Correspondent Banks Fees

 

SWIFT or IBAN wire transfers are not completely free of vulnerabilities. Every intermediate bank that handles a wire transaction can take a fee directly out of the wire payload (the assets being transferred) without the account holders knowledge or consent. There is no legislation or technical means to protect customers from this practice. If bank S is the sending bank (or brokerage), and bank R is the receiving bank (or brokerage), and bank I1, I2, and I3 are intermediary banks, the client may only have a contract with bank S and/or R, but banks I1, I2, and I3 can (and often do) take money from the wire without any direct arrangement with the client. Clients are sometimes taken by surprise when less money arrives at bank R. Contrast this with cheques, the amount transferred is guaranteed in full, and fees (if there are any) can be charged only at endpoint banks.
 

What is an International Payment?

International Wire Transfer

SWIFT MT 103 Basic Format for Wire Transfer

 

 

List of SWIFT Codes Worldwide

 

 


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