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Re: Setting up bank accounts in a different country...

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  • Julie Michutka
    I asked my resident expert in dealing with foreign money transactions. He suggested going to your bank s website and looking for bank transfer or wire
    Message 1 of 5 , Nov 4 12:57 PM
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      I asked my resident expert in dealing with foreign money
      transactions. He suggested going to your bank's website and looking
      for "bank transfer" or "wire transfer". If you call/visit the bank,
      mention that it's "international".

      He printed off the form from a bank he uses and pointed out the most
      crucial bits of info; this bank calls it an Outgoing Eurolink Foreign
      Currency Account Transfer Request. It asks for the name and address
      of the bank, and he said it's important to have the address of the
      particular branch, if possible. The form will request a Routing
      Number/SWIFT Code. The Routing Number is for USA transfers; SWIFT
      Code is the international wire transfer code (it identifies the
      particular bank). It is a long (10 characters or so) alpha-numeric
      code, eg abcde78gh9. The form then asks the name of the person/
      organization to receive the funds ("beneficiary"); this has to be who
      OWNS the account, eg if it belongs to an organization, you don't want
      to put in a person's name. Also need the IBAN, or International Bank
      Account Number.

      The form further asks who is paying the charges, the person sending
      the money or the beneficiary. NB, if the money gets routed thru other
      banks along the way, *they* can add charges, which you might not be
      expecting. A big bank might do things directly and not end up
      surprising you with charges from other banks.

      He also mentioned PayPal, PayPal would put the money directly into the
      beneficiary's bank account. Could get touchy with international
      stuff, if they (PayPal, receiving bank) are unsure how reliable the
      sender (or sending bank) are ... in other words, worries about being

      Lastly, he said that any bank can issue an international bank transfer.

      whew... I hope I got that all down right, and hope it's of some help.
      Any mistakes in the info are probably mine in understanding it all and
      writing it out, as this guy does these things all the time.

      Julie Michutka

      On Nov 3, 2008, at 9:04 PM, Claudia Medvik wrote:
      > Since some of the members have visited and/or lived in Slovakia for
      > a time, I wonder how hard it is to set up a bank account in another
      > country? And do the rules vary from country to country? I have a
      > missionary living in India and with the horrible violence going on
      > there I'm afraid of anything air mailed not getting through to him.
      > If I could deposit money into an Indian bank so he could withdraw it
      > directly, I think it would be more secure and quicker. Does anyone
      > have any idea?
      > Claudia
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