I am curious if other FI's ask for the purpose when sending wire transfers? If so, do you have it set to just ask if it is personal or business-related, or do you have a fill in the blank response. Do you differentiate between domestic and foreign wires?
We started asking for the purpose of the wire about a year ago for all foreign wire transfers with a fill in the blank response. We recently received feedback from a banker's association that they typically see FI's only ask if it is for personal or business. We may be impacted by FATCA for foreign wires so trying to get a better understanding of what others are doing. Thanks.