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