August 6, 2017

Please reload

Recent Posts

Suppose that the IRS receives a form stating that someone, a client of yours, paid some stated amount to you last year. Does the IRS learn from this t...

Contending with 1099-MISC Copies Is Not Much Like Reporting Your Wages …

August 9, 2017

1/4
Please reload

Featured Posts

On Receiving Payment Through Wire Transfer

September 24, 2017

 

Is there a place in this field for getting paid through bank wire?

My experience suggests that there is one, particularly for those

doing business internationally.

 

I have documentation for 16 wire transfers received in the past

dozen years, from clients in the USA, France, Spain, Great

Britain, and Australia. (Amounts have ranged from $ 250 on up.)

For the latest wire, the fee was $ 18; it has been raised from

time to time.

 

If you were likewise to arrange to receive wire transfers, your

identifying info would consist only of your name (specifically,

the name of the bank account holder) and your bank account

number. (If you use checks at all, the connection through that

number between you and your bank is already being made

known; worries about privacy’s getting compromised through

the use of wire transfers are, then, demonstrably overblown.)

The other four items would be only about your bank: its name,

routing code, SWIFT number, and address.

 

Here is one potential recipient’s description of the different

payment instructions that can be given to a bank tasked with

making a wire transfer:

 

https://www.globalmediapro.com/content/WhatAreBENSHAOURPaymentInstructions

 

If your client’s bank (possibly based outside Europe) uses the

SHA code (for costs shared) and can not replace this code 

with the OUR code (evidently for "our" expense), that bank

should still be able to identify immediately in advance the

charge to be assessed by the intermediary bank. The client

can then add this known cost to its payment.

 

At least in my experience, any fees are not reported in the wire

confirmation. They certainly should, though, be reported in the

monthly statement from your bank.

 

 

Share on Facebook
Share on Twitter
Please reload

Follow Us
Please reload

Search By Tags
Please reload

Archive
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Social Icon

© 2016-2020 by Accentuated Brandname Creativity, Inc.

  • LinkedIn Social Icon
  • Facebook Social Icon

Proudly created with wix.com