SWIFT codes for any member bank branch are to be found here:
http://www.swift.com/biconline/index.cfm?fuseaction=display_freesearch
Andrew is correct, SWIFT transfers are *the* universal international
payments method, as you might guess from the name - Society for Worldwide
Interbank Financial Transactions (if I remember correctly), though they
don't take 48 hours. Depending on which currencies are involved (and when
the banking hours are for each currency) a SWIFT transfer between banks is
instantaneous, can be done end-to-end (from customer sending instruction to
bank, up to seller receiving confirmation from his bank) within a banking
day.
BUT (1) in my experience it very much depends on how good each bank is at
international transfers, and you should not expect your local branch to have
the faintest idea what you are talking about if you ask for a SWIFT
transfer!
BUT (2), also in my experience, if you find a bank that is set up for
international transfers, they will charge you c. USD60 to send a SWIFT
transfer.
BUT (3), take care about accepting "all charges", since banks also charge to
receive SWIFT transfers. Better to specify that the recipient pays his own
bank's charges.
All in all, WU doesn't seem such a bad deal after all.
--
Piers
-----Original Message-----
From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx] On Behalf
Of Andrew Fildes
Sent: 29 May 2005 12:00
To: olympus@xxxxxxxxxx
Subject: [OM] Re: Info from a New Zealand list member please
IBAN is the european protocol. The US version is ABA I think (?) Here in Oz
we use a BSB number for direct transfer. All of these are effectively
domestic systems - tho' don't tell the Germans! They think everyone should
use IBAN numbers and refuse to Paypal - very annoying at times.
The real international system is Swift transfer for which you need the exact
code for the bank (a series of letters), the bank address and branch and the
recipients name and address. it's quite effective and secure, takes less
than 48hrs but costs around $20 for the sender, nothing for the receiver.
You could also use Western Union which is well represented down here but
that's even more expensive and has lousy exchange rates.
You can post a bank draft, but you will be charged and the receiver will be
charged by their bank for processing a foreign origin cheque.
And if you don't ask for it to be made out in the destination currency, it
will take a month to clear as it is then a 'foreign currency instrument'.
The same rules apply to Bidpay money orders - two weeks to arrive and four
weeks to clear plus a fee to clear it.
Any UK bank should be able to help you with the exact procedure if you have
the full details of the recipient.
AndrewF
On 28/05/2005, at 6:43 PM, swisspace wrote:
> I think I have managed to get one of the New Zealand E-1's second
> batch.
> However I need to transfer the money to them, is it easy
> transferring money and do you have the equivalent of IBAN's.
==============================================
List usage info: http://www.zuikoholic.com
List nannies: olympusadmin@xxxxxxxxxx
==============================================
==============================================
List usage info: http://www.zuikoholic.com
List nannies: olympusadmin@xxxxxxxxxx
==============================================
|