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Andy Rogers
United Kingdom
302 Posts |
 Posted - 09/08/2021 : 18:45:22
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Hi
I may be selling an MG project to someone in Switzerland and he is proposing to make payment using the SWIFT system for transactions between currencies.
Can anyone please tell me if they’ve used this system before or know anything about it.
Many thanks
Andy Rogers |
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Simon Johnston
United Kingdom
6023 Posts |
Posted - 09/08/2021 : 18:54:33
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Many times, Andy. The SWIFT code is essentially the international sort code of your bank and you’ll easily find it on your bank's website. It’s an absolutely standard part of international bank transfers but the payee will also need your account number, just like when making a domestic transfer.
Simon J
J3437 |
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Simon Johnston
United Kingdom
6023 Posts |
Posted - 09/08/2021 : 20:05:43
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P.S. I would get the purchaser to send the transfer to you in GBP and let him bear the currency exchange costs.
Simon J
J3437 |
Edited by - Simon Johnston on 09/08/2021 20:06:14 |
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DickMorbey
United Kingdom
3672 Posts |
Posted - 09/08/2021 : 20:44:54
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Hi Andy
I hope you'll remember to let the Register know which project you are selling and its destination? Please!
Dick Morbey, Register Secretary
PA-PB 0743
Frieth, Oxon, UK
secretary@triple-mregister.org |
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Ian Bowers
United Kingdom
938 Posts |
Posted - 10/08/2021 : 07:58:25
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If you can get the buyer to 'pay all costs' so that you actually receive all the funds you expect.
Ian Bowers
OD 6791
J3 3772 |
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paul55
Luxembourg
728 Posts |
Posted - 10/08/2021 : 08:01:18
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Andy, you should ask your Bank for your account IBAN number (International Bank Account Number), sometimes it also printed on your bank statements. Then give this to your buyer, ask him to accept all the charges and fees, also you can tell him to transfer GBP, this way the money will be transferred with the exchange rate at the time will not affect how much money arrives in your account, it should be exactly the price that you have agreed with him. IBAN transfers usually take two or three working days maximum. In Europe everyone uses IBAN numbers for transfers, even within the same country.
if you need any more info about this, give me a call.
Paul. |
Edited by - paul55 on 10/08/2021 08:02:06 |
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Cathelijne
Netherlands
744 Posts |
Posted - 10/08/2021 : 08:20:58
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Doing a couple of these international transfers a month, I have found I technically cannot take full responsibility for the charges. I am usually charged € 12,- on my side with the receiver being charged £12, so I usually add the receiver’s charges to the amount I transfer. It always used to be € 6,-/£6, but last year it doubled overnight, however small the amount … For larger transfers (i.e. a car, I imagine), it might be that you’ll get charged a certain percentage for numbers above whatever the banks have come up with as opposed to a standard rate …
The SWIFT or SORT code is also known as the BIC code, I believe. Your buyer will need both your IBAN and BIC, your full name and address and your bank’s full name and address.
Cheers
Cat
In a world where you can be anything - be kind. |
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Ian Bowers
United Kingdom
938 Posts |
Posted - 10/08/2021 : 09:19:24
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The bank language for 'the payer pays all charges' is to use OUR instructions.
Ian Bowers
OD 6791
J3 3772 |
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Andy Rogers
United Kingdom
302 Posts |
Posted - 12/08/2021 : 23:11:47
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Can I just say thanks to all those who replied to my enquiry. Very helpful.
And Yes Dick, I will let you know as and when and if I sell the car.
Best regards all
Andy Rogers |
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