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#1796469 - 03/20/13 12:32 PM Still offering Consumer International Wires?
lds1958 Offline
Platinum Poster
Joined: Oct 2006
Posts: 508
Is your bank going to continue to offer Consumer International Wire Transfers? If you are under the 100 wire how will you track them to make sure you don't cross over into forbidden territory?? whistle

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Remittance Transfer Rule
#1796531 - 03/20/13 02:31 PM Re: Still offering Consumer International Wires? lds1958
Compl101TX Offline
Gold Star
Compl101TX
Joined: Aug 2010
Posts: 378
W. TX
We do, and our wire template has Macros which automatically copy the wire instructions to an excel sheet, I sort by country and done.
I had in my calendar a note to count them in July because I know we won't exceed the 100 by then.
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#1797039 - 03/21/13 02:39 PM Re: Still offering Consumer International Wires? lds1958
tdogz Offline
100 Club
tdogz
Joined: May 2012
Posts: 229
We still offer them, but our foreign wire fee is high enough that consumers rarely send any.
I altered our wire forms to include a question that determines if the wire is considered a remittance transfer. I trained our front line personnel on how to complete the new question and created a spreadsheet that we use to track them. The back office personnel who key the wires on are supposed to enter any remittance transfers on the spreadsheet, then the person who checks the wire report the next morning verifies that they were entered correctly. It sounds like a lot of work when I write it out, but since it is spread across a lot of different employees the time added to each step is minimal.

Compl101's macro sounds nice, but IT told us that there is no way to automate the process using our wire system.

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#1797042 - 03/21/13 02:42 PM Re: Still offering Consumer International Wires? lds1958
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
We still offer them. I have it set up on my monitoring schedule to check in July as I know we won't exceed 100 by then. Last year we only did 20 consumer purpose international wires so I am not too concerned but will monitor.

I have updated our form to include type of remittance and purpose of transfer so we can determine if consumer or business purpose. When we key in the wire we also can key in consumer or business purpose and I pull reports based off of that criteria.

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#1798298 - 03/26/13 02:32 PM Re: Still offering Consumer International Wires? ahkcompliance
lds1958 Offline
Platinum Poster
Joined: Oct 2006
Posts: 508
My concern was that if other banks in our area decide not to offer that service any longer that our bank would get a lot of that traffic and therefore would drive up the number of transactions we have putting us over the 100 mark before we realize it.

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#1798307 - 03/26/13 02:52 PM Re: Still offering Consumer International Wires? lds1958
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,474
Midwest
We do not send international wire transfers for non-customers.

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