Transferring money from the States to Germany

[dasaleph 0]

Hi everyone!

We want to transfer money from an American account at Wells Fargo to a German account at Sparkasse Landshut.

Of course we have the IBAN and BIC. IBAN is not the problem, the problem is the BIC.

The BIC looks like this:

BYLADEM1LAH

Wells Fargo claims that they can't transfer money there, since this BIC would not be registered. I don't know where they want it

to be registered. It sure is registered at www.swift.com.

There is one thing to note, though: Since the 8th token is a 1, it means, that the BIC is an unconnected BIC, also called a BIC1

or a non-SWIFT BIC. That means, that bank is not connected to the SWIFT-network. That's not a problem in Europe, but it could

well be a problem for a money transfer from the States.

Has anyone any experience with that or even a solution?

Thanks!

[payxibka 10,045]

Hi everyone!

We want to transfer money from an American account at Wells Fargo to a German account at Sparkasse Landshut.

Of course we have the IBAN and BIC. IBAN is not the problem, the problem is the BIC.

The BIC looks like this:

BYLADEM1LAH

Wells Fargo claims that they can't transfer money there, since this BIC would not be registered. I don't know where they want it

to be registered. It sure is registered at www.swift.com.

There is one thing to note, though: Since the 8th token is a 1, it means, that the BIC is an unconnected BIC, also called a BIC1

or a non-SWIFT BIC. That means, that bank is not connected to the SWIFT-network. That's not a problem in Europe, but it could

well be a problem for a money transfer from the States.

Has anyone any experience with that or even a solution?

Thanks!

Is there a correspondent or intermediary bank in Europe that could get in the middle and receive the transfer from WF and then further it on to your bank?

[dasaleph 0]

Is there a correspondent or intermediary bank in Europe that could get in the middle and receive the transfer from WF and then further it on to your bank?

I think the subordinate bank is called Bayerische Landesbank. They have a SWIFT-BIC: BYLADEMMXXX

So you think they would simply forward it to my bank?

[payxibka 10,045]

I think the subordinate bank is called Bayerische Landesbank. They have a SWIFT-BIC: BYLADEMMXXX

So you think they would simply forward it to my bank?

That is how some international transfers are received here in the states. I have received many a international wires where our bank was not SWIFT capable (only participated in the FED system) and the European (Scandanavian bank) sent the wire to a NY bank, which then provided the transfer access to the FED system and furthered it on to us.

Not sure if it is the same in Europe but makes some sense to me. Might be an extra charge but.....

Edited January 13, 2010 by payxibka

[dasaleph 0]

I think the subordinate bank is called Bayerische Landesbank. They have a SWIFT-BIC: BYLADEMMXXX

Of course I meant superior, not subordinate.

Sounds good to me. I will ask them tomorrow at my bank. Thanks so far!

Edited January 13, 2010 by dasaleph

[Sven 0]

Yes, they do need the SWIFT code.

Edited January 15, 2010 by Sven

[dasaleph 0]

Talked to my bank yesterday and they printed out detailed instructions for the American bank on

how to transfer the money.

It is being routed through two intermediary banks. One in the States, and one here.

They said it wouldn't even take that long, meaning less than a week. We'll see about that, but so far, so good.

So thanks!

[nrodgsxr 0]

so how does it effect you taxwise in the states?

[2xHollyx2 3]

If you want to transfer smaller amounts I would use paypal. It's faster and cheaper[?].

When I talked to my bank to transfer money from Germany to the US the fees were kinda high [sparkasse].

[wshc 46]

After trying several different options with my US bank and with money transfer services, we discovered that just a US personal check deposited in to a Germany account worked great. It cleared in under 7 business days and only cost EUR 12. Wish I would have known that long time ago.

[sib 7]

I have an account at a German Volksbank and one here with Wachovia. The transfer costs Euro 7.50 no matter what amount you transfer.

Done in a couple of days.