International Wire transfer to CL and "full names"

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mem
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International Wire transfer to CL and "full names"

Post by mem » Tue May 29, 2018 6:59 pm

As many of you are aware, Chile likes to use the fully exhaustive legal name on accounts, where as in the US the middle name is rarely used unless you specifically want to and first names such as Bart versus Bartholomew are commonly used across the gamut, drivers licenses, bank accounts, etc

I am planning to wire transfer some money from my US brokerage account to my CL current account


The name on my US account is: Bill Davis

The name on my CL account is: Billy Smith Davis

(Names changed for anonymity)

My US institution wants me to snail mail forms to the US if the "name does not match on the destination account" for the wire transfer, versus a simple somewhat instant online wire transfer if the names match.

So I would like to just do the wire transfer to my CL account using "Bill Davis"...

Any experience with this? Will a Chilean bank typically reject the incoming wire transfer for the difference between Bill Davis and Billy Smith Davis assuming the account numbers and everything else matches?

thisisreallycomplicated
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Re: International Wire transfer to CL and "full names"

Post by thisisreallycomplicated » Wed May 30, 2018 1:22 am

I don't have an answer. But thanks for asking, because I hadn't thought of that. And I'm looking into opening an account to do the same thing.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

jehturner
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Re: International Wire transfer to CL and "full names"

Post by jehturner » Wed May 30, 2018 10:00 am

It seems unlikely that they will refuse to process it. I very rarely do this nowadays, but I've found a record of a fairly large transfer that I received ~10 years ago, when buying the house, where my middle names were abbreviated as initials. That took a long time to arrive, probably because of the amount, but it was not sent back (nor have I ever heard of such a thing). Presumably what matters is the name of the beneficiary, not the sender, but I think you're concerned that the US bank expects those to be identical (it seems doubtful that they really mean identical but I don't have first-hand experience with that). The Chilean bank might ask you where the money came from though.

When I used to receive regular SWIFT transfers from my employer, I don't think those can have been in my full name, because databases in the US seem to be incapable of using 2 middle names for some reason...

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nwdiver
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Re: International Wire transfer to CL and "full names"

Post by nwdiver » Wed May 30, 2018 3:02 pm

It's been an issue with my son, but worked out in Chile......for me I learned a long time ago first and last name only when asked foe middle name I say I don't have one.....same deal everywhere in the world.....
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thisisreallycomplicated
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Re: International Wire transfer to CL and "full names"

Post by thisisreallycomplicated » Wed May 30, 2018 10:41 pm

nwdiver wrote:
Wed May 30, 2018 3:02 pm
It's been an issue with my son, but worked out in Chile......
Do you mean your son wired from a non-Chilean account to a Chilean account, where the names didn't match exactly, but it still worked out ok? But in countries other than Chile, it's been a problem?
nwdiver wrote:
Wed May 30, 2018 3:02 pm
for me I learned a long time ago first and last name only when asked foe middle name I say I don't have one.....same deal everywhere in the world.....
What would you do if your non-Chilean account (the account you plan to wire from) has a middle name on it already, and it's too late to change it? Would you open your account in Chile with or without your middle name? I was going to include my middle name, but now I'm not so sure.
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jehturner
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Re: International Wire transfer to CL and "full names"

Post by jehturner » Thu May 31, 2018 10:14 am

I think the Chilean bank is going to open your account in whatever name is on your cedula, whether you write your middle name on the form or not.

thisisreallycomplicated
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Re: International Wire transfer to CL and "full names"

Post by thisisreallycomplicated » Thu May 31, 2018 1:13 pm

jehturner wrote:
Thu May 31, 2018 10:14 am
I think the Chilean bank is going to open your account in whatever name is on your cedula, whether you write your middle name on the form or not.
Good point. I might have better luck trying to update one of my other accounts. Thanks.
“Now it’s conspiracy – they’ve made that something that should not even be entertained for a minute, that powerful people might get together and have a plan. Doesn’t happen, you’re a kook, you’re a conspiracy buff!” – George Carlin

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Re: International Wire transfer to CL and "full names"

Post by admin » Fri Jun 01, 2018 10:20 am

Jist wired from an account with my middle initial, to my account with my full name. No problem.

The account number and correct swift code, is the important thing. Probably a good idea to include your RUT number in the wire instructions too (i did not).
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mem
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Re: International Wire transfer to CL and "full names"

Post by mem » Fri Jun 01, 2018 9:10 pm

I might try that...banco estado atm withdrawl fee just went up to 4900 pesos from 4000.

jehturner
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Re: International Wire transfer to CL and "full names"

Post by jehturner » Fri Jun 01, 2018 11:41 pm

That's horrendous. I've never payed that much anywhere in the World! (As well as a security problem, forcing people to walk around with wads of cash.)

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rust
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Re: International Wire transfer to CL and "full names"

Post by rust » Sun Jun 24, 2018 3:39 pm

mem wrote:
Fri Jun 01, 2018 9:10 pm
I might try that...banco estado atm withdrawl fee just went up to 4900 pesos from 4000.
Lucky me. I have a Canadian Scotiabank account for gummint stuff and people who give/send money via Canada (like Google and Paypal). When it take it out at the local Sco-Cha branch at the ATM, no fees whatsoever. I had problems with my card last year and could only withdraw using a BancoEstado ATM, 4 lucas fee, AND a charge to Scotia account for a foreign ATM. OUCH. But that's another story.
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