Wire Transfer Ownership
This is a discussion on Wire Transfer Ownership within the International Law Issues forum, part of the INTERNATIONAL LAW category; I am doing business with a company that requires funds in Singap[ore currency be wire transfered from my Singapore office ...
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#1 |
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I am doing business with a company that requires funds in Singap[ore currency be wire transfered from my Singapore office to the US. The routing the company insists upon includes a correspondent bank, an intermediary bank and the beneficiary bank.
We tried it once and the funds were held by the correspondent bank for 25 days with little effort on the companies part to resolve the issue. We now have the funds back and need to make a large transfer and want to skip their correspondent bank and send directly to the intermediary bank but they say this is not possible. We asked them to be responsible for the money once it is received by the correspondent bank but they refuse as they insist that is not thier bank. Other than refusing to do business with this company how do we get around this. Thanks for any advice or insight you can provide. |
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#2 |
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Veteran Member
Join Date: Feb 2007
Posts: 314
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You could change banks and get a bank that is in both locations.
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