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Useful Links for foreign payments

Updated on October 26, 2016

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Who do you use to make your International Payments

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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.

SWIFT BIC

Bank For International Settlements

ABA Routing numbers

IBAN numbers

BSB Numbers

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.



Please feel free to make additions in the comments fields.



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    • goosegreen profile image
      Author

      goosegreen 5 years ago

      jpcmc the value of the transaction is vital. Paypal is good for smaller payments but the exchange rates would kill you if you were using it for larger payments or to facilitate international trade.

    • jpcmc profile image

      JP Carlos 5 years ago from Quezon CIty, Phlippines

      IO used to fumble with the SWIFT codes of my banks. But now i'd rather use Paypal. theexchange rates are a bit lower but At least i can easily monitor my money. Also, many internatinoal merchants use this payment mode.

    • AfricaResource profile image

      AfricaResource 5 years ago from Dorking, Surrey, United Kingdom

      The only major problem is that until the transaction is complete in many cases you are not aware of how much intermediary banks will change. It is usually either an overall percentage of the total amount or a fixed fee per transaction.

    • RJ68 profile image

      RJ68 5 years ago from Memphis

      Also note too there are some banks that carry transactions through intermediary banks as well. Not all banks are set up to recieve domestic funds so an intermediate bank has a pass through account of the beneficiary in local currency to be further credited to the receiving bank.