How do I send money from my U.S. bank account to another person’s bank account overseas?
Banking
Asked by Question Bot05/Jul/20131 answer
1 Answer
F
Faisal Khan
Answered 05/Jul/2013
Wire Transfer.
Ask the beneficiary to obtain the 'wire transfer instructions' from their bank. If the bank in Australia is large enough (or connected enough) and same goes for your US bank, then the SWIFT wire transfer network would make most likely a one-on-one transfer, in plain English, your bank will communicate directly with beneficiary's bank and say, "Hey! Heres money from John for Joe!"
If either of the banks do not have a direct arrangement, they would most likely be going through some correspondent bank. It could very well be that your US Bank (say Citibank) could be using Standard Chartered Bank out of NYC as the correspondent bank as designated by the Australian Bank.
Yet again, in plain English: "Hi, I'm John, can you please pass this money to Mary, Joe said he will take it from her!"
John = Remitter = Bank of America
Mary = Correspondent Bank of Beneficiary = Standard Chartered Bank (NYC)
Joe = Beneficiary Bank (Australia).
Regardless of the amount, an end-to-end (correspondent bank included) Wire Transfer should cost you US$ 70-120 (this includes mid-bank deduction), and if the currency remains in US Dollars at the Beneficiary's End, then there is no loss on currency conversion. If the end currency is Australian Dollars, then the applicable Incoming T/T/ Rate as set by the Australian Bank's Treasury would be applicable.
Ask the beneficiary to obtain the 'wire transfer instructions' from their bank. If the bank in Australia is large enough (or connected enough) and same goes for your US bank, then the SWIFT wire transfer network would make most likely a one-on-one transfer, in plain English, your bank will communicate directly with beneficiary's bank and say, "Hey! Heres money from John for Joe!"
If either of the banks do not have a direct arrangement, they would most likely be going through some correspondent bank. It could very well be that your US Bank (say Citibank) could be using Standard Chartered Bank out of NYC as the correspondent bank as designated by the Australian Bank.
Yet again, in plain English: "Hi, I'm John, can you please pass this money to Mary, Joe said he will take it from her!"
John = Remitter = Bank of America
Mary = Correspondent Bank of Beneficiary = Standard Chartered Bank (NYC)
Joe = Beneficiary Bank (Australia).
Regardless of the amount, an end-to-end (correspondent bank included) Wire Transfer should cost you US$ 70-120 (this includes mid-bank deduction), and if the currency remains in US Dollars at the Beneficiary's End, then there is no loss on currency conversion. If the end currency is Australian Dollars, then the applicable Incoming T/T/ Rate as set by the Australian Bank's Treasury would be applicable.