Help with paying someone abroad

[Otispunkmeyer]

So we are renting a holiday let in Montenegro and the owner has sent a "standard settlement request" presumably from their bank.

We have been quoted a price to pay in Euros.

Here is the instruction:

https://drive.google.com/file/d/0B6Kugiu__DbnX2NSN...

What the hell do I do with that?

I guess I need the IBAN number, but why are there so many banks to choose from?

[onedsla]

I'd suggest taking it to your local bank branch - they can use the details provided to make a SWIFT payment.

[Otispunkmeyer]

Think I have figured it out now. The top segment is a bit of a nonsense. All the data I need is in 57 and 59, although they need to provide my bank a bit more specific an address than Kotor, Montenegro.

Edited by Otispunkmeyer on Tuesday 11th August 15:33

Edited by Otispunkmeyer on Tuesday 11th August 15:38

[sideways sid]

I have transferred to cash to Montengro several times (among other things to buy a place in Kotor that was rented out for holiday lettings!).

You don't need more than "Kotor" in the address. It always got there fine.

[Otispunkmeyer]

Sure I just posted! Its gone somewhere anyway!

What I was asking was, HSBC have the full address field marked as mandatory inpputs. Can I just put N/A or something in Address line 1, 2, City and PostCode?

[sideways sid]

ERSTE Bank only has one branch in Kotor.

Your payment is going to that bank. Just put "Kotor" in City box.

[Otispunkmeyer]

sideways sid said:

ERSTE Bank only has one branch in Kotor.

Your payment is going to that bank. Just put "Kotor" in City box.

OK yes I get that, but thats not my question. I can't proceed until I put something in the other boxes. I was therefore asking if N/A is good enough or whether it needs to be something proper (i.e. something that HSBC will cross check).

This isn't to do with the bank now this is to do with the beneficiary's address which can be anywhere in the world for all it matters. I just don't want them to cancel payment because I put in nothing, NA or an address that doesn't check out. The bank bit is sorted by the BIC automatically.

Edited by Otispunkmeyer on Tuesday 11th August 16:44

[Chisinau]

Otispunkmeyer said:

OK yes I get that, but thats not my question. I can't proceed until I put something in the other boxes. I was therefore asking if N/A is good enough or whether it needs to be something proper (i.e. something that HSBC will cross check).

This isn't to do with the bank now this is to do with the beneficiary's address which can be anywhere in the world for all it matters. I just don't want them to cancel payment because I put in nothing, NA or an address that doesn't check out. The bank bit is sorted by the BIC automatically.

Edited by Otispunkmeyer on Tuesday 11th August 16:44

You have to select an intermediary institution, as Erste Bank have Euro accounts with all these banks, so the SWIFT transfer with go from your bank, to any EUR intermediary bank you choose that Erste holds an account with, then the money will go from there to Erste Bank themselves and into the account of the beneficiary. If you don't select an intermediary institution it could take forever for the money to transfer.

Edit: for the address Field, use the branch address, as UK banks sometimes need an address, even though it means nothing. In this case - Staru Grad 431, KOTOR, Montenegro.

Edited by Chisinau on Tuesday 11th August 16:56

Edited by Chisinau on Tuesday 11th August 16:59

[Otispunkmeyer]

Chisinau said:

Otispunkmeyer said:

OK yes I get that, but thats not my question. I can't proceed until I put something in the other boxes. I was therefore asking if N/A is good enough or whether it needs to be something proper (i.e. something that HSBC will cross check).

This isn't to do with the bank now this is to do with the beneficiary's address which can be anywhere in the world for all it matters. I just don't want them to cancel payment because I put in nothing, NA or an address that doesn't check out. The bank bit is sorted by the BIC automatically.

Edited by Otispunkmeyer on Tuesday 11th August 16:44

You have to select an intermediary institution, as Erste Bank have Euro accounts with all these banks, so the SWIFT transfer with go from your bank, to any EUR intermediary banks that Erste hold accounts with, then the money will go from there to Erste Bank themselves and into the account of the beneficiary.

So I can't just stick her IBAN number and BIC in and click send? HSBC give no option to select an intermediary.

Edited by Otispunkmeyer on Tuesday 11th August 17:03

[Chisinau]

Sorry, I edited my original post as you were posting, You could do that, but as it is a EUR transfer, it really needs to go via one of ERSTE's Euro account intermediary accounts. If you don't, it could be routed incorrectly, and delayed substantially or at worst returned. Think of SWIFT as a relay system, it is not just direct from your bank to hers, it needs to bounce via other banks.

Edit: If the option is not online, then do the transfer in branch, as they can route it via the Intermediary. Non EU, European transfers are not as simple as others.

[Otispunkmeyer]

Chisinau said:

Sorry, I edited my original post as you were posting, You could do that, but as it is a EUR transfer, it really needs to go via one of ERSTE's Euro account intermediary accounts. If you don't, it could be routed incorrectly, and delayed substantially or at worst returned. Think of SWIFT as a relay system, it is not just direct from your bank to hers, it needs to bounce via other banks.

Edit: If the option is not online, then do the transfer in branch, as they can route it via the Intermediary. Non EU, European transfers are not as simple as others.

Right will do that then, seems like a safer option. Will pop in to branch in the morning to see what can be done. Cheers.

[Chisinau]

Otispunkmeyer said:

Right will do that then, seems like a safer option. Will pop in to branch in the morning to see what can be done. Cheers.

No Problem at all, they'll be able to take care of it without a problem in branch. I live in Moldova, non EU Europe, so am well used to how it works in this part of the world. Take the form you posted to the bank with you, and they'll sort it. I would recommend you choose Commerzbank from their choice of EUR intermediaries, as my bank here uses them, and they are always very fast to get the cash onto the relevant bank.