Transfer of money to US ?

[moparmick]

I am buying a car from a guy in the states but unfortunately, his bank doesn't take foreign payments. He has asked me if my bank( NATWEST ) is affiliated to a bank in the US. It got me thinking is there another fairly secure way i can do this where i wont get hammered on the exchange rate or the transfer charge.
Mick

[jeff m2]

Just send Dollars.
I use RBS they send Dollars without any problem, I'm sure NW can cope with that.
The exchange rates are good, it's not like changing it at Heathrow in a kiosk

Also by sending Dollars you can send the correct amount, if you send in Pounds and it is changed at (insert US City) the rate may have changed and you could be short neccesitating another wire.

NOTE US regional banks will not give a better rate than NW.

[saleen836]

As mentioned, your bank should be able to send USD to his bank account although they will probably charge you around £25 for doing so!, just ask them what details you need from him and they will fill in the relevant paperwork for the transfer with you in the bank, you sign and they do the rest.

[moparmick]

I'm sorry, i haven't given the correct info, they dont have the numbers to do a wire transfer without using an intermediary bank.
Mick

[jeff m2]

You need his SWIFT and the routing number, the routing number is the one on his check that isn't his account no. (or his chequeno)

If you want to send me money mine is NRTHUS33

What's the name of his bank I'll get it for you.

Don't worry about not knowing the corrospondant bank, that's easy for them.
Swift will get it there with no prob.

[moparmick]

His bank doesn't have those numbers, the only way they can do it is by an intermediary bank.
I have been looking at western union as a possibilty.
Mick

[onedsla]

It may be a bit late to set things up for you, but I hold both £ and $ with Citibank and found the bank's internal excahange rate to beat the 'best buy' internet currency exchange sites once the sum got into 5 figures.

The $ account came with a cheque book which cleared through Citibank US and I had no problem setting up online payments to others in the US direct from that account.

[Mattt]

What about an ESCROW service?

A Forex specialist might be able to help - as they would act as an intermediary bank, but I find it hard to believe his bank can't accept a payment from the UK.

[moparmick]

I have joined HIFX online today, they track the interest rate and there's no levy on the transaction either. Apparently, the US has a lot of small local banks that dont have the int transfer facility, so the choice is either, use an intermediary, who will probably charge for the service, or speak to the seller and see if i can get him to open an account with a larger US bank.
Thank you for all your suggestions
Mick

[jeff m2]

moparmick said:

His bank doesn't have those numbers, the only way they can do it is by an intermediary bank.
I have been looking at western union as a possibilty.
Mick

Even S & Ls have routing numbers assuming they want their cheques clearing through the system.

I could get you the SWIFT, but just search "Swift and the name of his bank and US"
You should get it in the first three returns.

My bank is a regional bank, I have no problems. I had one sent on the 28th I was notified on the 4th credited on the 2nd.

Typically NW will send it to Citibank, in non banking terms, a friend of NW.
Citbank will then look to see if it is a friend of the guys bank, if not it will send it via a mutual friend.

Format is:
SWIFT typically UXZUS27
Routing #, something like 015368977
FBO Billy Bob Jr 60123456 (his account number no spaces or dashes.)

No need to write account number in words as that is local instruction.

But Western will work, sorry I couldn't help.

[jimmyjimjim]

I do transfers out of the US moderately frequently.

I was caught out when my US bank changed the way they do business, and required an intermediary bank; this was chuffing annoying - fortunately, Barclays (my UK bank) have a branch in NY that is their intermediary for situations like this.

Natwest should have something similar; call them up and ask them.

However, I can't quite see why you'd need these details to go from the UK to the US, unless they need to expect the payment to come from another US institution.

[Deva Link]

moparmick said:

Apparently, the US has a lot of small local banks that dont have the int transfer facility,

The first part is true, but is the second part correct? Could be, but would be surprising (to me).

[jimmyjimjim]

I have a suspicion they changed the law or costs of the service a year or so back, as my credit union used to do this themselves, but now require an intermediary bank.

[Deva Link]

Ah, OK - so we're talking about something which isn't a bank in the sense that we know in the UK.

[jeff m2]

jimmyjimjim said:

I do transfers out of the US moderately frequently.

I was caught out when my US bank changed the way they do business, and required an intermediary bank; this was chuffing annoying - fortunately, Barclays (my UK bank) have a branch in NY that is their intermediary for situations like this.

Natwest should have something similar; call them up and ask them.

However, I can't quite see why you'd need these details to go from the UK to the US, unless they need to expect the payment to come from another US institution.

It is not the notification, it is the clearing process that requires them to "know" each other.

So if I owed you a pint but we didn't drink in the same pub, I would buy Deva a pint and ask him to buy you one when he saw you.
(as Deva drinks in both our locals)
Just my saying I owe you a pint doesn't clear the debt, but by using Deva as a corrospondant bank he can settle for us.

The calibre of staff in local branches is obviosly not what it was

[moparmick]

I have been to the natwest today and they told me they weren't affiliated to any US bank, i also spoke to the greylark bank in pittsfield ( the seller's bank ) and they told me they would have to use an intermediary such as the peoples bank or bank of america.
I am hoping to use HIFX online because they are tracking the exchange rate constantly and dont have a fixed charge for the transfer.
Mick

[jeff m2]

Bank Name -- Greylock Federal Credit Union
Address -- 150 West St., Pittsfield, MA 01201
Greylock ABA/Routing Number: 211885250

Greylock not Greylark

[moparmick]

Sorry typo.. Greylock is a credit union, dont i need the swift code as well as the routing code ?
Mick

[jeff m2]

moparmick said:

Sorry typo.. Greylock is a credit union, dont i need the swift code as well as the routing code ?
Mick

It appears Credit unions do not Have SWIFTS (I didn't know that)
But NW are giving you the runaround and not being helpful.
Call the Int branch in EC2 and tell them such (nicely)
Then tell them you want to send money to Billy Bob Jr using the name and address of his bank, the ABA routing, his account number and sugesst Bank of America as the corrospondant.

[moparmick]

Thanks Jeff but i've decided to use HiFX, they track the exchange rate constantly, there's no levy on the transfer, also they are authorised, so appear to be quite safe.
Mick