US wire transfers to BCA

BKT

Has anyone transferred money from a US Bank account to a BCA bank account before? My wife has a client at the moment who is trying to transfer funds into her account and we're having all sorts of trouble working out how its suppose to be done. The clients Bank is the Community Bank operated by Bank of America, the branch is in Japan. The problem is the Community Bank is asking for an ABA number of the US bank the BCA uses to route money. We've spoken to the people at BCA and they've told us that they don't use a specific US bank to route money through and all international banks transfers are done through swift codes. Can anyone shed any light on this because I can't seem to find an answer for this.

mat

I've done it from the UK, just used BCA swift code and acc name. Get the swift code for the account it is being sent to, send money from the bank you want to draw it from and pay fee, either from the money sent or up front at the sending bank.

phil170258

sounds ugly what about paypal instead?

BKT

mat wroteI've done it from the UK, just used BCA swift code and acc name. Get the swift code for the account it is being sent to, send money from the bank you want to draw it from and pay fee, either from the money sent or up front at the sending bank.

This is what we've done with previous customers and its been fine. We've talked to Blue Point, the venue where the wedding will be held and they've never had to supply an ABA routing number for a US Bank. I'm thinking this may be an isolated case due to the branch being in Japan. Paypal would be perfect if the fees weren't so high.

cmutiara

It should be running to give detail information; name, account no, Bank Address, Swift Code (BIC). Then for transferring money from Indo to Germany (Europe) I always put more information "IBAN" International Bank Account. We got our salary through our Bank BCA from oversees of Indonesian. Also ever use account in BRI and Mandiri to receive transferred from Europe (never have experience yet from US) always runs well with Swift Code way. I read some article discuss about ABA and Swift Code actually have same meaning just different terminology for routing number. To transfer money to Germany (Europe) it's required IBAN (the combination code of country, Bank and account codes). For Indonesia (all kind of local Bank) use Swift Code. I hope the community Bank of America as well open community in Indonesia : ) because they have many clients in Bali

phil170258

yeah, paypal fees are scandalous, but it's just so damn convenient sometimes

ronb

phil170258 wroteyeah, paypal fees are scandalous, but it's just so damn convenient sometimes

Their fee is just over 3% I think. I don't see it as a scandal - more like a reasonable fee that let's the client use credit cards, takes all the worry out of it. And don't forget the direct bank transfers involve fees.

BKT

The good thing about bank transfers is that they have a set fee, usually around $25 at most, this is a cost we can live with. Our clients are sending anything between $4000 to $12000 at a time, %3 of that amount and we wouldn't make any money. I can't think of any of the hotels/villas/chapels that we deal with that accept credit card payments for their weddings, its all large bank transfers.

mugwump

[b]Swift code[/b]

BKT wroteHas anyone transferred money from a US Bank account to a BCA bank account before? My wife has a client at the moment who is trying to transfer funds into her account and we're having all sorts of trouble working out how its suppose to be done. The clients Bank is the Community Bank operated by Bank of America, the branch is in Japan. The problem is the Community Bank is asking for an ABA number of the US bank the BCA uses to route money. We've spoken to the people at BCA and they've told us that they don't use a specific US bank to route money through and all international banks transfers are done through swift codes. Can anyone shed any light on this because I can't seem to find an answer for this.

All the client needs to do is get his bank's swift code, the same for BCA, their address, your wife's name and account number and branch name and it can be transferred. Have done it many times, and found that some US banks are wary of some Indo. banks but that is the exception. It is especially helpful if your wife has a dollar account as the exchange rates can uncompetitive. Beware of Western Union! They are expensive and really ripe you off on the exchange. Good luck! Don

SalakBali

For the amount of money you have mentioned, using wire transfer from the US to Indonesia through your bank is likely to be one of the most cost efficient solutions to your problem, but maybe not. Just like others had said you will often require a lot more information, including the name and address of the account holder, information about the financial institution the money is being sent to and the SWIFT or IBAN or ABA or Routing number of the recipient bank. International wire transfers sent in American dollars will cost you around $45 not $25. $25 usually is the cost of domestic wire transfer here within the US, I am not sure what Japanese banks charges are. Funds sent in foreign currencies will cost about $35. Rates may vary depending upon your bank. What about E-Transfer? Some financial institutions allow you to transfer money online to another individual, similar to the way you would if you were paying a bill online. These services require the account numbers and bank routing number. For international accounts you'll need a SWIFT or IBAN number. You'll also require the account holder's name as it appears on their account. This can be an especially handy method for transferring funds on a regular basis, as you can set up the frequency of the payment if it will be a regular occurrence. E-transfers are often less expensive than transfers that are done through a bank teller. (This is a great option for an expat if it's available to you). There is also another option, using Email Money Transfers. I am not sure if BOA has it though as this commonly us in Canada, however I can now send money using email or mobile phone number through my PNC Bank (a US bank) for free. PNC offers secure on-line person-to-person money transfers without having to share checking account and routing information. Not entirely sure it will work for international transactions though. Some financial institutions, offer an email money transfer service. This form of money transfer functions like an electronic check. The funds are not physically transferred by email, though the transaction is initiated by email and the recipient is notified by email that the funds are available. You don't require the recipient's bank account number, though a security question is generally required to identify the recipient before they can retrieve the funds. (Another great option for an expat if the service is available to you). Transferring funds through email money transfer generally comes with a nominal cost of a couple of dollars, which makes this a cheap option if it's available to you. Receiving funds by this method is typically free. This service is also quite reliable and fast, generally only taking a few days to arrive in the recipient's account. Just be cautious that you only accept email transfers from individuals you know so that you're not falling victim to phishing scams. I am not sure if this is apply to your situation since your client's branch is in Japan, but if it is in the US and since it is a US bank this rules may or may not be apply to you. When a transaction involving more than $10,000 in cash is processed, most banks have a system that automatically creates a CTR electronically. Tax and other information about the customer is usually pre-filled by the bank software. CTRs since 1996 include an optional checkbox at the top if the bank employee believes the transaction to be suspicious or fraudulent, commonly called a SAR, or Suspicious Activity Report. A customer is not directly told about the $10,000 threshold unless they initiate the inquiry. A customer may decline to continue the transaction upon being informed about the CTR, but this would require the bank employee to file a SAR. Once a customer presents or asks to withdraw more than $10,000 in currency, the decision to continue the transaction must continue as originally requested and may not be reduced to avoid the filing of a CTR. For instance, if a customer reneges on their initial request to deposit or withdraw more than $10,000 in cash, and instead requests the same transaction for $9,999, the bank employee should deny such a request and continue the transaction as originally requested by filing a CTR. This sort of attempt is known as structuring, and is punishable by federal law against both the customer and the bank employee. Informed individuals who structure their transactions at an amount near, but not over $10,000 could have their accounts closely monitored by tellers and bank staff to see if a pattern emerges that could warrant the filing of a SAR. If the amount of money that you want to transfer is not so big MoneyGram, Moneybookers, or Paypal would be some other alternatives for doing this. I agree with mugwump, stay away from Western Union! They are a total rip off! The cheapest and most convenient method for transferring money in one circumstance might not be the same in another. I hope this helps! :cocksure:

BKT

We finally got this sorted, turns out the people at the Community Bank were either too lazy or didn't now how to do it, our client talked to the manager and had him take care of it.

SalakBali wroteInternational wire transfers sent in American dollars will cost you around $45 not $25. $25 usually is the cost of domestic wire transfer here within the US, I am not sure what Japanese banks charges are. Funds sent in foreign currencies will cost about $35. Rates may vary depending upon your bank.

The $25 I mentioned is what we get charged for accepting the payment, I have no idea what they pay on their end for sending. This time it was $12 for just over $2000 which isn't too bad.

mugwump

BKT wroteWe finally got this sorted, turns out the people at the Community Bank were either too lazy or didn't now how to do it, our client talked to the manager and had him take care of it. The $25 I mentioned is what we get charged for accepting the payment, I have no idea what they pay on their end for sending. This time it was $12 for just over $2000 which isn't too bad.

Can't help but tell you your bank is jerking you around. I have sent funds from my US bank to my money changer's dollar account, and I know she didn't get charged or I would have heard about it. Obviously I paid (as I recall $30-35) for the wire, and that was it.

BKT

What bank are you with mugwump? We're looking into changing banks very soon.

kjans

I transfer money every couple of months, since about 10 years. I always send it to my BCA account, even though I'm customer with 5 other Indonesian banks. With a nicely filled in International Transfer (Non-EU) form it costs me EUR 6,00 handling costs and Rp 25,000 receiving costs. This is the info I send to my bank: ----- Beneficiary's name : [BCA bank account owners name] Beneficiary's address: [BCA bank account owner registered address (for transfers out of Europe this is optional but Singapore this seems to be mandatory)] Beneficiary's account (IBAN): [BCA bank account number 0561234567] Beneficiary's Bank : Bank Central Asia Beneficiary's Bank Address: Jakarta SWIFT (BIC) CODE: CENAIDJA Costs: all costs paid by receiver Valuta: EUROs ----- Don't transfer Rupiahs, always use your home currency. For transfers below EUR 12,500 there is no need to show any documents, above this the bank might be forced to ask for invoices/...) Transfer time from Europe to Indonesia: less than 3 working days (sometimes less than 24 hours) Transfer time from Singapore to Indonesia: less than 4 hours Exchange rate was always more than acceptable.