Message from Doug - Linking US banks internationally

In case you missed the comment on the previous entry here are Doug's insights after much frustration to have a reimbursement check issued in Malaysia put in my US account. If you think that you may be in a similar situation you may want to keep this message.

As a play on the credit card advert: "Don't leave home without it", here are some financial things one needs when working outside of the US.As the spouse who is still in Raleigh, it fell to me to locate this set of information.Many US banks, particularily smaller one's and Credit Unions have limited exposure to international banking. When the time came for some reimbursement for airfare, etc., we needed to transfer the funds from Malaysia to the US. You know, the credit card bills for the airfare do need to be paid.So I contacted my local credit union (not a small one, but one with over 12 billion in assets). It took me over 8 phone calls before someone could come up the the information necessary. So do the spade work before you leave, you need:The SWIFT Number:The Name of the Correspondent Bank, their city, and state.The name of the Beneficiary Bank (that is your banking institution), its city, and state, plus its account number.Finally you need your Name, address, city, state and your account number.Stuff this stuff away with copies of your passport, credit cards, and other important documents. Who knows, you may need them.
July 9, 2008 11:27 PM