Recieving funds from overseas

[Tony_SS]

What is the best way to receive funds from overseas? The sender needs a 'Swift' code... most banks here don't know what that is, or insist on just using their routing number.... he insists he needs a Swift code (Swift is a system that banks use to wire money oversea's)... so does anyone done a wire transfer using a Swift code (in addition to the standard routing/address)

[GregWeld]

Using a SWIFT code is a totally legit request. That is the acronym for Society for Worldwide Interbank Financial Telecommunications....

Whether or not the buyer is legit is a different matter entirely.... but the SWIFT code is readily available and is just a unique bank identifier.

[Tony_SS]

I found a bank here that actually has its own Swift code so I'm going to use them. Many banks aren't using the system, only a handful are in this state.

[Shmoov69]

I've always just given those destitute Nigerian people that are dying of cancer and need to give someone their millions my account number!! Works for me!!!
:G-Dub: LOL!!

[Sparks67]

I found a bank here that actually has its own Swift code so I'm going to use them. Many banks aren't using the system, only a handful are in this state.

Actually, you need to find a bank that is federal bank, and they have the swift codes. Fifth Third is one bank that will have it. Majority of your banks & credit unions have state charters. http://www.swiftbic.com/
Explains in more detain on the codes. If you are receiving money, then another factor is the bank's foreign exchange rate for international transfers.
Back in 2008, people were making money on GM engines bought from Australia, because of the exchange rate. The day that you do the transfer, then check the Bank's rates. Tell, the buyer the amount that needs to send. (Exchange rates change daily and vary on banks)

Jeff

[Thumpt]

Routing number will work too as I sent money to a credit union in California no probs at all. Usually takes 3-4 days to show up though.
What you selling and where to?

[booah]

I just bought a car out of Canada today and for me I used OZFOREX. excellent exchange rate, low commission and they use their bank in your country to transfer to their bank in the other country.

They just need the sellers details, institute number and transit number, and set up an acct with them. no charge on the acct.

[Tony_SS]

Actually, you need to find a bank that is federal bank, and they have the swift codes. Fifth Third is one bank that will have it. Majority of your banks & credit unions have state charters. http://www.swiftbic.com/
Explains in more detain on the codes. If you are receiving money, then another factor is the bank's foreign exchange rate for international transfers.
Back in 2008, people were making money on GM engines bought from Australia, because of the exchange rate. The day that you do the transfer, then check the Bank's rates. Tell, the buyer the amount that needs to send. (Exchange rates change daily and vary on banks)

Jeff

Alot of banks say they can do it, like mine, but then use a 3rd party who has a Swift code. So for the 2nd time, that 3rd party just returned the funds to the sender because they apparently had no instructions on where to direct it (to me). And we (my bank and I) tried to tell them up front.. this wire is coming, it goes to us and they wont take advance notice. So I'm trying Commerce Bank, who has their own Swift code, so it should go direct into my account. Instead of through a 3rd party.

[GregWeld]

Welcome to the world of high finance!




:bang: :D

[Tony_SS]

Welcome to the world of high finance!




:bang: :D

If we only had a One World Bank none of this would be problem.

:peepwall:

[Sparks67]

Alot of banks say they can do it, like mine, but then use a 3rd party who has a Swift code. So for the 2nd time, that 3rd party just returned the funds to the sender because they apparently had no instructions on where to direct it (to me). And we (my bank and I) tried to tell them up front.. this wire is coming, it goes to us and they wont take advance notice. So I'm trying Commerce Bank, who has their own Swift code, so it should go direct into my account. Instead of through a 3rd party.

My credit union said that they could transfer the money, but after 3 failures of trying to send money to Australia for my Harrop TVS 2300. (The Credit Union was trying to use a third party, so you are correct on that statement.)I had to setup another account at Fifth-Third bank. The money was sent and received the next day. Michael Hewitt (Harrop's USA sales manager) contacted me and told me that they received the money in their account, so no third party was involved.

https://www.53.com/site/commercial-banking/products-solutions/is-gcs-foreign-currency-wire-transfer.html?

Jeff

[Tony_SS]

My credit union said that they could transfer the money, but after 3 failures of trying to send money to Australia for my Harrop TVS 2300. (The Credit Union was trying to use a third party, so you are correct on that statement.)I had to setup another account at Fifth-Third bank. The money was sent and received the next day. Michael Hewitt (Harrop's USA sales manager) contacted me and told me that they received the money in their account, so no third party was involved.

https://www.53.com/site/commercial-banking/products-solutions/is-gcs-foreign-currency-wire-transfer.html?

Jeff

I've used 53rd in the past, so its good to know they're another option. I spoke with the directer at Commerce who absolutely knew his stuff, which is nice because I'm tired of talking to these general call center peons telling me just to use the 'routing' number and 'that should work'.

[Sparks67]

I've used 53rd in the past, so its good to know they're another option. I spoke with the directer at Commerce who absolutely knew his stuff, which is nice because I'm tired of talking to these general call center peons telling me just to use the 'routing' number and 'that should work'.

I did this in 2008, but I contacted the Downtown Main office. If I recall correctly, they had international/commercial office. I really didn't want to take off work to drive downtown, so I asked the Main office if the branch offices could do the transfer. I told her the branch office that I was interested in doing the transfer, and the main office gave me a person to contact at that branch office. Everything worked out fine.

Jeff

[SuperB70]

This is my story:

I buy alot of stuff, cars, parts, tools and all kind of stuff from Europe, US, Japan and China.

Three main payment ways, call with CC, PayPal and swift check.

Swift check is safe, easy and cheap way to send money and its done by your own bank. I just fill a Word-based form, send it by email to my banker, go to my webbank and fill a general power of attorney and thats it.