What is an intermediary bank?
An intermediary bank is any bank between the issuing bank and the beneficiary bank.
Adding an intermediary bank to a beneficiary describes the precise path a payment as to follow to reach a beneficiary bank account.
There is no intermediary bank for local or SEPA payments.
Adding an intermediary bank also applies to any payment you, your partners or customers make to your iBanFirst accounts.
Exemple 1: You want to make a USD payment to a supplier in Vietnam
- USD funds will go through a US bank. This bank is the intermediary bank
- The intermediary bank will use a correspond bank in Vietnam to send USD funds in Vietnam
- Once received, the correspondant bank will send USD funds to the beneficiary bank
- Once received, the beneficiary bank will credit USD funds to your beneficiary bank account
Exemple 2: You want to receive a USD payment from a customer in Vietnam
- The beneficiary bank account is your iBanFirst account
- Your customer MUST indicate iBanFirst's partner bank (ie, ING Belgium) as the intermediary bank
What are the risks of not adding an intermediary bank?
Risks of not adding an intermediary bank include:
- Increased processing time
- Funds not being received by the beneficiary
- Funds being automatically converted to local currency (usually with a poor exchange rate) in case the currency of the payment is different from the currency of the country where the beneficiary bank is located
Where can I find iBanFirst's intermediary bank details?
You can find iBanFirst's intermediary bank by cliking on "Learn how to credit your account":