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  #21  
Old 28.12.2012, 12:06
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Re: Bank Transfers to USA

US banks don't have IBAN numbers.

Tom
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  #22  
Old 28.12.2012, 12:25
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Re: Bank Transfers to USA

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US banks don't have IBAN numbers.

Tom
I think the antiquated system in North America is there just as a money grab. I remember having to call the bank and work up to management in order to get my IBAN number. It was ridiculous. They had absolutely no idea who to ask.
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  #23  
Old 28.12.2012, 13:26
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Re: Bank Transfers to USA

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US banks don't have IBAN numbers.

Tom
True, IBAN is used mainly by European Banks and is starting to be adopted throughout the Middle East. Banks in Americas, Australia, New Zealand and S.E. Asia do not provide IBAN format account numbers.

Outgoing wire transfers from Europe to United States require among others the beneficiary account # and the ABA/routing number of the financial institution the funds are being wired to. Some foreign institutions may request a BIC or Swift number of the receiving institution instead of the ABA/routing number.
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Old 29.12.2012, 20:59
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Re: Bank Transfers to USA

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...

To the OP, I hear xe.com and oanda.com are the cheapest ways to transfer money, but you need to sign up for their services and verify your identification, etc.
If you are going to send money back with any frequency, I think it is worth it to sign up and go through the identification process with xe.com (or, I would presume a similar service but xe is the one I use). I think the speed and exchange rate / fees are difficult to beat.

I moved money earlier this week. Went online Wednesday evening (while markets were still open in the US) and set up the transfer at a rate of .9287 (including fees, official rate was about .909 at the time -- the .02 spread is about the norm for xe, and much better than the .04 or .05 that I've seen when I've looked at other options).

Paid xe.com via online payment from my Credit Suisse account (the same way I'd pay most of my bills), so that payment was sent overnight Wednesday -- no extra fees.

Received an email Thursday around noon that xe had received my payment and was now sending the money to my US Bank of America account.

Money appeared in my BofA account late Thursday evening Swiss time -- so roughly 24+ hours. No fees to receive at BofA if you use the "ACH/Draft" option and not the "Wire Transfer" option.
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  #25  
Old 29.12.2012, 21:15
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Re: Bank Transfers to USA

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I have a similar question: I need to transfer some money to the US, too (to my Bank of America account) - I know I can do it through my online banking with credit suisse, but I'm not sure in what format to put all the information into the form since there's no IBAN in the US. BIC + routing number + account number? Or a different order?

To the OP, I hear xe.com and oanda.com are the cheapest ways to transfer money, but you need to sign up for their services and verify your identification, etc.
I transfer funds from my Swiss account to my BoA account, and where it asks for the IBAN number, you just put the BoA account number where the funds are being transferred to (in addition to the BIC (Swift) number and bank name/address). That's it.

HTH
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Old 29.12.2012, 21:19
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Re: Bank Transfers to USA

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I transfer funds from my Swiss account to my BoA account, and where it asks for the IBAN number, you just put the BoA account number where the funds are being transferred to (in addition to the BIC (Swift) number and bank name/address). That's it.

HTH
Thanks I did it that way a few times over the last year, but was getting tired of the fees. I just signed up for xe.com and transferred a test transfer of 50 CHF from Credit Suisse to Bank of America - no fees, and good exchange rate.
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  #27  
Old 29.12.2012, 21:36
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Re: Bank Transfers to USA

I use www.currencyfair.com
Have found once your account is set up that's its easy to use and the rates offered are competitive.
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