How do I understand this wire instruction?
Choicebank requires all money to go to an intermediary bank
www.choicebankltd.com/file/2015/09/Wire-Instructions-NCB-09032015.pdf
Their instruction is VERY CONFUSING
What is field 56a field 57a?
So, DE62 1003 0600 0200 2316 73 is choice bank bank account number at North Channel Bank?
What is the role of DZ Bank?
And what is receiver correspondent?
There are basically 4 banks here
Choice Bank, North Channel Bank, DZ Bank, and Deutsche Bank Trust Company Americas
Should I uses all 4 banks? Which one is the intermediary bank?
Why is it that complicated?
Is choicebank in belize a legit bank? Why do they have to pick some strange bank as intermediary bank?
It seems that their intermediary bank has their own intermediary bank or something like that?
Should I open another belize bank?
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You haven't mentioned form where you are transferring the Money. Choice Bank seems legitimate.
In international Wire transfer to a small country, there can be as many as 6 banks involved in the transaction. In transfer to well banked countries it would be just 2 or typically 3 to 4.
So for country like Belize it is normal to have the details mentioned.
Field 59a is Beneficiary Account and Name
Field 57a is where the account is held
Field 56 is Intermediate Bank
As Choice Bank is small, they are holding an Bank Account with "North Channel Bank, Germany". The field 59a is beneficiary Account Details. Ideally in large Banks, you would have the actual Beneficiary Account. This is now being presented in Field 70 of the SWIFT message.
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