Banks That Can Receive an Overseas Wire Transfer


Things have changed a lot now there are people who wish to receive payments in foreign currency. You can also benefit from this trend if you have an account with U.S. bank. The method used by banks to send money between each other is known as International wire transfers. Today majority of the banks in the United States can international wire transfers thanks to the Interconnection of financial institutions. Still you better ask your bank if it receives an international wire.
 

Transfers through SWIFT and NACHA


As stated earlier majority of the banks are connected to SWIFT or International Society for Worldwide Interbank Financial Telecommunication network. This is the safest way for the member banks to exchange funds online. In the United States some banks are associated with The National Automated Clearing House Association also known as NACHA. Currently there are more than eleven thousand NACHA members. NACHA member banks are usually based in the United States, Canadian and Mexico. These banks use NACHA for e-funds transfers. NACH member banks can receive funds from another NACHA member bank.
 

Correspondent Bank


A correspondent bank is a financial institution that provides services on behalf of another financial institution. JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are the examples of correspondent bank.
 

Finding a SWIFT member bank


Your bank must be a member of International Society for Worldwide Interbank Financial Telecommunication network or SWIFT if you are thinking about using the SWIFT network. It is because you need the SWIFT code of your bank as all member banks have the SWIFT code. There is also a fee, charged by your bank, for making a SWIFT transfer. The payment you ask your bank to send through SWIFT may take three to five days to reach the recipient’s account. SWIFT code is used by thousands of people to transfer money from one country to another. In simple words it is a type of international wire transfer.
 

Finding a NACHA Member Bank


You need to ask your bank if it is a NACH member. There is no problem in direct transfers between accounts if your bank is a NACHA member. There is also a fee if you when funds are sent from countries like Canada or Mexico. There are some banks that also operate offices in countries like Canada and Mexico which makes things a lot simple.
 

Using International Banks


SWIFT system allows banks to receive wire transfer from foreign banks. Banks can also use their internal networks to make transfers. There are some banks that have their own affiliates in other countries such as Bank o America, Wells Fargo and Chase.





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