I am trying to IBAN money to someone in Germany and it says at the end that the swift / bic code is unsupported country.
The code itself is fine I checked it on a checker.
I think maybe the reason could be this:
It asks me do I want the type of international transfer: send inside Europe, or send outside Europe in the form.
I dont know which one to pick, Im not in Europe, but im sending to Europe. Maybe im supposed to pick send inside Europe?
Outrageous eh?
It's unbelievable that people are still forced to use a 40-year-old remittance system.
If there are alternatives available (Bitcoin & Paypal are just two of them) then people are not "forced" to use IBAN.
There are networks nowadays that can tx millions in value for a dollar or two. The tx is done in realtime where the receiver gets the funds as soon as the sender press the send button.
Yeah, like SWIFT. You do realise that the Australian NPP is a SWIFT platform right?
What is the S.W.I.F.T. code you are attempting to use?
What about an IBAN instead?
I thought it was IBAN but apparently on the app I have u can select between type: inside europe, and type: outside europe, inside europe doesnt make u enter in a swift code.
I would investigate using TransferWise before resorting to doing a SWIFT transfer. Chances are it will be considerably cheaper. The other surprise with SWIFT is sometimes the receiving bank takes out a hefty fee, too, without you ever being warned about it beforehand.
Agree. Transferwise is much better. If you transfer directly from your account not only will you at twice transfer fee on your own account but also the receiver will have some money taken due to the process of transfer which at the end could be a couple hundreds depends on the amount.
Well yes I agree but I thought I was using transfer wise. You see I have Up Bank and when u go click international transfer, it signs u up for a transfer wise account. But its on their app so I didnt even put in a password to make an account. So I cant go on their website now with that.
I found on the Up App if you select type: inside Europe (whatever that is meant to mean), it only makes you enter the IBAN and no swift code, instead of outside Europe.
And it worked I hope, I will wait for the seller to confirm.
I did find it was extremely cheap to pay them with this than paypal, paypal would have charged me 30+ dollars in converting fees to EUR with their shitty rate. On this, they gave me the exact actual rate on XE, and only charged 2.3 dollars fees.
If you've cooked your transferwise account try ofx.
It's unbelievable that people are still forced to use a 40-year-old remittance system. Swift is a dying dinosaur that takes days to clear. Its tx fee is a bloody ripoff with them charging both the sender and the receiver.
Their codes and numbers are designed to be anything but user friendly. The tx is cancelled if there is one wrong character. They also keep the tx fees.
There are networks nowadays that can tx millions in value for a dollar or two. The tx is done in realtime where the receiver gets the funds as soon as the sender press the send button.