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Western Union, Telegraphic Transfer and Swift Codes 4 replies,12149 views

#1
I have this dilemma to start with. I have tried to use Western Union to send funds to a company called Hong Kong GloMarket. The funds were funded via Visa. As soon as I received a confirmation code I called them to verify and immediately they cancelled my transaction for reasons of liability. They stated that they are no longer accepting credit cards as a way to pay for internet transactions. I have never heard of this rule.
I have received the Proforma Invoice from the company and it stated their Swift Code from the bank Standard Chartered Bank as SCBLCNSXSHZ. This is totally incompatible with any United State's Banks Transfer services due to the routing number requirement of being a nine digit code without letters.
This is a pain, why can't merchants in China set up accounts with Visa, American Express, or Mastercards. These are widely acceptable methods of payments wordlwide when people go to visit the countries. It is irritating when they say they can not accept these methods of payments when businesses have credit cards for the sole purposes of expanding their business and keeping track of expenses. My advice is to join the modern world of modern business accounts if you expect to succeed or help others to also succeed!
Aside from that what else can I do?
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#2
Re: Western Union, Telegraphic Transfer and Swift Codes
Quoting from [ParisLvR06]:



I have this dilemma to start with. I have tried to use Western Union to send funds to a company called Hong Kong GloMarket. The funds were funded via Visa. As soon as I received a confirmation code I called them to verify and immediately they cancelled my transaction for reasons of liability. They stated that they are no longer accepting credit cards as a way to pay for internet transactions. I have never heard of this rule.


I have received the Proforma Invoice from the company and it stated their Swift Code from the bank Standard Chartered Bank as SCBLCNSXSHZ. This is totally incompatible with any United State's Banks Transfer services due to the routing number requirement of being a nine digit code without letters.


This is a pain, why can't merchants in China set up accounts with Visa, American Express, or Mastercards. These are widely acceptable methods of payments wordlwide when people go to visit the countries. It is irritating when they say they can not accept these methods of payments when businesses have credit cards for the sole purposes of expanding their business and keeping track of expenses. My advice is to join the modern world of modern business accounts if you expect to succeed or help others to also succeed!


Aside from that what else can I do?




You haven't been doing business very long, thats easy to see.

BIC Code                  SCBLCNSXSHZ

Institution name      STANDARD CHARTERED BANK

Branch name           (SHENZHEN BRANCH)

Now you need the account number to do the wire transfer.

Here's a standard form used by my bank to help you understand whats going on.

https://www.wellsfargo.com/downloads/pdf/com/inatl/ipb/outgoing_wire_request.pdf

Make note of the intermediary Bank Information.  Furthermore if your bank is such that there is no one there that has ever done a wire transfer to a foreign country I suggest you switch to a bank that does., or take the money out of your account and go to one that has international trade exposure.  ie...Wells Fargo, Washington Mutual, Wachovia, Bank One, HSBC, Bank of America, Chase, AmSouth, ect.......  Also make sure you know what the intermediary bank fee will be as this is an added cost to the total paid to your supplier.

Before you pay read this:  http://resources.alibaba.com/topic/21689/Are_these_2_companies_legit_.htm

Hope this helps you

Ranger 

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#3
Re: Re: Western Union, Telegraphic Transfer and Swift Codes
Replying to [Ranger]:
Thank you for the reply. My comment in that regard was the fact that SWIFT CODES and Routing Numbers are different and pose an obstacle. My current bank allows me to make transfers to institutions using the online forms they provide. The verification of the Routing number is a section that must be completed on this online form and will not recognize letters, but only numerals. Therefore, I have to physically go to the bank branch as you stated and present them with this PI and use a T/T form that you indicated as an example from Wells Fargo.
You are right that I am inexperienced and I am learning from all the forum discussions about these issues so that I can create a best practice approach. I appreciate your help.
[em17]
#4
Re: Western Union, Telegraphic Transfer and Swift Codes
Replying to [ParisLvR06]:Paris do not blame the companys you deal with blame the countries and the banks , I send and deal with Asia countries and have an office in Philippines as well as Australia , it took me 6 months to set my banking system up so i could do credit card transactions and it cost me a lot of money in Lost sales same as doing trade shows I need to set up Bank accounts befor the shows start in the country of the show to be able to tke credit card payments .. I am told that it all goes back to ballance of trade money laundering and Tax , and china is just getting there banking system right and will be the best in the world when thed do
#5
Re: Western Union, Telegraphic Transfer and Swift Codes
Replying to [ParisLvR06]: Why is it your payment method eventually will wind up being some form of scam??

First of all why are you trying to send funds thru WU when the majority of scammers request WU as payment? Then you are ranting on about some prodnlem with Visa and WU and the fact the supplier will not accept visa backed payments.

then you go on about international transactions being unable to use cc payments. You have alot to learn man and I suggest you hang on to your $ before you lose it all.

International CC payaments are NOT recommended due to identity fraud.

Its smart to at least post your concerns but you need alot of education before you proceed to buy product from other countries

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