Wire transfer question

[Coatsy]

I'm speaking to a sponsor and english is not the guys first language, I want to get a wire transfer setup for payment and he said this

It is not a problem to send wire transfer to UK (or to any country in the world), but you shold point correspondent bank info for any USD transfers. becouse we send money to your US correspondent bank, and they then send it money to your local bank in UK.

I'm not sure what to make of this, is he saying that if I have a US bank account then the money can be sent to it and then from there it can be sent to my UK bank account?

[spann0]

ask your bank or get him to send it in euros?

[dvtimes]

You need a swift code. Ask your bank for this.

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I am thinking mabe what he is sugesting is a way to avoid or lower bank charges.

I find firms in the eu that pay via wire do not seem to have bank charges, but those based in usa seem to have an admin charge of around $40. Often the firms in the usa will not wire money unless its over a certain amount (such as $700).

So I just wonder if its a way for them nt to get bank admin charges by sending it direct to a usa bank.

Just a thought.

[nekrom]

I think what he's trying to say/put accross is that some banks need a corospondance bank account info that USD get payments get wired into first, then from them they forward it onto your local branch.

But not all banks use corrospondance banks and can handle the conversion from USD to local currency them selves.

Where I am, I use 3 diff banks. 2 don't need it but 1 can't handle the wires in intl currency, go figure.

-N

[Coatsy]

Thanks for the info guys, great help!