Receiving Bank Wire Transfer Questions

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waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Receiving Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 8:45 pm

Hi. I posted this in this subforum but it got moved to the Non-US investor subforum. I got replies back but the issue is I did not get an answer to my questions. Someone mentioned to ask this in this subforum because that subforum i posted is mostly non-us users. And this was is US users.



I have questions about receiving an international bank wire transfer. So those that receive them frequently, i like your advice on this. I have 3 US banks i use... Bank of America, Allybank, Capitalone360.



I have someone in another country that is going to send me money by international wire transfer to my US bank account. The amount will be pretty small, only in the 3 figures. They do not have paypal... otherwise that would be simple. The sender tells me the wire will be sent in USD currency.



Which of these 3 banks that I have cost the least to receive a wire? For instance say the amount is for $300. From reading online, it seems boa charges $16 for incoming international wire transfers. So that would mean if its $300 wire, i get $284 in my boa account? I read boa there is no intermediary banks involved so its flat $16 and no hidden fees? Allybank and capitalone360, on the site they say no fee for incoming wire transfers but I read allybank goes through chase as intermediary bank so that would be another fee? I contacted both allybank and capitalone360 and the customer reps did not seem to know anything about intermediary bank fees.



This is the information i found on BoA site.



Bank of America’s SWIFT code BOFAUS3N should be used for incoming wires in U.S. dollars.

Bank of America’s SWIFT code BOFAUS6S should be used for incoming wires in foreign currency.

If you do not know or are unsure of the type of currency being received please use BOFAUS3N

Someone sending an incoming international wire to you may also ask for Bank of America’s address. The address to provide is as follows:

BOFAUS3N (US dollars or unknown currency)
Bank of America, NA
222 Broadway
New York, New York 10038

BOFAUS6S (foreign currency)
Bank of America, NA
555 California St
San Francisco, CA 94104


I was told to provide this information by the person sending me the wire.

Beneficiary name

Beneficiary address

Beneficiary bank account number IBAN

Beneficiary bank code SWIFT

Beneficiary Bank Name

Beneficiary Bank Address

'


I checked online and BoA does not seem to have an IBAN code. So I just give the other person the bolded information and that's all right? Is there a preference of using one of these banks over the other for incoming wire transfers whether international or domestic? I do know there are people who have preferred accounts get wire transfers fees waived but I'm not on of those.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 8:47 pm

This is the information from allybank's site on receiving an international wire transfer


Receiving Bank: JP Morgan Chase Bank, N.A.
ABA/Routing Number: 021000021
Address: 1 Chase Manhattan PLZ, New York, NY 10005
SWIFT Code or Bank Identification Code: CHASUS33
Beneficiary Account Number: 802904391
Beneficiary Name: List 'Ally Bank' since the wire is being processed by JP Morgan Chase Bank, N.A.
Further Credit: Your Ally Bank Account Number and your name as it appears on your Ally Bank account.



Has anyone done an incoming international wire transfer with allybank and can tell me if this is exact instructions to give the sender? This seems strange the beneficiary name and address is Ally Bank and the account number shown in the above. I read online on reddit that many ppl had issues with this because the way ally bank does it is much different than major banks.


So for the Further Credit line, i have to write it like this to the sender? Say my name is John Frank and my bank account with allybank is 2229990000


Further Credit: John Frank 2229990000


Or is it like this?


Further Credit: Ally Bank John Frank 2229990000




Also the big question I have is... does ally bank or boa or capitalone360 have intermediary bank fees? I will most likely use boa or ally bank. I know boa has that incoming $16 fee... but is there any additional intermediary fee with boa? But if i do it with allybank, i read it goes through chase, so wouldn't there be an intermdiary bank fee with chase? Thus even though ally bank charges $0 for incoming international wire transfer... since it goes through chase, there has to be a fee somewhere? I don't want to do allybank then find out its like a 25 or 50 dollar intermediary fee because of chase bank... when i could have just done boa and its flat $16.

MAJIC9
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Joined: Sun Jul 22, 2018 1:04 pm

Re: Receiving Bank Wire Transfer Questions

Post by MAJIC9 » Fri Nov 15, 2019 9:08 pm

There are no other intermediary fees with BofA.. sorry can't help you with the other two in that regard. BofA is by far easiest of the three you mentioned since it's "direct to your account" vs all this for further credit stuff. I don't pay any fees anyways as part of the Preferred rewards program..

JimmyJames
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Joined: Thu May 23, 2019 9:12 pm

Re: Receiving Bank Wire Transfer Questions

Post by JimmyJames » Fri Nov 15, 2019 9:26 pm

I use BOA for incoming international transfers all the time with my business. I would recommend them. You have all the correct info. Don't worry about IBAN. Some countries use that, some use Swift. Just send everything you have listed and you'll be good. Can take 2-3 days for international transfers to show up once sent. Can also see them next day too sometimes.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 9:44 pm

Hi thanks for that information. So you are saying whether i receive an international wire transfer from a country in Asia or Germany or any other international country, as long as the currency is also in USD... then its flat $16 to receive it regardless for regular boa checking accounts? But for special customers like you, its free?


Jimmyjames, do you pay for international incoming wire transfers with boa or you are also in that preferred rewards program?


Thanks for that information on boa. But does anyone know about ally bank? Or even capitalone360? I was going to use boa since i read its simple but when i was told ally bank, there was zero fee... then i thought about doing ally bank instead. But instructions seem confusing. Has anyone here received an international wire transfer to their ally bank account and can give insight on this? Such as is it free or there is always an intermediary bank fee since it goes through chase? Because if there is, then its a no brainer to go with boa since boa charges $16 and the intermediary fee with ally bank would cost at least $20 minimum.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Sat Nov 16, 2019 2:21 am

If anyone here know about allybank, i like to know because i need to give this information soon to that person who will be sending me the wire. I will most likely give them my boa information but i want to know if anyone has received international wires with ally band if they are fees with it. Thus if there is an intermediary fee with allybank because they use chase and its at least 20 dollars, then obviously i will go with boa.


And also, could someone explain the wire information with ally bank? They have strange way with the details compared to boa.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 22, 2019 11:19 pm

Want to update on this.


I gave the sender my bank of america bank account wire details and i received the wire. It was for a high 3 figure amount and i noticed right after that transaction, the next transaction shows 15 dollar wire transfer fee when i checked my boa online banking etc. So boa does seem to be very simple for accepting international wire transfers.


Now can anyone who used either ally bank or capitalone360 tell me if they had any fees when receiving a wire transfer whether domestic or international? Because if ally bank doesn't charge any fees and that includes intermediary fees, i will try ally bank next time. But since they use chase, is there a chance there is a 25 dollar fee for the intermediary bank? Thus even though ally charges nothing for receiving incoming international wire transfer, well if their intermediary fee is 25 dollars, well that would cost more than boa.

BuddyJet
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Joined: Mon Jun 24, 2019 8:56 pm

Re: Receiving Bank Wire Transfer Questions

Post by BuddyJet » Sat Nov 23, 2019 9:21 am

Given the small amount, I’m surprised that non-bank options like apps or western union wouldn’t be cheaper and easier.
People say nothing is impossible. I do nothing all day.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Sat Nov 23, 2019 6:17 pm

Hi there. Well for them, they prefer to do international wire transfer. I mean if they could do paypal for example, obviously i prefer that as they only need my email.


By the way, speaking of paypal, there is a 2.9% fee when receiving paypal from someone right? Or if that person sends to me as a family/friend, the fee is waived? That person can't sent me paypal.


So now, i want to know if anyone here receive international wire transfer with either allybank or capitalone360. Because i know now boa receiving international wire transfer is $15. So if allybank is free, i would do that in future. Now if there is a 25 dollar intermediary fee somewhere due to chase, then obviously i stick with boa. Now if anyone has received wires using either ally bank or capitalone360, i like your response on this as i will most likely receive more wires in the future.

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Tue Nov 26, 2019 12:57 pm

So no one here has received an international wire transfer with either ally or capitalone360?


I might receive another wire transfer later on so if there is no charge to it, i would do it. But i dont want to get a surprise like a $50 intermediary fee somewhere from chase etc since that is what ally bank uses.

shcnno
Posts: 75
Joined: Tue May 09, 2017 10:56 am

Re: Receiving Bank Wire Transfer Questions

Post by shcnno » Wed Nov 27, 2019 6:21 am

waltman300 wrote:
Fri Nov 22, 2019 11:19 pm
Want to update on this.


I gave the sender my bank of america bank account wire details and i received the wire. It was for a high 3 figure amount and i noticed right after that transaction, the next transaction shows 15 dollar wire transfer fee when i checked my boa online banking etc. So boa does seem to be very simple for accepting international wire transfers.


Now can anyone who used either ally bank or capitalone360 tell me if they had any fees when receiving a wire transfer whether domestic or international? Because if ally bank doesn't charge any fees and that includes intermediary fees, i will try ally bank next time. But since they use chase, is there a chance there is a 25 dollar fee for the intermediary bank? Thus even though ally charges nothing for receiving incoming international wire transfer, well if their intermediary fee is 25 dollars, well that would cost more than boa.
So you received the amount they sent in full without a cent missing (besides the separate $15 boa fee)? Do you know if the sender chose sha fees or our? Or what bank they use?

Topic Author
waltman300
Posts: 23
Joined: Tue Nov 12, 2019 6:36 pm

Re: Receiving Bank Wire Transfer Questions

Post by waltman300 » Wed Nov 27, 2019 8:20 pm

Yes received full amount. Then next transaction showed 15 dollar boa wire fee.


What do you mean sender choose sha fees or our? Its an Asian bank...



Im pretty sure however fees he sent it... my receiving it still has that boa fee regardless etc...

CFM300
Posts: 1634
Joined: Sat Oct 27, 2007 5:13 am

Re: Receiving Bank Wire Transfer Questions

Post by CFM300 » Wed Nov 27, 2019 9:24 pm

BoA may not use an intermediary bank, but that doesn't mean one isn't involved in your transaction. If the sender's bank or financial institution cannot transact directly to BoA, then they will use an intermediary bank.

The sender specifies who will be responsible for any intermediary bank fees. The sender is probably paying his/her own bank to initiate the wire, and might also be paying intermediary bank fees, and might also be losing out on exchange rates if his/her account isn't denominated in USD.

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