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Choicebank requires all money to go to an intermediary bank

http://www.choicebankltd.com/file/2015/09/Wire-Instructions-NCB-09032015.pdf

Their instruction is VERY CONFUSING

What is field 56a field 57a?

So, DE62 1003 0600 0200 2316 73 is choice bank bank account number at North Channel Bank?

What is the role of DZ Bank?

And what is receiver correspondent?

There are basically 4 banks here Choice Bank, North Channel Bank, DZ Bank, and Deutsche Bank Trust Company Americas

Should I uses all 4 banks? Which one is the intermediary bank?

Why is it that complicated?

Is choicebank in belize a legit bank? Why do they have to pick some strange bank as intermediary bank?

It seems that their intermediary bank has their own intermediary bank or something like that?

Should I open another belize bank?

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You haven't mentioned form where you are transferring the Money. Choice Bank seems legitimate.

In international Wire transfer to a small country, there can be as many as 6 banks involved in the transaction. In transfer to well banked countries it would be just 2 or typically 3 to 4.

So for country like Belize it is normal to have the details mentioned.

Field 59a is Beneficiary Account and Name
Field 57a is where the account is held
Field 56 is Intermediate Bank

As Choice Bank is small, they are holding an Bank Account with "North Channel Bank, Germany". The field 59a is beneficiary Account Details. Ideally in large Banks, you would have the actual Beneficiary Account. This is now being presented in Field 70 of the SWIFT message.

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  • what are those fields? Where can Ii see list of those fields? Any URL? – Sharen Eayrs Sep 24 '15 at 12:29
  • All International transfers happen via SWIFT. The message used between banks is SWIFT - MT 103 standards. You can search for this. The SWIFT Manual is paid service, you can find various implementations by Banks for free. – Dheer Sep 24 '15 at 14:03
  • Choicebank used to use bank of america. Why not using it now? Why pick a bank that requires complicated transfer instruction? Why not pick a bank where people can wire money easily? – Sharen Eayrs Sep 24 '15 at 20:30

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