SWIFT , IBAN , what do they mean?

[broadway]

If I am given a bank name and a bank account number a SWIFT code and IBAN number, what does it all mean?

Will my USA bank charge a lot to transfer money to this overseas account?

 

[Meadbh]

Let me Google that for you:

https://en.m.wikipedia.org/wiki/International_Bank_Account_Number

IBAN is an internationally agreed method of identifying bank accounts across borders. SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is the registrar for IBAN.

I have used IBAN when transferring money between banks in two countries, notably when I had an inheritance with international assets.

I cannot answer your question about charges at your US bank. You will just have to ask them.

 

[Texas Proud]

I think my bank charged $40 to do a SWIFT transfer.... the bank can charge anything they want...


Also, the receiving bank charged on my transfer.... take that into consideration on how much you need to transfer...

 

[Alan]

I've used a forex service like xe.com and Transferwise to transfer money to foreign banks with a SWIFT or IBAN reference. Cheaper than my own bank.

 

[broadway]

I've used a forex service like xe.com and Transferwise to transfer money to foreign banks with a SWIFT or IBAN reference. Cheaper than my own bank.

Thanks.
I will look into both.

How do you fund the transfer?

 

[Fedup]

Whatever don't use HSBC. They tend to screw up royally. They use the wrong SWIFT code on one of our transfers. LLoyds bank had no problem, for the exact same information.

 

[Alan]

Thanks.
I will look into both.

How do you fund the transfer?

From my US bank, using free (ACH) transfer. When you create an account with them you set up your bank as the source of the funds, then you can set up details of the account(s) you want to send money to.

https://transferwise.com/swift-codes/

 

[Bryan Barnfellow]

From my US bank, using free (ACH) transfer. When you create an account with them you set up your bank as the source of the funds, then you can set up details of the account(s) you want to send money to.

https://transferwise.com/swift-codes/

I make 2-3 money transfers per quarter from the US to my bank here in Switzerland**. I use TransferWise exclusively. They cannot be beat.
They only charge a service fee while giving you the current exchange rate. Most banks charge the fee and play with the exchange rate for greater profit.

** Not THAT kind of Swiss bank account! Mine is offered by the Swiss post office.

-BB

 

[Totoro]

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, is the registrar for IBAN.

SWIFT is more than that: It is a company operating a telco network, owned and created by banks, to facilitate interbank payments. It is highly secured and regulated. Any decently sized bank is connected to the SWIFT network.

The SWIFT code is the code used in that SWIFT network to identify the counterpart. Also known as BIC = Bank Identification Code.

 

[Alan]

I make 2-3 money transfers per quarter from the US to my bank here in Switzerland**. I use TransferWise exclusively. They cannot be beat.
They only charge a service fee while giving you the current exchange rate. Most banks charge the fee and play with the exchange rate for greater profit.

** Not THAT kind of Swiss bank account! Mine is offered by the Swiss post office.

-BB

Since discovering TransferWise over a year ago I also use them exclusively. As well as XE.com that I have used for years I now also have an HSBC US account linked to my HSBC UK account and I can transfer between the 2 accounts with the money arriving in the other account within an hour or so with apparently "no transaction fee" per HSBC sales pitch.

However, many times I have set up a $10k transfer on HSBC, XE.com and Transferwise, all waiting for me click "Submit", and every time TransferWise is tens of £s better value, so I always click submit on their site and am happy to wait 2 to 3 business days to have the money arrive in my HSBC UK account. (All 3 methods display the exact amount in £s and pence that the transfer will yield)

The only time I use HSBC to HSBC is for sums over $100k where their rates are much more competitive, no wire charges and money arrives within an hour or 2. (We bought a house in England this year, $100k+ transfers are a rarity for us )

 

[Fedup]

Transfer online is not a problem with HSBC. But wire transfer from HSBC to another US bank is a problem. I thought that's where the SWIFT and BIC code comes into play.
I thought about using Transferwise but was nervous for a large amount. I wish I had try with smaller amount.

 

[Just_Steve]

** Not THAT kind of Swiss bank account! Mine is offered by the Swiss post office.

-BB