Brokers requiring Wire Transfer with "To further credits to" memo?
- Thread starter Times
- Start date
two things to consider :
transferor bank - it must have online transfer capability including ability to ' further credit to ...'
transferee bank - It must have all the necessary setup including ability to 'further credit to ..." . Generally big banks should be well setup to handle such things.
transferor bank - it must have online transfer capability including ability to ' further credit to ...'
transferee bank - It must have all the necessary setup including ability to 'further credit to ..." . Generally big banks should be well setup to handle such things.
Could you name a few?
As Fidelity and TD Ameritrade does not offer this kind of wire transfer online.
MattZ
Sponsor
Sometimes there is space for additional information that the bank allows, like "additional info" where you can specify further credit to. The receiving party would most likely see these details.
The other option is to let the other party (FCM) know it is coming so they can allocate it to your account.
I hope this helps.
The other option is to let the other party (FCM) know it is coming so they can allocate it to your account.
I hope this helps.
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Almost any wire transfer on the fed funds system requires this.
The ABA is the routing
The account number is the receiving inst account number
The further credit to is the specific client/customer account
Hsbc offers it for all transfers as part of their online portal. I expect every major bank to offer it. I would be majorly surprised if in the US Bank One, JPM, BoA did not offer the same, but then American retail banking is behind other international banks by at least 10 years. For example, HSBC in Hong Kong started offering P2P instant payments on the blockchain between 6-12 months ago. And in China hardly anyone pays cash anymore not even credit card, almost every retail payment is done via mobile phone apps (3rd party payment processors that seemlessly integrate with bank accounts of any choosing) online and in store. All the while American banking behemoths still grapple with hundreds if not thousands of obsolete in house payment systems and software applications that are the leftovers of countless mergers and take overs. Welcome to the new world of waning empire.
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IB also requires it, but ime the funds get credited without delay even without the 'further credit to ..." information, at least as long as the remitter is the same as the beneficiary and the incoming funds request was registered into account management beforehand.
Actually sometimes they send a message that the credit would have been faster with the 'further credit to ..." info, but the delay seems to be a matter of minutes/few hours only. i don't think I've received that message in years, yet have sure wired funds to IB without Further credit information a few times since then.
Actually sometimes they send a message that the credit would have been faster with the 'further credit to ..." info, but the delay seems to be a matter of minutes/few hours only. i don't think I've received that message in years, yet have sure wired funds to IB without Further credit information a few times since then.
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Fwiw depending on the payment option, with some HK banks one can't add the Further credit info.
As of mobile phone payment, I'm not sure how it works all over China, but in Shenzhen, home of Tencent and their affiliated Wechat pay, it is indeed now standard to go out without a wallet and pay everything with one's mobile phone. Actually there is sometimes no other option, a bit of a headache for foreigners and visitors.
I am not aware of a HK based bank that does not provide for recipient messages. HSBC has it StanCharters, Hangseng Bank, BoC, and BEA as far as i have used. Can't speak for the others as I have never had accounts with others.
Can't agree more on what you said re China and can confirm that it's in all major Chinese cities. Coming unprepared and trying to pay with any western credit card is gonna be very troublesome in China nowadays, I know for sure that that's the case in Beijing, Shanghai, Tianjin, Qingdao. And hardly anyone in the middle class in cities Shops in supermarkets anymore, a large majority has their groceries delivered to their home, even fresh food that easily spoils if not handled correctly. America in contrast just started with a few cashierless Amazon grocery stores and anything money/payment related is a major headache in the US. And I am not even talking about the backward and often moronic credit score system in the US and how it is wrongly applied.
Can't agree more on what you said re China and can confirm that it's in all major Chinese cities. Coming unprepared and trying to pay with any western credit card is gonna be very troublesome in China nowadays, I know for sure that that's the case in Beijing, Shanghai, Tianjin, Qingdao. And hardly anyone in the middle class in cities Shops in supermarkets anymore, a large majority has their groceries delivered to their home, even fresh food that easily spoils if not handled correctly. America in contrast just started with a few cashierless Amazon grocery stores and anything money/payment related is a major headache in the US. And I am not even talking about the backward and often moronic credit score system in the US and how it is wrongly applied.
Online banks have limited capabilities when it comes to wires initiated over the internet. Many still require paper forms. Regular banks on the other hand like chase or citi have memo or comments sections on their web submission forms which handle “further credit” requests.