Bank Transfers from UK to USA. I need help and advice. 0

[Paul © ® ⚽️💙™]

Hi guys/girls.

I'm hoping someone can step up and give me the assistance I need. 

A few years ago I made a substantial purchase via a bank transfer to America from the UK.

It must have been a decade ago and due to the mists of time I've forgotten how to go about it.

I have a purchase I need to conduct again in this way.

Can someone please, please walk me thru' the process?

My seller is in America and they have no experience what to do either, so I need a detailed point by point explanation that I can pass onto them, as well as me.

Looking forward to hearing from anyone who can help me out.

Thanks in advance, and thanks for reading, even if you can't help. 

paul 

[theCapraAegagrus]

My bank would assist me in handling a wire transfer. There's usually a daily limit for an account somewhere in the 5-figure range. Routing number and account number are the only pieces of information that I recall being required, but it's also been a couple of years for myself.

[mycomicshop]

2 hours ago, G G ® ™ said:

Hi guys/girls.

I'm hoping someone can step up and give me the assistance I need. 

A few years ago I made a substantial purchase via a bank transfer to America from the UK.

It must have been a decade ago and due to the mists of time I've forgotten how to go about it.

I have a purchase I need to conduct again in this way.

Can someone please, please walk me thru' the process?

My seller is in America and they have no experience what to do either, so I need a detailed point by point explanation that I can pass onto them, as well as me.

Looking forward to hearing from anyone who can help me out.

Thanks in advance, and thanks for reading, even if you can't help. 

paul 

At minimum you will need to know the seller's bank's Swift code, the seller's account number, and name. Your sending bank might also want to know the name of the receiving bank, and possibly the address of the local bank branch for the seller you're paying.

We provide all of the above information for buyers paying us by bank wire. Additionally, we also provide the routing number and ABA number for our bank, but my understanding is that those are only needed for ACH payments and wires within the United States, and are not needed for payments originating outside the US as described here: https://www.fool.com/knowledge-center/the-difference-between-swift-codes-and-routing-num.aspx

Edited June 8, 2021 by mycomicshop

[BigLeagueCHEW]

Chase has an account number for checks and direct deposit that are different from each other, may want to contact the bank first.

[Paul © ® ⚽️💙™]

1 hour ago, mycomicshop said:

At minimum you will need to know the seller's bank's Swift code, the seller's account number, and name. Your sending bank might also want to know the name of the receiving bank, and possibly the address of the local bank branch for the seller you're paying.

We provide all of the above information for sellers paying us by bank wire. Additionally, we also provide the routing number and ABA number for our bank, but my understanding is that those are only needed for ACH payments and wires within the United States, and are not needed for payments originating outside the US as described here: https://www.fool.com/knowledge-center/the-difference-between-swift-codes-and-routing-num.aspx

Thanks Conan?

Ironically the book I bought many years ago via this method from from yourselves, but I didn't want to bother you with it, as I thought you might be too busy.

Thanks very much indeed. 

[WolverineX]

You could always use bitcoin if the seller accepts that. 

[Paul © ® ⚽️💙™]

5 minutes ago, Wolverinex said:

You could always use bitcoin if the seller accepts that. 

I have some old coins, but none that are in bits, so that's out.

[GACollectibles]

I would suggest trying Wise (formerly Transferwise), I've been using it for the past year for international payments and once set up it's extremely easy to use.  The only thing I do on occasion is split up larger amounts into smaller payments depending on receiver's request.

Edited June 8, 2021 by GACollectibles

[Paul © ® ⚽️💙™]

1 minute ago, GACollectibles said:

I would suggest trying Wise (formerly Transferwise), I've been using it for the past year for international payments and once set up it's extremely easy to use.  The only thing I do on occasion is split up larger amounts into smaller payments depending on receiver's request.

Is there a problem with sending a large amount? Is there some kind of limit? This isn't a particularly large amount, under 3 grand.

[GACollectibles]

Just now, G G ® ™ said:

Is there a problem with sending a large amount? Is there some kind of limit? This isn't a particularly large amount, under 3 grand.

No, no problem with large amount, I had someone request payments broken down to under $10k to avoid red flag at his non-US bank.  I'm not sure what the limit is, there might be some restriction until account is verified.

[ThothAmon]

Great advice from MCS. Money recipient should be able to get the necessary information from their bank branch. No buyer protections so the buyer should trust the seller.Can’t wait to see what you’re buying. 

[chrisco37]

Back when I was buying artwork from a non-US based dealer, the payments were always via wire transfer.  This was back in the earlier days of the interwebs (pre online-banking).  Your bank should be able to tell you what you need to do.  If you use online banking, there's probably a chat/virtual assistant that can walk you thru the steps/fees in a few minutes.  

[Action Comics]

I am UK based. MCS has provided the info you need. I would add, if transferring a large amount, I have used exchange companies like currencies direct to get a better rate (you transfer to them in GBP and they transfer on). If the value isnt much it prob isnt worth comparing exchange rates + bank charges etc. and just use your normal bank acc.

[Paul © ® ⚽️💙™]

6 hours ago, GACollectibles said:

I would suggest trying Wise (formerly Transferwise), I've been using it for the past year for international payments and once set up it's extremely easy to use.  The only thing I do on occasion is split up larger amounts into smaller payments depending on receiver's request.

My seller has given me lots of info inc. Swift code, routing no for a wire.

My bank at my end (I'm doing it myself online) is asking for a fedwire code and a clearing code.

Would you happen to know what these are?

Appreciate your help on this.

[GACollectibles]

4 minutes ago, G G ® ™ said:

My bank at my end (I'm doing it myself online) is asking for a fedwire code and a clearing code.

Would you happen to know what these are?

Offhand I don't, I googled them both and there are some answers including

What is a clearing code? A National Clearing Code (NCC) is needed for making a payment to an account that doesn't have an IBAN. They are also known as Routing Codes. If you have a SWIFT/BIC or IBAN code then you don't need an NCC. These days they are mostly used for payments outside the EU.

 

[Paul © ® ⚽️💙™]

1 minute ago, GACollectibles said:

Offhand I don't, I googled them both and there are some answers including

What is a clearing code? A National Clearing Code (NCC) is needed for making a payment to an account that doesn't have an IBAN. They are also known as Routing Codes. If you have a SWIFT/BIC or IBAN code then you don't need an NCC. These days they are mostly used for payments outside the EU.

 

Thanks, I also googled it, I think I've worked it out now, but thanks for your time and help.

[Bird]

when I log into my bank account there is a small link on the page with routing numbers, and in that link are the relevant numbers for domestic and international wire transfers as well as directions. Perhaps your account has a similar link.

[Cat]

20 hours ago, theCapraAegagrus said:

My bank would assist me in handling a wire transfer. There's usually a daily limit for an account somewhere in the 5-figure range. Routing number and account number are the only pieces of information that I recall being required, but it's also been a couple of years for myself.

Not sure what you mean here, but for telegraphic transfers you can send unlimited funds. I'm unsure why a bank would put a limit on that? Is it possible you're thinking of something else here? 

Just to add something else for the OP, remember, you MUST ensure the info you have is correct, and you must double check it all before you sign off on it. There is no way for your bank to check it's correct before sending, because they can't verify it at that stage either. I see SWIFT codes have already been mentioned, so that's good. Just make sure you've got the correct account number and BSB, and that the teller copies them down correctly, or there's going to be trouble. 

Edited June 9, 2021 by Mecha_Fantastic

[theCapraAegagrus]

19 minutes ago, Mecha_Fantastic said:

Not sure what you mean here, but for telegraphic transfers you can send unlimited funds. I'm unsure why a bank would put a limit on that? Is it possible you're thinking of something else here?

Nope!

[Cat]

16 minutes ago, theCapraAegagrus said:

Nope!

That's really bizarre. I've never heard of such a thing.