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-   -   Dodd Frank and International Wire Transfer (https://immigrationvoice.org/forum/forum99-tax-social-security-and-financial-issues-for-immigrants-and-nonimmigrants/3095728-dodd-frank-and-international-wire-transfer.html)

prabasiodia 01-03-2014 03:45 PM

Dodd Frank and International Wire Transfer
 
Members:

This post has a dual purpose. I am posting it as information to other members and also soliciting any relevant information that might be useful.

I hold an account at DCU and needed to transfer some money to my brother's account held at ICICI (domestic saving account). Usually, I use the Money2India ETransfer, but since the amount was large and I wanted to send it speedily and at one go, I chose the power transfer which is nothing but a customer initiated wire transfer.

Traditionally, DCU would have domestically wired the money to Bank of NewYork to the account held by ICICI, which in turn would have received the money, converted to rupees and post to my brother's account. However, when I opened the domestic wire transfer page of DCU, I saw the following:

Please Read the IMPORTANT Information Below
Before Continuing With Your Request!

Please note that as of October 28, 2013, if you are a consumer processing a wire request you can no longer use a Domestic Wire Form to complete an International Wire form via an intermediary bank located within the United States.

If the ultimate destination of your wire request is a foreign country, please complete the International Wires form. This includes any wires that are going through a domestic bank BEFORE being forwarded on to a foreign destination. For example: Sending funds to ICICI Bank via Bank of New York.

We apologize for any inconvenience.


Click here to acknowledge you have read the information above, the final destination of your wire is NOT to a foreign country and wish to continue with your domestic wire request


This is exactly as it appears on DCU's site including the phrase "For example: Sending funds to ICICI Bank via Bank of New York". ;););)

So I initiated an international wire transfer by providing ICICI's Bhubaneswar branch's SWIFT and IFSC code with "Bank of NewYork" mentioned as the correspondent bank, though DCU's representative said that their wire transfer process may not honor it (that means sending the money via BNY). I've mentioned that the money be sent in USD without any conversion. So I am assuming, the money will directly be sent to ICICI's Bhubaneswar branch with or without going thorough BNY and hopefully there are people with some mass in their head who will tie this to the Money2India's Power Transfer tracking number and convert the money at the preferential rate I was offered. That remains to be seen.

I'll update my post with further details as I have them. In the meantime, you all can share your side of horror stories as well.

THISISAJOKE 01-14-2014 01:59 PM

One the same boat
 
I'm in same situation. My ultimate beneficiary is Citibank and that adds further complexity. DCU says it can only list two banks on the wire form. In my case there are three BNY, ICICI and Citibank. Just got off the phone with DCU and my wire is being returned.

Can you please update us what happened in your case?

Thanks


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