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International banking questions?
So I am sending some money to my friend who just moved to india. We are both new at international banking and the amount I am sending would not work too well through Western Union. This is my initial research eventually I will get around to calling the banks. Anyway her bank has a Correspondent Bank with JP Morgan Chase Bank. I bank with US Bank. My question is would it be faster and even possible for me to walk into a JP Morgan Chase bank and make the deposit for this international account? Using the swift codes and all that good stuff? OR will I have to set it up as a wire transfer from my own bank?
If you don’t have an account at Chase, they don’t know you, they have no funds on deposit for you, etc. Go to your bank and arrange a wire transfer to her bank account, telling them the correspondent bank for the recipient is JP MorganChase. When transferring funds, they will route it through Chase.
Be careful how much you are sending overseas and for what. "Suspicious transactions" must be reported to the Feds. So must cash transactions of $3000, and there are limits on non-commercial international transfers. If the bank gives you report forms to file with the Feds, you have to do it.
September 22nd, 2009
If you don’t have an account at Chase, they don’t know you, they have no funds on deposit for you, etc. Go to your bank and arrange a wire transfer to her bank account, telling them the correspondent bank for the recipient is JP MorganChase. When transferring funds, they will route it through Chase.
Be careful how much you are sending overseas and for what. "Suspicious transactions" must be reported to the Feds. So must cash transactions of $3000, and there are limits on non-commercial international transfers. If the bank gives you report forms to file with the Feds, you have to do it.
References :
September 22nd, 2009
Just set it up as a wire transfer from your own bank using "swift codes and all that good stuff". Or use paypal.
Unless you’re hiding something. Then, there are "other" ways, that’ll cost ya…
References :
Lived in 5 countries. Traveled in over 30. More qualified than Sarah Palin to lord over you. Have been a Poet a Pauper, a Pirate a Prophet, a Pawn and a King, etc…also have been an international stock broker for a dozen years.