely place that SWIFT transactions are likely to occur. Whether they support them on internet banking I don't know.

patientperson

From distant memory I would suggest that each international bank will have their own preferred correspondent for the currency involved. In effect a separate table of correspondent banks for each currency that the bank will make payments in. It is not normal to make a direct payment to a correspondent bank unless you as a company have a Swift address. I reckon that any smaller foreign Bank will use Swift payments too. As for Internet banking, normally I reckon the Bank that you set up the payment with will use their own correspondent bank upon receipt of your instructions and you do not get any choice. With payments now being directly linked to any recipient via IBAN numbers perhaps you could go down that route instead. I know that Barclays online banking had International payment facilities. Good luck.

atypical

The use of correspondent banks shouldn't be your problem. You just instruct your bank to make a payment to India and they will route the payment via their correspondent bank network as required to ensure it reaches the beneficiary's account.

You can even send payments to Indian mobile numbers via the Barclays Pingit app (no fee, just the FX margin):
http://www.barclays.co.uk/BarclaysPingitinternationalpayments/P1242620574564

Plus wrote: »

I don't know what major banks business offerings so, but those are the most likely place that SWIFT transactions are likely to occur. Whether they support them on internet banking I don't know.

All international payments go via SWIFT but the messages are sent via banks. Only the largest corporates have direct access to the SWIFT network.