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drodz

CMEG Funds Transfer

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I discovered that my bank does not allow international wire transfers. I'm not exactly sure whether I can wire to their US-based intermediary bank or whether I should just use a website like XE.com. XE allows a "notes" field and CMEG customer service mentioned to enter my CMEG account info there so they can identify the payment was from me.

Has anyone had to use one of these options (intermediary or transfer website)?

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6 hours ago, drodz said:

I discovered that my bank does not allow international wire transfers. I'm not exactly sure whether I can wire to their US-based intermediary bank or whether I should just use a website like XE.com. XE allows a "notes" field and CMEG customer service mentioned to enter my CMEG account info there so they can identify the payment was from me.

Has anyone had to use one of these options (intermediary or transfer website)?

Hi drodz, I had problems with my bank as well.

 

I used Travelex to send my money, I believe it's similar to XE. I had to fill a form. When I transfered, I tried using an intermediary bank and my transfer was rejected, so I sent it directly to their destination bank and it worked out.  Intermediary bank is not always necessary, it depends if the currency exchange/bank has direct access to the destination bank or not. You'll probably have to ask them if they can or cannot access CMEG's destination bank. In my case, I asked the exchange and they didn't know. So I tried with the intermediary bank first, didn't work out, then I sent it directly to the destination bank and it turned out fine.

 

In any case, when you're filling the form,  you always have to insert the destination bank information, even if you're using an intermediary bank. If you're using an intermediary and a destination bank, you have to fill the information for both; if you're NOT using an intermediary bank, just fill the information for the destination bank.

 

When I wire transfered, I typed into the notes field "for further benefit to" and inserted my name and CMEG account info. I'm not sure if XE is different than Travelex, though. Contact their support if you're not sure.

 

When I was speaking to CMEG about the wire transfer, they told me they accept XE Money Transfer, so using XE should also work.

 

Hope this helps you and that everything turns out fine.

 

 

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For some reason XE only allows money to be converted. Since I am based in the USA and CMEG requires USD, using XE is not possible. I decided to transfer to another account I have with a different bank and then wire from there. 

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