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TransferWise SWIFT Support ?

J

JohnD

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May 14, 2018
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#1
Hi guys,

I've just opened a TransferWise account for my UK LLP and realized, they are unable to send EUR transfers via SWIFT, i.e. the receiving bank needs to be in a country participating in the IBAN standard.
My hope is, that other currencies might work fine with SWIFT. Do you have any experience here? If so, with what currency?
 
#6
#7
BTCNG said:
The reports about them (EPB) are no so good in this forum
Click to expand...
yes I know, but I never had a single problem with EPB and I've a company account there for 5+ years . However they are not very flexible, etc.

kanakke said:
Did this work for you?
Click to expand...
well, it did with e.g. paysera - but the EMI / Bank has to support SWIFT. As TransferWise supports IBAN and no swift for EUR, you can't send EUR from TransferWise account to EPB.
This is the reason, why I've created this thread. I'm looking for someone who was able to send money from TransferWise to a bank via SWIFT. Unfortunatelly it's not clear if any currency (USD, GBP, etc) can be send from TransferWise via SWIFT.

I've contacted support of TransferWise and asked, if they support SWIFT with USD, but the answer for me was not a clear yes/no, here is the answer:

For USD that would work without any issue, also we can’t use the rest of the details, which is the intermediary Bank information since we can’t send For Further Credit transfers.

When you set up the recipient, you need to use this details:
- Beneficiary Name
- Account Number
- SWIFT Code / Bank Identifier Code (BIC): EUPNPRSJXXX
- Address: 53 Palmeras St., 10th Floor, San Juan, 00901, Puerto Rico
- Recipient’s address

You can learn more from here about For Further Credit Payments: TransferWise Help | For Further Credit Payments

Here are the wiring instructions for EPB: Incoming Wire Transfer Guidelines - Euro Pacific Bank

it looks like omitting 'intermediary Bank information' is not a good idea, however I have to mention, that paysera did not need 'intermediary Bank information' to send EUR via SWIFT
 
#11
JohnD said:
sorry, I did not get this, what is a solution ? You mean the answer from TransferWise ?
Click to expand...
yes it is what I mean.
 
#13
JohnD said:
I've contacted support of TransferWise and asked, if they support SWIFT with USD, but the answer for me was not a clear yes/no, here is the answer:
Click to expand...

I thought you wanted to send EPB Euros from your TW account. Why you ask TW about USD?conf/(%

I think God is trying to save you from yourself while dealing with EPB..hehe.

However, intermediary bank is not needed. If TW has kept their swift static data tables up to date and they have latest routing info for EPB then it will automatically pick up the intermediary bank in the background when you enter the payment. All you need to enter is account number, name and swift code. If you are sending euros to EPB it goes directly into EPB'seuro account at NatWest bank (RBS bank) in London anyway. The only issue is whether TW will allow an ordinary account number in IBAN field.
 
#14
Martin Everson said:
I thought you wanted to send EPB Euros from your TW account. Why you ask TW about USD?conf/(%

I think God is trying to save you from yourself while dealing with EPB..hehe.

However, intermediary bank is not needed. If TW has kept their swift static data tables up to date and they have latest routing info for EPB then it will automatically pick up the intermediary bank in the background when you enter the payment. All you need to enter is account number, name and swift code. If you are sending euros to EPB it goes directly into EPB'seuro account at NatWest bank (RBS bank) in London anyway. The only issue is whether TW will allow an ordinary account number in IBAN field.
Click to expand...
Hi Martin
I tried to PM you but it writes "
This member limits who may view their full profile."

Can you please PM me?
 
#16
Martin Everson said:
I thought you wanted to send EPB Euros from your TW account. Why you ask TW about USD?
Click to expand...
:) because I've already asked them about Euros and they said, it's not possible. They support only countries with the IBAN standart and Puerto Rico is not one of those. So the idea was to double convert the currency (i.e. TW Eur -> TW <currency X> -> wire transfer -> EBP <currency X> -> EBP Eur) until I'm able to find a better solution. I know, I'll lose money with this approach - ca. 1.4%
 
#17
JohnD said:
:) because I've already asked them about Euros and they said, it's not possible. They support only countries with the IBAN standart and Puerto Rico is not one of those. So the idea was to double convert the currency (i.e. TW Eur -> TW <currency X> -> wire transfer -> EBP <currency X> -> EBP Eur) until I'm able to find a better solution. I know, I'll lose money with this approach - ca. 1.4%
Click to expand...

Ok, EPB must be offering you a really good service to be going to these lengths conf/(%
 
#18
Hi,

I sent a USD transfer from EPB to Transferwise. Since my EPB is under my company's name and Transferwise is under my personal name, TW cancelled my transfer.
In order to be refunded, TW is asking for me the origin bank account number where I want to be refunded, which should be the same as the one it received it.
However, I cannot type Intermediary Bank in TW as there is no option for it....

Do you guys know how to get my money back?
Thank you,
 
#19
polsmith said:
However, I cannot type Intermediary Bank in TW as there is no option for it....
Click to expand...

You do not need to enter intermediary bank. If you understand how swift works then you will realize the intermediary bank does not need to be specified. Just enter account number, name and EPB's BIC and that is enough.

I explained in below link how swift routing works. But in summary all banks use a database called the Swift SSI Plus database. They can for example enter EPB's BIC and it will show them all EPB's correspondence banks and account numbers for each currency EPB can process. Hence you can just enter EPB's BIC and the correspondence account will be detrermined by TW's Swift SSI Plus data. The only reasons you ever need to enter a correspondence bank is if the bank your sending from does not update its Swift SSI Plus database regularly (like weekly) as a bank like EPB keeps changing correspondence banks and some banks only update this date like twice a year maybe. The second reason is if you want to use a specific correspondence bank because the receiving bank has multiple i.e USD correspondence banks. However even with multple correspondance banks for a specific currency a default one has to be specified in Swift SSI Plus database.

If there is a problem TW will come back and say there is no USD routing found for EPB's BIC which we know is not true. Or that they have blacklisted that routing which is unlikely.

www.offshorecorptalk.com

Is there a public SWIFT routing table?

I was wondering how transactions are processed in the SWIFT (and also in the SEPA) system. After watching this talk, I got a quite good idea, how SWIFT payments are working: https://media.ccc.de/v/33c3-8315-a_world_without_blockchain At 18:10 he shows the routing table for SWIFT payments as of...
www.offshorecorptalk.com www.offshorecorptalk.com
 
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