Godamnit my bank is bloody stupid !
They are saying again something about the Morgan Chase account being an intermediary bank... WTH is an intermediary bank
I gave them both accounts and they cannot do a simple wire transfert outside Europe !!!
Crypto is faster and simpler !
US Banks use ABA numbers to route transactions between banks within the USA.
Internationally banks use SWIFT numbers to transfer money between banks. (Society for Worldwide Interbank Financial Telecommunication) There are about 11,000 SWIFT member banks (with accounts).
The annual fees to maintain a SWIFT account are fairly high so US banks do not maintain SWIFT accounts unless they have a lot of International business.
So smaller US banks will partner with a larger Intermediary bank (like Morgan Chase) to send or receive international wire transfers. The Intermediary bank is a middleman and takes a fee to receive money from a SWIFT account and transfer the money to the correct ABA account.
I receive a lot of wire transfer payments in my business so I maintain an account with a US bank that has SWIFT membership so no Intermediary bank is required in my case.
Good luck with your transfer.
