Hi I am from Pakistan. I am doing online setting for direct bank transfer in plimus. My bank have all the detail like swift. Below there is a section of intermediary bank or correspondent bank details. What is that? Is it necessary to fill this please answer? Thanks WE
Intermediary banks are banks in the receiving/sending country that have an agreement with your bank or your receivers bank to aid and relay the transaction. Example: I am in Canada and if I expect a wire from the US, my Bank (TD Canada Trust) has an intermediary bank in the USA (Chase Manhattan) that actually receives the money (to expedite the process) and then forwards it to my bank. The best way to think about it is the intermediary bank and your bank have an agreement in place to make wires faster and easier.