How to determine intermediary bank for international wire transfer from Japan

  1. #1

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    How to determine intermediary bank for international wire transfer from Japan

    So I am getting a wire transfer from bank of Tokyo - Mitsubishi UFJ.

    I can choose which bank it lands at in Hong Kong between Citibank and Standard Chartered and Hang Seng.

    How do I figure out which path has the least hops in order to get the cheapest transfer rate?


  2. #2

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    ask your bank(s) what intermediary banks they work with, mine has give me a list, global


  3. #3

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    walk into a branch?

    is it something that would listed on a website?


  4. #4

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    available at both sources


  5. #5

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    Quote Originally Posted by chichow
    So I am getting a wire transfer from bank of Tokyo - Mitsubishi UFJ.

    I can choose which bank it lands at in Hong Kong between Citibank and Standard Chartered and Hang Seng.

    How do I figure out which path has the least hops in order to get the cheapest transfer rate?
    I assume that Tokyo-Mitsubishi UFJ will transfer out in JPY? In that case you need to ask the three HK banks what exchange rate they use to exchange into HKD. And select the one which is most in your favour.

  6. #6

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    No I will just have a multi currency account here and accept it as JPY


  7. #7
    bdw
    bdw is offline

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    As far as I can tell, if you get a choice which intermediary bank to use, I don't think it makes any difference and the pricks still hit you with fees in the middle. I just sent some money from HK Standard Chartered to Australia BankWest and was surprised they asked me which intermediary to use and found BankWest on the list. I foolishly thought I could cut some fees but I was still hit with 3 sets of fees in the end. SCB HKD$120, BankWest inward payment fee AU$10, and mysteriously the amount received was about AU$12 less than the amount I sent so some fucker in the middle still took their cut.


  8. #8

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    what kind of transfer is it? is it swift or something? whatever it is, if the sender sends you the money in currency not the same as your deposit account, there will be FX involved. that's on top of whatever transaction fee you may have to pay. for intermediary banks, most banks use the same ones. so as others have said, they should have a list. but don't bother with it. see if you have have another method for the transfer if you can. lol. why pay fees.