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money wiring to Bhutan via US bank

New Brunswick, New...
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money wiring to Bhutan via US bank

To wire money to Bhutan National Bank via an US bank. In my case, Citi Bank. So exactly how to do it? The tour company in Bhutan gave me a sheet with account no, ABA no, beneficiary etc), so just show it to my bank, they should know what to do?

Since the money is sent to an US bank and I am in US, is it considered as domestic wiring? Could I physically go to Citibank in NY and write a personal check or give them a casher’s check, so that I don’t have to pay the wiring fee? Of course it might not be worth the trip to NY just for that, but is it how things work?

Amsterdam, Holland
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1. Re: money wiring to Bhutan via US bank

Yes, that's how it works. Your bank should know what to answer you.

My first payment was new to my bank, but with writing exactly the details I got from my tour operator, the money arrived in the right place.

Have a great trip.

MaineUSA
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2. Re: money wiring to Bhutan via US bank

As Bhutan Traveller has noted above - your bank will know what to do. We've had to do this for both our Bhutan and Tibet trips and all went smoothly.

Washington DC...
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3. Re: money wiring to Bhutan via US bank

Your bank should certainly know what to do. If you bank online you might even be able to just initiate the wire from your computer. But if you're not sure what you're doing a visit to the branch is a good idea.

I did my transfers from TD Bank. The staff who handled it for me didn't seem to have much experience with wire transfers. But in the end the money got to where it needed to go. My transfers had to go to my tour company's account at Bhutan National Bank. So on it's way through NYC Citibank took a $20 cut for themselves to probably not really do anything. Between TD's $45 wire transfer fee and then the Citibank/Standard Chartered cut it was a relatively expensive transaction.

Just make sure you double check that the data they enter is the same as what's on the sheet you got from your tour company. The form they fill all the data into can be a little confusing for everyone.

New Brunswick, New...
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4. Re: money wiring to Bhutan via US bank

Thank you all for the information and advices. I am still a bit confused that if my bank (in US) will be doing an interntional transfer. They just send money to another US bank (Citi), not actully to Bhutan National Bank in Bhutan. And Citi bank is not passing money to Bhutan either, since Bhutan Bank has an account with Citi. So the money stays in US, maybe later Bhutan Bank gets money from many travelers out of US as a lump sum.

But anyway, all I need to do is talking to my bank, I don't need to contact Citi, right? And to gleennaa11, are you saying that you paid $20+$45 for the wiring?

Amsterdam, Holland
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5. Re: money wiring to Bhutan via US bank

You have only contact with your bank, which will transfer the money via Citibank to the bank of Bhutan. Yes, this extra 'person' inbetween costs some 25$ on top op the sum your touroperator mentioned. It should be separate on your invoice. And when your tour operator will send you a mail that the money arrived, he also should mention how much actually was taken by the Citibank. This can 20-40$, I have no idea why this sum and why it changes, maybe according to the weather??

Toronto, Canada
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6. Re: money wiring to Bhutan via US bank

The staff at my bank (TD in Toronto) were a bit dumbfounded. Had certainly never heard of Bhutan.

They called the manager over, who sat down with me, and very patronizingly asked me if I was responding to a solicitation on the internet for funds, i.e., had I won a lottery and needed to pay a "collection" fee. I know, they're just doing their jobs - didn't bother me at all, but was quite funny.

New Brunswick, New...
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7. Re: money wiring to Bhutan via US bank

My bank said they need street address for Bhutan National Bank, since they are the account holder. I didn't have it, so I will get back with that later. My bank told me it is going to be a domestic wiring, since the money goes to citibank, which is also in US. If that is true, I could save $10 or so. How citi passes money to Bhutan bank, it should be none of my bussiness, right? Citibank will not call me for additional charge. The tour company will get less, since bhutan bank takes a cut, I guess tour company accepts that, or they will as me to pay that fee on top of the tour cost. If somebody wires money to my bank for me, my bank will charge me a fee, it is called in coming charge. I have to accept it.

I went to Bhutan National Bank's website, they seem to do in coming international wiring. So why do those tour companies all want us wire money to citibank? Our banks can do out going international wiring and pass money to Bhutan Bank in Bhutan directly. Why do they need citibank in between?

afghanistan
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8. Re: money wiring to Bhutan via US bank

One more important suggestion, if you are using Internet Banking make sure you fill the CORRESPONDENCE Bank part as below. Just the 2 lines,and no need to give any further details in Correspondence.

Wire method: SWIFT

SWIFT CODE: CITIUS33

Internet banking is very convenient and fast as long as you put the FINAL beneficiary information correctly as sent by your agent.

Washington DC...
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9. Re: money wiring to Bhutan via US bank

The street address thing threw my bank a bit too. All we had were P.O. Boxes for both Bhutan National Bank and the tour company. But it worked fine.

Yes, I paid $45 to TD Bank for their wire fee and then Citibank took a $20 cut that I didn't know about at first. I actually wired the money in two parts, half when I first made all of the plans and then the rest a few weeks ago. So I actually paid the fees twice.

San Francisco
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10. Re: money wiring to Bhutan via US bank

When you wire money to Bhutan via a domestic US bank, it is still considered an international wire. You should also check on the wire fees as these can be costly - $25 to $50, and your operator in Bhutan should receive the amount on the invoice. Regardless of whether you pay by personal check or cashier's check, you need to check on the wire fees. Please ask your Bhutan operator how much their bank charges to be sure.

Good luck!