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International wire?!

International wire?!

Old Feb 23rd 2009, 7:26 pm
  #1  
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Default International wire?!

Hi

Don't know if anyone can help, my parents are wanting to rent a lodge in the states in the summer and the cost is about $6k anyway the owner doesn't accept credit card payments so wants a wire.

He has given us the bank address and account number but that is it does anyone know what other details are UK bank will need to transfer it?! I was sure you would need a Swift code or IBAN something or other. Anyway I have tried to consult google but am still clueless..

Anybody got any ideas of what to do?

Thanks!

Sophie
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Old Feb 23rd 2009, 7:30 pm
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Default Re: International wire?!

They will need the routing code for the bank and the account number and HiFX asks for the bank address when I do my transfers.

Can I suggest they look at doing it via HiFX or one of the other commercial currency brokers. They will get a better exchange rate than a high street bank and no or much lower transaction fees.
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Old Feb 23rd 2009, 7:30 pm
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Default Re: International wire?!

Originally Posted by yorkieuk View Post
Hi

Don't know if anyone can help, my parents are wanting to rent a lodge in the states in the summer and the cost is about $6k anyway the owner doesn't accept credit card payments so wants a wire.

He has given us the bank address and account number but that is it does anyone know what other details are UK bank will need to transfer it?! I was sure you would need a Swift code or IBAN something or other. Anyway I have tried to consult google but am still clueless..

Anybody got any ideas of what to do?

Thanks!

Sophie
I have never done this before either, but I'm sure if you have internet banking there will be an FAQ section which should tell you about how to wire transfer to/ from your own account, which at least will tell you the info required. If not then ring your friendly personal banker, ask them the question, and try not to get sold any "products"!
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Old Feb 23rd 2009, 7:40 pm
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Default Re: International wire?!

Originally Posted by lansbury View Post
They will need the routing code for the bank and the account number and HiFX asks for the bank address when I do my transfers.

Can I suggest they look at doing it via HiFX or one of the other commercial currency brokers. They will get a better exchange rate than a high street bank and no or much lower transaction fees.
Thanks! I'm sending my parents the HiFx link, looks like the rate they are giving at the mo is 1.45 which seems to be better than Natwest!

Is the routing code the ABA routing number? Because I seem to have that as well in the details that were given!

Thanks
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Old Feb 23rd 2009, 7:41 pm
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Default Re: International wire?!

Originally Posted by Chrissywissy100 View Post
If not then ring your friendly personal banker, ask them the question, and try not to get sold any "products"!


I have stooped entering Natwest because everytime I go in they try and sell me a stupid product.
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Old Feb 23rd 2009, 8:47 pm
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Default Re: International wire?!

I believe the routing code is also called the ABA routing number. It is a 9 figure number.

I reckon HiFX is good for at least 6 cents in the £ more than NatWest.

I've just looked it up to be sure and the ABA routing number and routing code are the same thing.

Last edited by lansbury; Feb 23rd 2009 at 8:50 pm. Reason: confirming they are the same
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Old Feb 23rd 2009, 8:53 pm
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Default Re: International wire?!

The figure they quote is the spot rate and not what they give as an exchange rate.

If the spot rate on the HiFX site is 1.45 they should offer you 1.425 to 1.43 for a one off exchange.
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Old Feb 23rd 2009, 8:54 pm
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Default Re: International wire?!

Originally Posted by yorkieuk View Post
Thanks! I'm sending my parents the HiFx link, looks like the rate they are giving at the mo is 1.45 which seems to be better than Natwest!

Is the routing code the ABA routing number? Because I seem to have that as well in the details that were given!

Thanks
Yep. The ABA routing number should be 9 digits. I'm not sure about the typical length for the checkign account number - ours is 12digits.
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