Are there US banks that offer free incoming international wires and maintain their own SWIFT codes?
Payments
Asked by Question Bot02/Jul/20131 answer
1 Answer
F
Faisal Khan
Answered 02/Jul/2013
So lets clear a couple of things:
Most US Banks (barring some small Community) banks, have their own SWIFT code. Think of it as the Internet. Everyone has it, very very few people don't have it.
Correspondent banks are used when the Sending and the Receiving bank do not have a direct relationship. Say you are sending money from China to your Bank Account in Bank of America. Now if both the banks have an arrangement to transfer funds, etc. then this is not an issue, but then they don't have one, then a correspondent bank would be involved. And for them to transfer/move money through their system, they will charge a small fees for i.
International Wire Transfers are usually free for most banks. I would like to stress on the word usually. However, many banks will either apply a mid-bank deduction fees to it, or processing fees (usually sub $25) and then credit your account.
Intra-bank transfers are usually free (BoA Hong Kong to say BoA Austin, US) would be free. You would be really hard pressed to find a bank that will not deduct a single US$ from the wire transfer and settle it in your account.
Most US Banks (barring some small Community) banks, have their own SWIFT code. Think of it as the Internet. Everyone has it, very very few people don't have it.
Correspondent banks are used when the Sending and the Receiving bank do not have a direct relationship. Say you are sending money from China to your Bank Account in Bank of America. Now if both the banks have an arrangement to transfer funds, etc. then this is not an issue, but then they don't have one, then a correspondent bank would be involved. And for them to transfer/move money through their system, they will charge a small fees for i.
International Wire Transfers are usually free for most banks. I would like to stress on the word usually. However, many banks will either apply a mid-bank deduction fees to it, or processing fees (usually sub $25) and then credit your account.
Intra-bank transfers are usually free (BoA Hong Kong to say BoA Austin, US) would be free. You would be really hard pressed to find a bank that will not deduct a single US$ from the wire transfer and settle it in your account.