USD bank account transfer with FFC or FBO

[UltraTempest]

Hi,

I need to transfer USD to a company account to purchase share options. I have a current account with KBC but they don’t offer an international transfer service outside of the EU.

I tried using Wise (TransferWise) but my transfer was rejected because they don’t support FFC (For Further Credit) transfers.
For Further Credit is used in electronic funds transfers to notate a second beneficiary.

I am really stuck & have only have a couple weeks left before the share options will be lost. My colleagues have been able to complete their transfers with Bank of Ireland but I would much rather not have to open a bank account & pay maintenance fees only to close the account once the transfer is completed.

Would anyone know of any services I can use?

Thanks

 

[EmmDee]

FFC in the payment narrative is a route most payment processing are moving away from for AML reasons - technically they want to be able to scan the beneficiary of the payment which is detailed in a particular field on payment messages and embedding it in a narrative field can make it more difficult. It also makes it necessary to manually intervene on a payment making it inefficient.

Without giving away details, can you give an indication of the payment instructions - is the beneficiary name a bank with details in the FFC being an entity name. Or is the beneficiary name the account owner and the FFC details being just a narrative for the beneficiary to administer.

For example - are the payment instructions like this;

Pay to Bank "A"
A/c # 12345678
A/c Name : "Bank B"
FFC to A/c 87654321 : Company ABC Share Option Scheme

Or like this;

Pay to Bank "A"
A/c # 12345678
A/c Name : Company ABC
FFC to "A/c Ultratempest - Share Option Participant"

 

[UltraTempest]

They are like this:

Pay to Bank "A"
A/c # 12345678
A/c Name : "Bank B"
FFC to A/c 87654321 : Company ABC Share Option Scheme

 

[EmmDee]

They are like this:

Pay to Bank "A"
A/c # 12345678
A/c Name : "Bank B"
FFC to A/c 87654321 : Company ABC Share Option Scheme

Ok - so two options;

a) If you are paying USD and Bank B is a US Bank, you can skip the Bank A details and replace it with Bank B i.e. leave out Bank A, put Bank B as the receiving bank and use the FFC details as the beneficiary details. You'll probably need an identifier for Bank B (SWIFT code or Fed ID). Using the agent bank like in the example above is usually not needed anymore as most payment systems will automatically pick up recipient bank agent details.

b) If Bank B isn't a US Bank and the account at Bank A is their USD clearing bank, there is a risk if you use the method above the payment gets automatically converted into the base currency of Bank B. This is also true if the payment is not in USD. If this is the case, there is a way of doing it but you might have to talk to someone in the branch or preferably in their payments team. What you need to do is use additional fields in a SWIFT payment message format that most online payment tools don't offer (as they are not usually needed). If it helps, what you need to ask them to do is to send a message using the following SWIFT fields (normally Field 56 doesn't get used for retail);

Field 56 (Intermediary Bank) : Bank A (with a/c # 12345678)
Field 57 (Beneficiary Bank) : Bank B (with a/c # 87654321)
Field 59 (Beneficiary) : Company ABC Share Option Scheme

If you need any help with identifiers - or you're comfortable sharing the Bank names - I'm happy to be a bit more specific and dig out SWIFT codes / identifiers

Hope this helps