Useful Links for foreign payments
Who do you use to make your International Payments
SWIFT, ABA & IBAN codes for foreign payments
International Payments are conducted by the banks using SWIFT, a secure interbank telex system. Payments are sent by the initiating bank to its correspondent bank in the country of destination. The correspondent bank will then transmit funds either directly or through further correspondents to the beneficiary bank. The initiating bank will typically send two messages. An MT202 will be sent to the correspondent bank advising that their account with the initiating bank has been credited and where the funds are to be paid. An MT100 will be sent to the beneficiary bank advising them to expect payment via the correspondent.
In the electronic age customers are required increasingly to provide Swift Codes, ABN Routing numbers (USA),IBAN numbers (Europe) and BSB numbers (Australia), when preparing their Telegraphic Transfer Payments. I have provided some useful links to help source these codes.
The emergence of non-bank institutions has blurred the payments landscape. Many of the Foreign Exchange providers will either transmit funds or pass accounting entries to their own local head office in the beneficiary country. The local office will effect a local payment to the ultimate beneficiary.
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