Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • rbulph
    • By rbulph 5th Mar 18, 7:50 PM
    • 502Posts
    • 90Thanks
    rbulph
    International Payment for further credit
    • #1
    • 5th Mar 18, 7:50 PM
    International Payment for further credit 5th Mar 18 at 7:50 PM
    I need to make a payment to a US account for further credit to another account outside the US. I've looked at transferwise but they say the payment will bounce if I try it. There are other operators here https://www.moneysavingexpert.com/banking/foreign-currency-exchange but I suspect they will be the same. How do I do this?
Page 1
    • Ballard
    • By Ballard 5th Mar 18, 8:10 PM
    • 1,861 Posts
    • 1,656 Thanks
    Ballard
    • #2
    • 5th Mar 18, 8:10 PM
    • #2
    • 5th Mar 18, 8:10 PM
    You need to be more specific. Is this an account holder outside the US who maintain a bank account with a bank in the US? Thereís nothing untoward about that.

    I suspect that Iíve misunderstood your post.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • rbulph
    • By rbulph 5th Mar 18, 8:22 PM
    • 502 Posts
    • 90 Thanks
    rbulph
    • #3
    • 5th Mar 18, 8:22 PM
    • #3
    • 5th Mar 18, 8:22 PM
    You need to be more specific. Is this an account holder outside the US who maintain a bank account with a bank in the US?
    Originally posted by Ballard
    No it's not. It's just the way that his bank receives payments in USD -the bank in the US receives them on his bank's behalf with instructions to credit them to his account. For some reason his bank can't receive the payments directly.
    • Ballard
    • By Ballard 5th Mar 18, 9:27 PM
    • 1,861 Posts
    • 1,656 Thanks
    Ballard
    • #4
    • 5th Mar 18, 9:27 PM
    • #4
    • 5th Mar 18, 9:27 PM
    No it's not. It's just the way that his bank receives payments in USD -the bank in the US receives them on his bank's behalf with instructions to credit them to his account. For some reason his bank can't receive the payments directly.
    Originally posted by rbulph
    Iím still unsure what youíre saying. All payment in USD will transit through the US in some way.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • rbulph
    • By rbulph 5th Mar 18, 9:33 PM
    • 502 Posts
    • 90 Thanks
    rbulph
    • #5
    • 5th Mar 18, 9:33 PM
    • #5
    • 5th Mar 18, 9:33 PM
    Iím still unsure what youíre saying. All payment in USD will transit through the US in some way.
    Originally posted by Ballard
    You don't need to understand. Just follow the instructions. Here they are. You tell me how you would enter them into a typical foreign payment instruction.

    Intermediary bank

    CITIBANK NEW YORK, N.Y.
    SWIFT CITIUS33
    ABA 021000089

    Beneficiary bank:
    BANCO GENERAL, S.A.-PANAMA
    SWIFT BAGEPAPA
    beneficiary bank number: XXXXXXXXXX

    Name: XXXXXXXXXXX
    my personal bank account: XXXXXXXXXX
    • eDicky
    • By eDicky 5th Mar 18, 9:51 PM
    • 3,520 Posts
    • 1,702 Thanks
    eDicky
    • #6
    • 5th Mar 18, 9:51 PM
    • #6
    • 5th Mar 18, 9:51 PM
    This kind of arrangement is quite common, you just need to make sure that all details are entered correctly with the beneficiary bank's account details at Citibank, further credit to: etc. You will probably have to do this direct from your UK(?) bank account, transfer services don't usually have the facility.
    • mgdavid
    • By mgdavid 5th Mar 18, 9:54 PM
    • 5,623 Posts
    • 4,959 Thanks
    mgdavid
    • #7
    • 5th Mar 18, 9:54 PM
    • #7
    • 5th Mar 18, 9:54 PM
    You don't need to understand. Just follow the instructions. Here they are. ........
    Originally posted by rbulph
    Physician, heal thyself.
    The questions that get the best answers are the questions that give most detail....
    • rbulph
    • By rbulph 5th Mar 18, 9:54 PM
    • 502 Posts
    • 90 Thanks
    rbulph
    • #8
    • 5th Mar 18, 9:54 PM
    • #8
    • 5th Mar 18, 9:54 PM
    This kind of arrangement is quite common, you just need to make sure that all details are entered correctly with the beneficiary bank's account details at Citibank, further credit to: etc. You will probably have to do this direct from your UK(?) bank account, transfer services don't usually have the facility.
    Originally posted by eDicky
    Do you know if any UK banks do this more cheaply than others? I've got a lot of bank accounts!
    • Ballard
    • By Ballard 5th Mar 18, 10:36 PM
    • 1,861 Posts
    • 1,656 Thanks
    Ballard
    • #9
    • 5th Mar 18, 10:36 PM
    • #9
    • 5th Mar 18, 10:36 PM
    You don't need to understand. Just follow the instructions. Here they are. You tell me how you would enter them into a typical foreign payment instruction.

    Intermediary bank

    CITIBANK NEW YORK, N.Y.
    SWIFT CITIUS33
    ABA 021000089

    Beneficiary bank:
    BANCO GENERAL, S.A.-PANAMA
    SWIFT BAGEPAPA
    beneficiary bank number: XXXXXXXXXX

    Name: XXXXXXXXXXX
    my personal bank account: XXXXXXXXXX
    Originally posted by rbulph
    Thatís a completely standard payment. No reason why it should cause any issues at all.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • jonesMUFCforever
    • By jonesMUFCforever 5th Mar 18, 11:23 PM
    • 24,883 Posts
    • 12,072 Thanks
    jonesMUFCforever
    The issue may be that UK banks like to use their own agent banks abroad and may route payments through them instead which might delay or incur further agent costs.
    What goes around - comes around
    give lots and you will always receive lots
    • Ballard
    • By Ballard 5th Mar 18, 11:44 PM
    • 1,861 Posts
    • 1,656 Thanks
    Ballard
    The issue may be that UK banks like to use their own agent banks abroad and may route payments through them instead which might delay or incur further agent costs.
    Originally posted by jonesMUFCforever
    It doesn't matter which correspondent the UK bank uses. They have to pay through the beneficiary banks correspondent (in this case Citibank).
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • eDicky
    • By eDicky 6th Mar 18, 8:52 AM
    • 3,520 Posts
    • 1,702 Thanks
    eDicky
    The issue may be that UK banks like to use their own agent banks abroad and may route payments through them instead which might delay or incur further agent costs.
    Originally posted by jonesMUFCforever
    That's a cost issue, but the main thing is that the UK bank sends the money to Citibank, with whom Banco General has their USD account. The other details are entered in the order as 'further instructions' or 'for further credit' etc.
    Do you know if any UK banks do this more cheaply than others? I've got a lot of bank accounts!
    Originally posted by rbulph
    You need to check what they charge for yourself, and it will be better if they can send directly to Citibank without an intermediary taking a fee also. Perhaps your main cost, especially if it's a substantial sum, will be the rate used for the GBP/USD conversion, either by the UK bank or Citibank, if you have the choice to send it as pounds or dollars. But you should choose a bank with whom you feel confident that all the details can be properly understood and correctly entered in the order.
    • rbulph
    • By rbulph 6th Mar 18, 10:16 AM
    • 502 Posts
    • 90 Thanks
    rbulph
    Thatís a completely standard payment. No reason why it should cause any issues at all.
    Originally posted by Ballard
    Well it does https://transferwise.com/help/article/2076875/us-dollar-transfers/for-further-credit-payments
    • Ballard
    • By Ballard 6th Mar 18, 10:34 AM
    • 1,861 Posts
    • 1,656 Thanks
    Ballard
    In that case youíll either have to find another company to pay it or go via a bank. Millions of such payments are processed each day.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • mgdavid
    • By mgdavid 6th Mar 18, 12:12 PM
    • 5,623 Posts
    • 4,959 Thanks
    mgdavid
    I don't understand why you are still talking about Transferwise - did you read post #6?
    The questions that get the best answers are the questions that give most detail....
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

742Posts Today

6,792Users online

Martin's Twitter
  • This tweet made me reread my 'How to Vote in the EU referendum' guide - quite interesting to realise how little has? https://t.co/lFQaSSqUGj

  • Ah these care free days of watching #ENG score 5 goals in the first half of a World Cup match. It reminds me of... Never.

  • Then it should be. It's not some accident. It's deliberate grappling https://t.co/UxVTuUSNio

  • Follow Martin