Wire Transfer, Correspondent Bank charges, UK Thread poster: Nuri Razi
|
|---|
Nuri Razi 
Türkiye
Local time: 08:41
Member (2008)
English to Turkish
+ ...
Hello Colleagues,
I am english to Turkish translator, and I want to attend DIPTRANS 2014 Exam. But I have to wire the fee of the exam to the UK Bank, Royal Bank of Scotland. I need to wire 565 Pounds. But I do not know how much the correspondent bank will charge in UK, so if I send just 565 pounds, IOL will not receive the full amount. Do anybody know how much correspondents banks charge for wire transferring to a UK bank like Royal Bank of Scotland?
Thank you.
... See more Hello Colleagues,
I am english to Turkish translator, and I want to attend DIPTRANS 2014 Exam. But I have to wire the fee of the exam to the UK Bank, Royal Bank of Scotland. I need to wire 565 Pounds. But I do not know how much the correspondent bank will charge in UK, so if I send just 565 pounds, IOL will not receive the full amount. Do anybody know how much correspondents banks charge for wire transferring to a UK bank like Royal Bank of Scotland?
Thank you.
Nuri Razi ▲ Collapse
| | | | | call him to find out | Aug 9, 2013 |
Istanbul Main Branch of RBS:
Tanburi Ali Efendi Sokak
No. 13 34337 Etiler
Istanbul
Turkey
T: +90 212 359 40 40
| | | | Alex Lago
Spain
Local time: 06:41
English to Spanish
+ ...
Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.
SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:
BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the ... See more Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.
SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:
BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the money pays all the fees (this is the one you need to use in this case)
So just tell the bank to send the money charging you all the fees.
[Edited at 2013-08-10 11:59 GMT] ▲ Collapse
| | | | 2GT
Italy
Local time: 06:41
English to Italian
+ ...
| Intermediate banks | Aug 10, 2013 |
Alex Lago:
Different banks charge different amounts, the way to ensure they receive all the money is to tell your bank to charge you all the fees.
SWIFT wire transfers can be sent three different ways (as regards the payment of fees), this is a code your bank writes on the wire transfer and which is set by SWIFT:
BEN: The beneficiary (person receiving the money) pays all fees.
SHA: The fees are shared, the sender and receiver each pay fees.
OUR: The person sending the money pays all the fees (this is the one you need to use in this case)
So just tell the bank to send the money charging you all the fees.
Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.
You should ask your bank whether wire transfers to RBS pass through another bank in between.
Bye
Gianni
[Edited at 2013-08-10 12:59 GMT]
| | |
|
|
|
| Direct, right? | Aug 10, 2013 |
When you send money from RBS Turkey to RBS, UK- you are well covered, I think- I mean no intermediate banks.
| | | | Alex Lago
Spain
Local time: 06:41
English to Spanish
+ ...
| Are you sure? | Aug 12, 2013 |
2G Trad wrote:
Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.
This has never happened to me, as far as I know the SWIFT instructions state that OUR covers all fees including intermediary banks
| | | | 2GT
Italy
Local time: 06:41
English to Italian
+ ...
Alex Lago wrote:
2G Trad wrote:
Correct, but sometimes OUR instruction isn't enough since there could be an intermediate bank (between beneficiary bank and sender bank) that charges (and deducts) its part of fees.
This has never happened to me, as far as I know the SWIFT instructions state that OUR covers all fees including intermediary banks
OUR instructions mean the sender pays for his bank fees and the beneficiary bank fees.
Any intermediate bank can charge more fees which are deducted from the amount the beneficiary receives.
And some banks work with several intermediate banks in chain.
Bye
Gianni
| | | | Nuri Razi
Türkiye
Local time: 08:41
Member (2008)
English to Turkish
+ ...
TOPIC STARTER | Dear 2g Trad | Aug 12, 2013 |
Dear Colleagues,
Thank you for the replies, it indeed was helpful.
Dear 2g TRad,
So does SWIFT OUR enough for beneficiary to receive the full amount sent or there will be intermediary bank deducations from what beneficiary gets?
| | |
|
|
|
2GT
Italy
Local time: 06:41
English to Italian
+ ...
| Bank agreements | Aug 14, 2013 |
Nuri Razi:
So does SWIFT OUR enough for beneficiary to receive the full amount sent or there will be intermediary bank deducations from what beneficiary gets?
It could be enough provided that sender's bank transfers the money directly to beneficiary's bank.
Should this not happen, any intermediary bank could claim its part of fees while the money is on the way.
It all depends on sender's bank and beneficiary's bank agreements.
Bye
Gianni
| | | | Nuri Razi
Türkiye
Local time: 08:41
Member (2008)
English to Turkish
+ ...
TOPIC STARTER
Thank you Colleagues for this information, I am indeed enlightened. I can now imagine how a wire transfer works and who pays what.
All the best,
Nuri Razi
Eng to TUrkish translator
| | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Wire Transfer, Correspondent Bank charges, UK | Trados Business Manager Lite | Create customer quotes and invoices from within Trados Studio
Trados Business Manager Lite helps to simplify and speed up some of the daily tasks, such as invoicing and reporting, associated with running your freelance translation business.
More info » |
| | Anycount & Translation Office 3000 | Translation Office 3000
Translation Office 3000 is an advanced accounting tool for freelance translators and small agencies. TO3000 easily and seamlessly integrates with the business life of professional freelance translators.
More info » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |
Login to reply/comment 
Translation news
