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Former Member

bank

hi,

may i know what is beneficiary bank and intermediary bank?

thanks

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    Former Member
    Oct 09, 2007 at 11:46 AM

    <b>Beneficiary's bank</b> means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order

    or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.

    <b>Beneficiary</b> means the person to be paid by the beneficiary's bank.

    <b>"Intermediary bank"</b> means a receiving bank other than the originator's bank or the beneficiary's bank.

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