📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

IBAN numbers / International payments

Options
2»

Comments

  • Ayr_Rage said:
    @WidowTwanky_2 what do you define as "large" ?

    I have sent numerous transfers of around £45,000 to Thailand (that is the single transfer limit) without any issues and have save £100s as compared to using SWIFT via my bank.
    Well, not that large, nowhere near, but a significant amount were I to lose it. The issue really does seem to be around the fact that it's going to an intermediary bank to be sent on. I've already paid once, through my bank, only to have the funds returned.
    Oversea's payments go via a or more than 1 intermediary bank. As there is no direct link, between banks.
    Sorry. I wasn't clear. The bank is an intermediary between itself and the final destination, and this is what my bank is having issue with. They want to know more about the final destination.
  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 17 April 2024 at 2:17PM
    Ayr_Rage said:
    @WidowTwanky_2 what do you define as "large" ?

    I have sent numerous transfers of around £45,000 to Thailand (that is the single transfer limit) without any issues and have save £100s as compared to using SWIFT via my bank.
    Well, not that large, nowhere near, but a significant amount were I to lose it. The issue really does seem to be around the fact that it's going to an intermediary bank to be sent on. I've already paid once, through my bank, only to have the funds returned.
    Oversea's payments go via a or more than 1 intermediary bank. As there is no direct link, between banks.
    Sorry. I wasn't clear. The bank is an intermediary between itself and the final destination, and this is what my bank is having issue with. They want to know more about the final destination.
    The US has a highly fragmented banking sector. Beneath the well known top 15. There are some 5,500 regional banks. Routing will have to go through one of the international operators. Then down through the chain. 
  • danco
    danco Posts: 316 Forumite
    Third Anniversary 100 Posts Name Dropper
    Generally speaking (though this is usually between UK banks) if I have a large sum to transfer I just send a fairly small amount and if this goes through Ok I then send the remainder. Would that work for you?

    For payments to the USA (the only international ones I have made) I use XE.
  • born_again
    born_again Posts: 20,534 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    Ayr_Rage said:
    @WidowTwanky_2 what do you define as "large" ?

    I have sent numerous transfers of around £45,000 to Thailand (that is the single transfer limit) without any issues and have save £100s as compared to using SWIFT via my bank.
    Well, not that large, nowhere near, but a significant amount were I to lose it. The issue really does seem to be around the fact that it's going to an intermediary bank to be sent on. I've already paid once, through my bank, only to have the funds returned.
    Oversea's payments go via a or more than 1 intermediary bank. As there is no direct link, between banks.
    Sorry. I wasn't clear. The bank is an intermediary between itself and the final destination, and this is what my bank is having issue with. They want to know more about the final destination.
    Do the same as they do..
    Send a Cheque 😶‍🌫️
    Life in the slow lane
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 17 April 2024 at 3:39PM
    I would certainly have more confidence using Wise than from Co-op with FFC involved, with major cost saving. Ask your recipient for their local ABA routing code with their bank details, and sign up with Wise. The exact amount will arrive with no deductions, converted at the perfect interbank rate, costing a transparent and reasonable % fee. Send them $10 first to make sure, if you're still hesitant.
    Evolution, not revolution
  • eDicky said:
    I would certainly have more confidence using Wise than from Co-op with FFC involved, with major cost saving. Ask your recipient for their local ABA routing code with their bank details, and sign up with Wise. The exact amount will arrive with no deductions, converted at the perfect interbank rate, costing a transparent and reasonable % fee. Send them $10 first to make sure, if you're still hesitant.
    Sending a small amount first, whichever method I find works, is exactly what I'm going to do. Absolutely.
  • If anyone is still interested... The small transfer worked. Then I attempted the transfer with the larger amount, and it bounced back. Sadly, Wire won't deal with FFC so that's a dead end.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599.2K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.