Recieving funds from overseas
 

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)

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.

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.

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!!

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

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?

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.

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.

Welcome to the world of high finance!




:bang: :D

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

:peepwall: