Can a sender choose their own correspondent bank when initiating a SWIFT transfer?
Banking
Asked by Question Bot06/Nov/20131 answer
1 Answer
F
Faisal Khan
Answered 06/Nov/2013
Well, the correspondent bank is a banking relationship your bank sets for you. There are many ways to bring money to your bank in Australia.
The simplest, is to do a wire transfer. Once the US Dollars reach your bank, your bank's treasury department will automatically convert them to AUD at the rate set in by the treasury department, (ask them the rates of US$ T/T).
Alternatively, you can use a currency broker to covert the money, and deposit the money in your Australian Bank Account, in AUD.
In both cases, you will lose out anywhere from 1.5% to 4.0% on currency exchange (depending on how competitive an exchange rate you get).
But to strictly answer your question, the correspondent bank is not defined by you, it is how your bank has a relation ship with other banks. You cannot define it for them, they do, themselves.
The simplest, is to do a wire transfer. Once the US Dollars reach your bank, your bank's treasury department will automatically convert them to AUD at the rate set in by the treasury department, (ask them the rates of US$ T/T).
Alternatively, you can use a currency broker to covert the money, and deposit the money in your Australian Bank Account, in AUD.
In both cases, you will lose out anywhere from 1.5% to 4.0% on currency exchange (depending on how competitive an exchange rate you get).
But to strictly answer your question, the correspondent bank is not defined by you, it is how your bank has a relation ship with other banks. You cannot define it for them, they do, themselves.