Why an intermediary is involved
The sending and receiving banks need not have a direct relationship. Correspondent arrangements can provide an indirect route.
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A correspondent bank serves another bank
A correspondent holds another bank’s deposits and provides payment or other banking services to it.
If a transfer is delayed
FinFly recommends giving your bank the date, currency, amount and reference. Ask about its current stage and required documents. An intermediary’s presence alone does not prove the cause of a delay.
The amount received
Ask which charges are included and which may be separate. Confirm route-specific terms before promising a counterparty an exact net amount.
Method
Primary sources
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