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International Banking:

Frequently Asked Questions



Read the most common questions we get from our customers about International Banking.

Q. Does Rockland Trust have a SWIFT address and if so, what is it?
A. Rockland Trust SWIFT address is RTCOUS33

Q. What is a SWIFT code and when do I need to provide it for a wire?
A. SWIFT code is a standard format of a bank identifier and it is a unique identification for a specific bank. These codes are used when transferring money between banks and particularly for international wire transfers. A SWIFT code consists of 8 to 11 characters

Q. Should I send an international wire in U.S. dollars or foreign currency?
A. If you receive an invoice or bill in foreign currency, you should pay it in foreign currency.  At Rockland Trust, it is cheaper to send a wire in foreign currency and typically, it arrives at the beneficiary's account quicker and with less or no fees taken out.  Rockland Trust will provide you with the USD equivalent when processing a foreign currency wire.

If you typically send wires to an international location in USD and are interested in discussing the benefits of wiring in foreign currency, please contact Kim McKenna, Director of Foreign Exchange at Kim.McKenna@RocklandTrust.com or call her at 781.982.6465.

Q. What information is needed when processing an international wire?
A. Click here to read the instructions to process a wire

Q. What is the exchange rate for a wire in foreign currency?
A. Currency markets trade every second of every weekday.  If you are processing a wire today and want to know the exchange rate, please speak to a branch representative or call our wire room at 781-982-6888.

Q. I looked up an exchange rate on the internet.  Why can't I use that rate for my wire or foreign currency purchase/sale?
A. The rates on the internet can be old and static and not reflect where the market is trading.  In addition, most rates found on the internet are for Inter-Bank transactions typically in the size of $1MM or more.  Our exchange rates for wires and foreign currency are very competitive.  Please speak with a branch representative or the wire room at 781-982-6888.

Q. What is an IBAN and when do I need to provide it for a wire?
A. IBAN stands for International Bank Account Number.  IBANs were introduced to standardize the identification of bank accounts internationally.  All countries under the European Union use IBANs.  More countries are adopting IBANs.  When possible, provide the IBAN for a more accurate wire transfer settlement.

Q. Do I need to provide a correspondent bank for my USD international wire?
A. You don't need to provide a correspondent bank but if you can, it routes the wire properly and avoids delays and additional correspondent bank fees.

For more info contact: Kim McKenna, Director of Foreign Exchange
                                    781.982.6465 or Kim.McKenna@RocklandTrust.com

 

Customer Service:



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