I'm planning to receive wire transfers to a bank that accepts incoming wire transfers with mismatched beneficiary name. The main reason for this is I don't want to reveal my name or my LLC name. Do you know any bank that doesn't have problems with that? The wire transfers are coming from a trusted big corps so it's not individuals who are sending.
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Banks that accept incoming wire transfers with mismatched beneficiary name
- Thread starter j1mesb0nd
- Start date
Every bank's system has some sort of automatic control to see if stated beneficiary name matches actual beneficiary name. If it's a SWIFT transfer, they also match stated beneficiary address vs. actual beneficiary address.
They might let a couple of them slide at first but eventually someone will ask. And if they don't like your answer, you won't like what happens next.
I've seen some banks reject beneficiary mismatched transactions right away, either holding the funds or sending them back.
They might let a couple of them slide at first but eventually someone will ask. And if they don't like your answer, you won't like what happens next.
I've seen some banks reject beneficiary mismatched transactions right away, either holding the funds or sending them back.
Interesting, I tried Wise and it instantly rejected the transfer and sent it back. Thought mismatched name was a common practice and there are no problems with it.
Mismatches are common and if the mismatch is still similar enough ("John Smith" vs "Jon Smith" vs "Smith, John") or happens infrequently on an otherwise well established and trusted account, most banks just let it slide. Or maybe they just miss it/make a mistake. But it's always caught and logged in some system somewhere.
So you entered the receiver name when you made the transfer on Payoneer a different name than the receiving Zen.com account? Did they ask you any question?
Yes, Payoneer was business account with company name. Zen was personal account, they did not ask any question but I think Payoneer also sent with SEPA, maybe that makes any difference.
Very interesting, it shows my company name on transaction statement at Zen account.
Yeah, I will try them. Also it doesn't really have to be a bank, an EMI can work with me.
It depends on the country.
In most places it may work for small amounts better than large ones.
You best go to Germany, as they are known not to check at all.
https://www.bafin.de/SharedDocs/FAQs/DE/Verbraucher/Bank/Zahlungsverkehr/04a_datenpruefung.html
In most places it may work for small amounts better than large ones.
You best go to Germany, as they are known not to check at all.
https://www.bafin.de/SharedDocs/FAQs/DE/Verbraucher/Bank/Zahlungsverkehr/04a_datenpruefung.html
When was the last time you've seen it in force? Would be interesting to know if it's still up.
I don't think this was ever the case on cross-border payments.
Again, please use DE-IBANs for receiving. They are known for consistently not checking the name and I can personally confirm this.
Wise instantly rejected the transfer with the different name.
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