Banking and International Transactions

[ChuteBoxe]

I've been wondering what everyone thought the best bank is that deals with international transactions? The bank I'm using now, I feel like they think I'm a drug dealer or criminal when I get a bank wire from Costa Rica, Jamaica, or Canada. There has to be a bank that deals with this type of thing better than the others. Hopefully some of the mods or older posters read this. I'd love to get some good opinions. Thanks in advance.

[Scorpion]

Do all international bank wires in USD go through Federal Reserve? Or only the domestic wires?

Arent you worried about the bad guys seeing your name and info on the wire?

[The HG]

Sorry I have no advice for you Chute, but I'm wondering what bank you use, and what problems have arisen that make you write this? What does this bank do?

[Maledetto]

I've been wondering what everyone thought the best bank is that deals with international transactions? The bank I'm using now, I feel like they think I'm a drug dealer or criminal when I get a bank wire from Costa Rica, Jamaica, or Canada. There has to be a bank that deals with this type of thing better than the others. Hopefully some of the mods or older posters read this. I'd love to get some good opinions. Thanks in advance.

If your problem is suspicious looks and unnecessary inquiries then I have found the bigger banks are guiltier of this more so than smaller local-type banks in general. As a whole the local small banks have a more personal approach to CS and this gives me a chance to gain their trust. Also, banking in branches in diversify communities might be better for you; banking with someone that doesn't know what's Costa Rica can only yield stupid questions. In my experience banking on topic is alot more transparent in a local bank in So Fla than when I go up to Lexington KY and work there with a bigger bank. Having said that, suspicious looks and extra questions never deterred me from banking anywhere.

[Maledetto]

Do all international bank wires in USD go through Federal Reserve? Or only the domestic wires?

Technically only Domestic Wires go through the Federal Reserve, but virtually most International Wires in USD end up going through it. Let me explain how.

International wiring uses the world standard system called SWIFT, with this system any bank in any country can accept any currency in the SWIFT system. For example an Argentinian bank can accept South African Rand. When I want to send a USD wire from the US and my bank uses the SWIFT system directly to 'send' and the foreign bank uses the SWIFT system directly to 'receive' than the money never sees the Federal Reserve, as it should.

With this way the money flows like this...
US Bank - SWIFT - Foreign Bank

But then some foreign banks set up an account in a US bank (usually in NY) to handle the International Wires coming in USD to their bank. They do this for two reasons; one to save cost as full SWIFT membership can get rather expensive, and two for organizational purpose as it would mean someone else already did the legwork for them and they would just redistribute within their system.

With this way the money flows like this...
US Bank - Fedwire - US Bank - Foreign Bank

Then sometimes is the other way around, your US bank sets up an account with another US bank so that the other bank would do the SWIFT for them, even thought they themselves most probably have the capability and membership to do it and the foreign bank has the capability the 'receive' directly.

With this way the money flows like this...
US Bank - Fedwire - US Bank - SWIFT - Foreign Bank

Hell even both of them might set up New York accounts (as they are affectionally called) and go multiple times to the FR.

With this way the money flows like this...
US Bank - Fedwire - US Bank - Fedwire - US Bank - Foreign Bank

Even if you are say in Argentina and sending to South Africa in USD you can see it's highly likely one of the banks might go through new york and thus the Fedwire. And good banks don't go through new york. But this is the norm lots of African banks go through Paris, Argentinian Peso used to go through Italy in the 80s 90s, depending on economics etc..

[greek]

i got a call from the bank fraud dept. just to day, checking on my c card withdraws, they just took the lock off my card after asking a bout a phone card purchase i was making with my cc ------[read between the lines]

[ChuteBoxe]

Sorry I have no advice for you Chute, but I'm wondering what bank you use, and what problems have arisen that make you write this? What does this bank do?

I do well on football and baseball. Normally, it's a progressive thing, over the course of the year, and I milk my accts accordingly by receiving checks by fedex. However, this year, if my memory serves correct, I was only up about 10 units around week 15 in the NFL. My whole profit was then made from December - Feb 3rd. It was split between two books.

I went to my bank (Chase), and told them I wanted the information to receive two wires from two different countries with the total being somewhere around $80,000. They told me that an internal bank investigation had to be done as to where my money was coming from, and how it was obtained by me. The branch manager then said, in the likeliness my money was tied in any way, shape, or form to organize crime, terrorism, drugs, etc..., all of my money would be confiscated immediately. The whole process would take 4 weeks. I have since received 4 checks totaling a little under $40,000, which I deposited, and have stayed away from wires. The reason I asked, is because I'm wondering which banks are better at this sort of thing.

[ChuteBoxe]

With this way the money flows like this...
US Bank - SWIFT - Foreign Bank

So, which banks do it this way only? Do you have a list? Thanks again.

[Maledetto]

So, which banks do it this way only? Do you have a list? Thanks again.

United International Bank, Chinatown, NYC www.uibbank.com
Bank of the Orient , Bay Area, Cali www.bankorient.com

.. are two local banks that cater to international banking and will serve what you need.

[The HG]

The branch manager then said, in the likeliness my money was tied in any way, shape, or form to organize crime, terrorism, drugs, etc..., all of my money would be confiscated immediately.

That is F'ed up. So they're like "ok, you have money coming in, if it's X, you get it, if it's Y, we get it. and who gets to decided if it's X or Y? We do!"

[rake922]

I do well on football and baseball. Normally, it's a progressive thing, over the course of the year, and I milk my accts accordingly by receiving checks by fedex. However, this year, if my memory serves correct, I was only up about 10 units around week 15 in the NFL. My whole profit was then made from December - Feb 3rd. It was split between two books.

I went to my bank (Chase), and told them I wanted the information to receive two wires from two different countries with the total being somewhere around $80,000. They told me that an internal bank investigation had to be done as to where my money was coming from, and how it was obtained by me. The branch manager then said, in the likeliness my money was tied in any way, shape, or form to organize crime, terrorism, drugs, etc..., all of my money would be confiscated immediately. The whole process would take 4 weeks. I have since received 4 checks totaling a little under $40,000, which I deposited, and have stayed away from wires. The reason I asked, is because I'm wondering which banks are better at this sort of thing.

Just a suggestion, but have more than 1 bank account.

So you could have 1 at Bank of america, another at HSBC, and another at Citizens bank, and maybe another at Wachovia.

[fathead]

I went to my bank (Chase), and told them I wanted the information to receive two wires from two different countries with the total being somewhere around $80,000. They told me that an internal bank investigation had to be done as to where my money was coming from, and how it was obtained by me. The branch manager then said, in the likeliness my money was tied in any way, shape, or form to organize crime, terrorism, drugs, etc..., all of my money would be confiscated immediately. The whole process would take 4 weeks. I have since received 4 checks totaling a little under $40,000, which I deposited, and have stayed away from wires. The reason I asked, is because I'm wondering which banks are better at this sort of thing.

Wow that is crazy. These banks are out of control.

[alf66]

Always ensure to keep your wires below 10k. Ask your book to send 1 or 2 transactions a week for i.e. 8-9k each. This will not raise any automated red flags.

Avoid telling any bank you are expecting 80k from the same international source. You'll just force banks to start asking questions due to AML rules.

Let me also comment on SWIFT. Everything is correct what has been mentioned, but although SWIFT is run by a European entity (actually a Belgium setup) , US authorities do have access to the central SWIFT database..
this was confirmed about a year ago.

but on on the other side again, they won't be interrested in John Doe's 5 digit transfers ..

Share your business amongst more than 1 account as rake922 mentioned is really the best advise.

[Scorpion]

A series of articles published on June 23, 2006, by The New York Times, The Wall Street Journal and The Los Angeles Times revealed that the Treasury Department and the CIA, United States government agencies, had a program to access the SWIFT transaction database after the September 11th attacks called the Terrorist Finance Tracking Program.[5]

After these publications SWIFT quickly came under pressure for scrutinizing data privacy of its customers by letting a foreign government agency access sensitive personal data. In September 2006, the Belgian government declared that the SWIFT dealings with U.S. government authorities were, in fact, a breach of Belgian and European privacy laws.

In response, SWIFT is in the process of improving its architecture to satisfy member privacy concerns.

http://en.wikipedia.org/wiki/Society_for_Worldwide_Interbank_Financial_Telecommunication

[Scorpion]

So, which banks do it this way only? Do you have a list? Thanks again.

I think if your wire's currency is not in USD then it will not go through Fed Res