Banks that accept incoming wire transfers with mismatched beneficiary name

[j1mesb0nd]

I'm planning to receive wire transfers to a bank that accepts incoming wire transfers with mismatched beneficiary name. The main reason for this is I don't want to reveal my name or my LLC name. Do you know any bank that doesn't have problems with that? The wire transfers are coming from a trusted big corps so it's not individuals who are sending.

 

[Sols]

Every bank's system has some sort of automatic control to see if stated beneficiary name‌ matches actual beneficiary name. If it's a SWIFT transfer, they also match stated beneficiary address‍ vs. actual beneficiary address.

They might let a couple of them slide at first but⁠ eventually someone will ask. And if they don't like your answer, you won't like what⁤ happens next.

I've seen some banks reject beneficiary mismatched transactions right away, either holding the⁣ funds or sending them back.

 

[j1mesb0nd]

Interesting, I tried Wise and it instantly rejected the transfer and sent it back. Thought‌ mismatched name was a common practice and there are no problems with it.

 

[dirtyharry]

No, as sols said, sometimes it works but most often it does not.

 

[Clank]

it happened to me twice with large amounts and no questions were asked. US bank‌ and Singapore bank.

 

[j1mesb0nd]

What banks if you can mention them?‍

 

[Sols]

Mismatches are common and if the mismatch is still similar enough‍ ("John Smith" vs "Jon Smith" vs "Smith, John") or happens infrequently on an otherwise well⁠ established and trusted account, most banks just let it slide. Or maybe they just miss⁤ it/make a mistake. But it's always caught and logged in some system somewhere.

 

[Burak]

Not a bank but it worked on Zen.com account, was able to transfer from Payoneer‌ Business with completely different name.

 

[j1mesb0nd]

So you entered the receiver‍ name when you made the transfer on Payoneer a different name than the receiving Zen.com⁠ account? Did they ask you any question?

 

[Burak]

Yes, Payoneer was business account with company name. Zen was personal account, they‍ did not ask any question but I think Payoneer also sent with SEPA, maybe that⁠ makes any difference.

Very interesting, it shows my company name on transaction statement at Zen⁤ account.

 

[j1mesb0nd]

Yeah, I will try them. Also it doesn't really have to⁤ be a bank, an EMI can work with me.

 

[daniels27]

It depends on the country.

In most places it may work for small amounts better‌ than large ones.

You best go to Germany, as they are known not to check‍ at all.

https://www.bafin.de/SharedDocs/FAQs/DE/Verbraucher/Bank/Zahlungsverkehr/04a_datenpruefung.html

 

[meir13]

Was it SEPA payment with value under 15K?

 

[Burak]

Yes

 

[meir13]

There used to be SEPA rule, you can make SEPA payment under 15K or 12.5K‌ using IBAN only. No need to put down receiving party name. Not sure if that‍ is still in force.

 

[j1mesb0nd]

When was the last time you've⁠ seen it in force? Would be interesting to know if it's still up.

 

[dirtyharry]

It is not working any longer,⁠ you must state the name.

 

[daniels27]

I don't think this was ever⁠ the case on cross-border payments.

Again, please use DE-IBANs for receiving. They are known for⁤ consistently not checking the name and I can personally confirm this.

 

[12345]

Bunq, Wise, N26 accept with different name without problems, the amounts tested were a few‌ thousand euro

 

[j1mesb0nd]

Wise instantly rejected the transfer with the different‍ name.