On Receiving Payment Through Wire Transfer

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:


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.

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