Receiving an International Bank Wire Transfer Questions

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waltman300
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Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Tue Nov 12, 2019 6:50 pm

Hi. 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
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Tue Nov 12, 2019 8:51 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.

sean.mcgrath
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Re: Receiving an International Bank Wire Transfer Questions

Post by sean.mcgrath » Wed Nov 13, 2019 6:48 am

Hi Waltman,

I can't help you out on the transfer fee question, but do have a slightly off-the-wall idea for your consideration. When I have transferred small sums to people across currencies, I have actually used Amazon gift certificates -- good currency conversion rates, no fees.

It sounds silly, but if you are likely to spend that amount on Amazon in the next twelve months it can be a simple solution.

cheers,
Sean

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RickBoglehead
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Re: Receiving an International Bank Wire Transfer Questions

Post by RickBoglehead » Wed Nov 13, 2019 7:55 am

What does Ally tell you the fee will be? Did you ask them for incoming international wire transfer instructions?
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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Re: Receiving an International Bank Wire Transfer Questions

Post by RubyTuesday » Wed Nov 13, 2019 8:10 am

For such a small amount, I like the amazon gift card idea. Easy and cheap.

Also, I think Apple Pay works for international payments for 3% if that’s an option...

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Wed Nov 13, 2019 10:31 pm

sean.mcgrath wrote:
Wed Nov 13, 2019 6:48 am
Hi Waltman,

I can't help you out on the transfer fee question, but do have a slightly off-the-wall idea for your consideration. When I have transferred small sums to people across currencies, I have actually used Amazon gift certificates -- good currency conversion rates, no fees.

It sounds silly, but if you are likely to spend that amount on Amazon in the next twelve months it can be a simple solution.

cheers,
Sean


HI there. Yes i get what you mean. But for the sender, they only will send international bank wire. I asked if they had paypal... and they did not.

Topic Author
waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Wed Nov 13, 2019 10:33 pm

RickBoglehead wrote:
Wed Nov 13, 2019 7:55 am
What does Ally tell you the fee will be? Did you ask them for incoming international wire transfer instructions?

They told me over the phone to receive an international bank wire is free.. but they are reading from the website. I asked them... is there any intermediary bank fees... they said it does go through chase bank... they say they don't see any fees etc. But they are not 100% sure on this. That is why i ask this question.


I want to know if others got charged with intermediary bank fees when receiving an international wire transfer.

Topic Author
waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Wed Nov 13, 2019 10:36 pm

So yea... that person can only send me international wire transfer. The other options like paypal etc... i thought of already but they don't have that...


And they do not have amazon gift cards and things like that...

oogZoo
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Re: Receiving an International Bank Wire Transfer Questions

Post by oogZoo » Thu Nov 14, 2019 7:04 am

Have a look at TransferWise for eliminating huge bank fees and lousy exchange rates when doing cross-border transfers. Their borderless account would work very well for this purpose.

Topic Author
waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Thu Nov 14, 2019 8:34 pm

Hi there. I read about transferwise. The issue is the sender would need to create an account to do this. I dont think they would want to be bothered with this process. They do things pretty old school etc.


So i want to know, anyone here receive international wire with boa or ally bank and can tell me their total fees? That is what i want to know.

RubyTuesday
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Re: Receiving an International Bank Wire Transfer Questions

Post by RubyTuesday » Thu Nov 14, 2019 9:01 pm

I really suspect that if your bank says they don’t charge for incoming wire, you won’t be charged for intermediary banks. If there are any fees, the wire originator will pay. Just my guess, but please let us know.

If your bank says no fee on incoming wire, what basis would anyone have to charge you a fee for a wire originated by someone else?

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Thu Nov 14, 2019 10:47 pm

Well i know with bank wires, sometimes there are intermediary bank fees. So for example ... ally bank uses chase as the intermediary... but im not sure if there are fees.


Also, im not sure if the information i have... is that exactly how it should be for me to send to the sender? Again if you look at what i copy/pasted... allybank want me to give that information to the sender. Its strange that beneficiary name is ally bank and not my name etc.


Im concerned the sender would be confused and the wire would not go through etc.


So i want to know... has anyone here used boa or ally bank for receiving wire transfers... and is this information correct etc.


And of course if there are any fees.

oogZoo
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Re: Receiving an International Bank Wire Transfer Questions

Post by oogZoo » Fri Nov 15, 2019 5:01 am

waltman300 wrote:
Thu Nov 14, 2019 8:34 pm
Hi there. I read about transferwise. The issue is the sender would need to create an account to do this. I dont think they would want to be bothered with this process. They do things pretty old school etc.
You can also create an account for yourself as a recipient and that way make things easier for the sender. And you would not need to worry about high fees. You did not mention sender's country but you can create a "local" account for yourself in eurozone (EU), UK, Poland, US, Australia and New Zealand. The sender would then just do a cheap normal local bank transfer to your TransferWise borderless account (if he/she happens to be located in one of those countries/regions).

csm
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Re: Receiving an International Bank Wire Transfer Questions

Post by csm » Fri Nov 15, 2019 6:07 am

I recently queried Ally about an international wire transfer into my Ally account, and here was their written response:

QUOTE
In order to receive an international wire you must provide the following information:

-Receiving Bank: JP Morgan Chase Bank, N.A.
-Street Address: 1 Chase Manhattan PLZ
-City & State: New York, NY 10005
-SWIFT or Bank Identification Code: CHASUS33
-Routing Number: 021000021
-Beneficiary Account 802904391
-Beneficiary Name: Ally Bank
-For Further Credit: Your full Ally Bank Account Number and your name as it appears on your Ally Bank account

In order to avoid incurring fees from more than the sending bank please do the following: If the fee was stated as SHA (Shared) in field 71a, then any bank that the wire passes through is able to withdraw a fee. To avoid having the intermediary institution take out a fee, you must have the sending bank process the wire with OUR in field 71A (Details of charges), which means the originator will pay all fees, and the full amount sent will be credited to the beneficiary.
END QUOTE

I have not actually done the international wire yet, so cannot confirm about the fees. However, I do know that when I fill out the information with my foreign bank to initiate the transfer, there is a place to specify whether the originator (sender) or beneficiary (recipient) pays all fees. I believe there will indeed be an intermediary bank fee, but if you want to receive exactly $300, the sender will have to set it up so that they pay the fees, meaning they will likely be charged greater than $300 on their end for you to receive $300.
Last edited by csm on Fri Nov 15, 2019 6:21 am, edited 1 time in total.

csm
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Re: Receiving an International Bank Wire Transfer Questions

Post by csm » Fri Nov 15, 2019 6:18 am

oogZoo wrote:
Fri Nov 15, 2019 5:01 am
waltman300 wrote:
Thu Nov 14, 2019 8:34 pm
Hi there. I read about transferwise. The issue is the sender would need to create an account to do this. I dont think they would want to be bothered with this process. They do things pretty old school etc.
You can also create an account for yourself as a recipient and that way make things easier for the sender. And you would not need to worry about high fees. You did not mention sender's country but you can create a "local" account for yourself in eurozone (EU), UK, Poland, US, Australia and New Zealand. The sender would then just do a cheap normal local bank transfer to your TransferWise borderless account (if he/she happens to be located in one of those countries/regions).
This is a reasonable option if the sender has access to make a local transfer to one of the currencies that you could set up as a TransferWise borderless account and for which TransferWise provides local bank details (those currencies listed by oogZoo). However, IIRC, when you then want to withdraw the USD received from your TransferWise borderless account to your own bank account (e.g. BoA, Ally, etc.), there will be a fee to do so.

Shallowpockets
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Re: Receiving an International Bank Wire Transfer Questions

Post by Shallowpockets » Fri Nov 15, 2019 8:13 am

This is a lot of talk and trouble to get less than 1k. Tell the sender to buy USD and send them to you. Whatever commission they would pay is on them.

oogZoo
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Re: Receiving an International Bank Wire Transfer Questions

Post by oogZoo » Fri Nov 15, 2019 9:17 am

csm wrote:
Fri Nov 15, 2019 6:18 am
This is a reasonable option if the sender has access to make a local transfer to one of the currencies that you could set up as a TransferWise borderless account and for which TransferWise provides local bank details (those currencies listed by oogZoo). However, IIRC, when you then want to withdraw the USD received from your TransferWise borderless account to your own bank account (e.g. BoA, Ally, etc.), there will be a fee to do so.
Yes there is a small fee (depending on the country). But as the withdrawal is just another local transfer the total fees are much smaller than the international SWIFT transfer fees traditional banks charge. Or you can just get a TransferWise debit card for free and use the balance with that (in which case a small fee is only charged if a currency exchange takes place).

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Re: Receiving an International Bank Wire Transfer Questions

Post by AlohaJoe » Fri Nov 15, 2019 9:39 am

Shallowpockets wrote:
Fri Nov 15, 2019 8:13 am
This is a lot of talk and trouble to get less than 1k. Tell the sender to buy USD and send them to you. Whatever commission they would pay is on them.
From the very first post in this thread "The sender tells me the wire will be sent in USD currency."

There was never any currency conversion being discussed. Only a question of how to get USD from one country to another. A lot of the replies don't seem to understand the question. Using Transferwise is pointless since there is no currency conversion.

To the OP: there is no way to know in advance what the fees will be. It doesn't depend only on what your bank does, it also depends on what the sending bank does. Intermediary bank fees are simply a black box. I've talked to customer service at a dozen banks and none of them even know what intermediary banks are. They will often tell me "we don't have one" when I know for a fact they do.

You just have to transfer and hope for the best. It sucks.

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 2:09 pm

csm wrote:
Fri Nov 15, 2019 6:07 am
I recently queried Ally about an international wire transfer into my Ally account, and here was their written response:

QUOTE
In order to receive an international wire you must provide the following information:

-Receiving Bank: JP Morgan Chase Bank, N.A.
-Street Address: 1 Chase Manhattan PLZ
-City & State: New York, NY 10005
-SWIFT or Bank Identification Code: CHASUS33
-Routing Number: 021000021
-Beneficiary Account 802904391
-Beneficiary Name: Ally Bank
-For Further Credit: Your full Ally Bank Account Number and your name as it appears on your Ally Bank account

In order to avoid incurring fees from more than the sending bank please do the following: If the fee was stated as SHA (Shared) in field 71a, then any bank that the wire passes through is able to withdraw a fee. To avoid having the intermediary institution take out a fee, you must have the sending bank process the wire with OUR in field 71A (Details of charges), which means the originator will pay all fees, and the full amount sent will be credited to the beneficiary.
END QUOTE

I have not actually done the international wire yet, so cannot confirm about the fees. However, I do know that when I fill out the information with my foreign bank to initiate the transfer, there is a place to specify whether the originator (sender) or beneficiary (recipient) pays all fees. I believe there will indeed be an intermediary bank fee, but if you want to receive exactly $300, the sender will have to set it up so that they pay the fees, meaning they will likely be charged greater than $300 on their end for you to receive $300.


The thing is I don't see the form the sender uses to send the wire information. So how would i even let the sender know this information? Well for the sender, im sure they will pay whatever fees they incur when they send wire transfer. Me receiving the wire transfer... like my bank fees should have nothing to do with sender right?


Well i assume the sender would have him pay all the fees and not me... but my issue is my bank receiving it fees... thus the intermediary bank fees. So ally bank tells me no incoming fee from them... okay... but what about through chase etc? That is what i want to know. Like is there a 20 or 25 dollar fee? Or even 50 dollar fee?

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 2:11 pm

Im confused here. The person is sending me USD... they are not sending from another currency. And the person in the last post said... transferwise is useless for my situation here because they are sending USD to USD... right? I know if you send from one currency to another, transferwise would make sense.

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 2:16 pm

Shallowpockets wrote:
Fri Nov 15, 2019 8:13 am
This is a lot of talk and trouble to get less than 1k. Tell the sender to buy USD and send them to you. Whatever commission they would pay is on them.

They only want to do international wire transfer. They don't have paypal. I don't even want to ask them to send cashier check... i mean they would be sending it internationally. I don't want to make it a hassle for them. Thus for them international wire transfer is simplest for them because that is how they seem to do things.


Also does that mean if say someone from an England bank account send me an international wire transfer to my boa or ally bank account in the same currency like in my example here with an Asian usd bank account to my boa or ally bank account, that means i would receive the same fees regardless?


So no one here has received an international wire transfer to their boa or ally bank at all? Im shocked at this because i found this forum and it seem be a lot about finances and banking so i figure lots of people here has received or sent wires with boa or ally bank which are 2 popular us banks.

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HueyLD
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Re: Receiving an International Bank Wire Transfer Questions

Post by HueyLD » Fri Nov 15, 2019 2:48 pm

Do you have an account at Vanguard?

Vanguard does not charge you intermediate bank fee. In other words, the sender pays whatever his bank charges for sending an international wire and you get $300 provided that he does not deduct his bank fees from $300.

Also, Fidelity does not pass along intermediate bank fee to you.

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 4:38 pm

No i do not. The only thing i have is boa, ally bank and capitalone360 checking account... nothing more.

oogZoo
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Re: Receiving an International Bank Wire Transfer Questions

Post by oogZoo » Fri Nov 15, 2019 6:43 pm

waltman300 wrote:
Fri Nov 15, 2019 2:16 pm
So no one here has received an international wire transfer to their boa or ally bank at all? Im shocked at this because i found this forum and it seem be a lot about finances and banking so i figure lots of people here has received or sent wires with boa or ally bank which are 2 popular us banks.
You are asking about US banks on non-US section of this board. Maybe most folks reading this section do not have US accounts?

Edited to add:

Why don't you just tell the sender to select the option "sender pays all fees" when sending that SWIFT transfer? If you don't care about how much the sender has to pay and don't want to pay the intermediary and receiving fees yourself then that is the most sensible simple option. It is that field 71A of SWIFT message that someone else mentioned. It is a standard feature of SWIFT transfers and pretty much always present as a check-box option on a web or paper form when sending that money (however that code "71A" is typically not mentioned on the form, so do not confuse the sender by mentioning it).

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Fri Nov 15, 2019 8:44 pm

Hi there. I posted this in the US thread but it got moved here. So i should post this in the other subforum then?


They would be paying all fees, the sending ones. But you are telling me they could take care of intermediary fees as well?

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waltman300
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Re: Receiving an International Bank Wire Transfer Questions

Post by waltman300 » Sat Nov 16, 2019 2:19 am

If anyone here know about boa and allybank, i like to know because i need to give this information soon to that person who will be sending me the wire.

csm
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Re: Receiving an International Bank Wire Transfer Questions

Post by csm » Sat Nov 16, 2019 3:53 am

waltman300 wrote:
Fri Nov 15, 2019 2:09 pm
csm wrote:
Fri Nov 15, 2019 6:07 am
I recently queried Ally about an international wire transfer into my Ally account, and here was their written response:

QUOTE
In order to receive an international wire you must provide the following information:

-Receiving Bank: JP Morgan Chase Bank, N.A.
-Street Address: 1 Chase Manhattan PLZ
-City & State: New York, NY 10005
-SWIFT or Bank Identification Code: CHASUS33
-Routing Number: 021000021
-Beneficiary Account 802904391
-Beneficiary Name: Ally Bank
-For Further Credit: Your full Ally Bank Account Number and your name as it appears on your Ally Bank account

In order to avoid incurring fees from more than the sending bank please do the following: If the fee was stated as SHA (Shared) in field 71a, then any bank that the wire passes through is able to withdraw a fee. To avoid having the intermediary institution take out a fee, you must have the sending bank process the wire with OUR in field 71A (Details of charges), which means the originator will pay all fees, and the full amount sent will be credited to the beneficiary.
END QUOTE

I have not actually done the international wire yet, so cannot confirm about the fees. However, I do know that when I fill out the information with my foreign bank to initiate the transfer, there is a place to specify whether the originator (sender) or beneficiary (recipient) pays all fees. I believe there will indeed be an intermediary bank fee, but if you want to receive exactly $300, the sender will have to set it up so that they pay the fees, meaning they will likely be charged greater than $300 on their end for you to receive $300.


The thing is I don't see the form the sender uses to send the wire information. So how would i even let the sender know this information? Well for the sender, im sure they will pay whatever fees they incur when they send wire transfer. Me receiving the wire transfer... like my bank fees should have nothing to do with sender right?


Well i assume the sender would have him pay all the fees and not me... but my issue is my bank receiving it fees... thus the intermediary bank fees. So ally bank tells me no incoming fee from them... okay... but what about through chase etc? That is what i want to know. Like is there a 20 or 25 dollar fee? Or even 50 dollar fee?
You seem to have misunderstood what I wrote, or rather, what Ally wrote in their response to me which I quoted.

You give the sender the exact information that Ally wrote and tell them to use the OUR option in field 71A. That means the originator pays ALL fees, including any intermediary bank fees. You will have no fees, you will receive the full amount the sender requests you to receive. You don't need to see the "form" the sender uses - this will be whatever form their own bank requires. Just send them the wire transfer details in writing.
waltman300 wrote:
Fri Nov 15, 2019 8:44 pm

They would be paying all fees, the sending ones. But you are telling me they could take care of intermediary fees as well?
Yes.
waltman300 wrote:
Sat Nov 16, 2019 2:19 am
If anyone here know about boa and allybank, i like to know because i need to give this information soon to that person who will be sending me the wire.
That's exactly what I've given you, for Ally. However, you are best to contact both Ally and BoA yourself and ask them to give you the complete international wire instructions for your account that you can pass on to someone who needs to send you a wire transfer. If you log into your account at either institution, you will probably be able to find these instructions. Tell the sender to specify that they pay all fees, including any intermediary bank fees, so that you receive the full $300.

shcnno
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Re: Receiving an International Bank Wire Transfer Questions

Post by shcnno » Sat Nov 16, 2019 1:10 pm

It's the sending bank that will use an intermediary bank if the bank is non US.. This fee is normally around $25.
You would have to ask the sending bank how much their intermediary bank charges, but this information is hard to get.

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waltman300
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Re: Receiving an International 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.

SrGrumpy
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Re: Receiving an International Bank Wire Transfer Questions

Post by SrGrumpy » Sat Nov 23, 2019 4:13 am

The banks that use intermediaries of course pass on the charge. I use BofA for similarly small incoming transactions after wasting a lot of time seeing if Ally, my credit union and a bunch of other outlets could do it for cheaper. You just have to eat that $15 charge and move on.

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Re: Receiving an International Bank Wire Transfer Questions

Post by LadyGeek » Sat Nov 23, 2019 5:10 pm

The OP has re-posted the question in the US personal finance forum, as he/she wishes to pursue this from the US perspective. See: Receiving Bank Wire Transfer Questions

(Thread locked to redirect the discussion.)
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