An international bank transfer may pass through a bank that is neither the sender’s bank nor the recipient’s bank. That bank might appear in your receiving instructions as an intermediary bank or correspondent bank. Knowing when to enter its details—and when to leave them out—can help you avoid routing mistakes when sending or receiving money across borders.
What is an intermediary or correspondent bank?
A correspondent bank provides banking services to another bank, sometimes by holding an account for that bank and processing payments on its behalf. An intermediary bank describes a bank’s role in a particular transfer: it sits somewhere between the sending bank and the beneficiary bank, which serves the recipient. A correspondent bank can act as an intermediary, but the terms are not interchangeable in every context.
Banks may use an intermediary when they do not have a direct relationship through which to settle a payment. A route can involve more than one intermediary. Swift can carry payment messages between banks, but it does not itself hold or settle the money; the banks make the account movements. The path taken by a payment message also need not be identical to the path through which banks settle the funds.
What do intermediary-bank details look like?
There is no single number called an “intermediary bank code.” Receiving instructions may give the intermediary’s name, location and BIC (often called a SWIFT code). Depending on the route, they may also include an account number held by the beneficiary bank at the intermediary, sometimes described as a correspondent account or an account for further credit. Follow the receiving bank’s labels rather than trying to infer which number belongs in which field.
A BIC has eight characters, with an optional three-character branch identifier. The following is an obviously fictional, non-operational format illustration, not payment instructions:
- Intermediary bank: Example Fictional Correspondent Bank
- Intermediary BIC: FICTZZ00XXX (illustration only)
- Account held at intermediary: EXAMPLE-ACCOUNT-NOT-VALID
- Beneficiary bank: Example Receiving Bank
- Beneficiary account: The real recipient’s account details, obtained separately
Do not enter these examples in a transfer. Real instructions may use different labels or omit some fields. An intermediary’s account number, if supplied, is not a substitute for the recipient’s own account number or IBAN.
How are these details different from other transfer identifiers?
| Detail | What it identifies or does | What to check |
|---|---|---|
| Intermediary-bank BIC | Identifies a bank specified as part of the payment route. | Use it only if the receiving instructions call for that intermediary. |
| Beneficiary-bank BIC | Identifies the bank serving the recipient. | Do not replace it with the intermediary’s BIC. |
| IBAN or beneficiary account number | Identifies the recipient’s account; IBAN formats depend on the country. | Use the account format the receiving bank specifies. |
| Domestic routing number | Identifies a bank within a domestic payment system. | Do not assume domestic-wire instructions apply to an international transfer. |
| UETR or payment reference | Helps identify a transfer after it has been sent. | Keep it for a status inquiry; it is not an intermediary-bank code. |
For example, do not assume a U.S. recipient needs an IBAN. A receiving bank may instead specify the recipient’s account number and its BIC for an international transfer, while providing a different routing number for domestic wires. Ask for instructions for the actual destination account and payment currency.
Where can you find the correct intermediary instructions?
Start with the receiving bank’s official international incoming-transfer instructions for the specific account and currency. The recipient can request these from their bank or find them in that bank’s account documents or authenticated banking service. If the payment is to a business, ask it to provide its bank-issued receiving instructions rather than relying only on an invoice that may not show the full route.
Check that the instructions distinguish the intermediary bank from the beneficiary bank and the final beneficiary. Some banks provide different correspondent details for different currencies. If two documents conflict, or an emailed change to bank details seems unexpected, verify it with the recipient and receiving bank through a trusted channel before sending. Do not choose an intermediary from an online list merely because it handles the same currency.
When is an intermediary needed—and when is it not?
Enter intermediary details when the receiving bank’s instructions for this account and currency require them and the transfer form provides a place to enter them. They are particularly relevant where the beneficiary bank relies on another bank for settlement. Even if an intermediary participates behind the scenes, the sender may not need to supply its details: the payment provider and banks may determine the route themselves.
If the receiving instructions do not specify an intermediary, do not add one to a blank optional field. Likewise, a mobile-wallet or cash-pickup payout does not call for you to invent beneficiary-bank or correspondent-bank information. Use the recipient and payout details requested for the method you have selected. If instructions require an intermediary but the form has no suitable field, contact the transfer provider before confirming rather than placing the BIC in an unrelated account or reference field.
How do you use these instructions with Coinepay Global Remittance?
- Collect the receiving instructions. For a bank deposit, ask the recipient for their bank’s instructions for their account and the payment currency. Confirm the recipient’s real name and account details, the beneficiary bank and any required intermediary.
- Set up the transfer. In the Coinepay dashboard or mobile app, choose the destination and available payout method, then enter the recipient details requested on screen. Coinepay supports bank account deposit, mobile wallets and cash pickup, subject to availability and local requirements.
- Check the routing fields. If the flow asks for intermediary-bank details and the receiving instructions supply them, copy them into the corresponding fields. Do not put the intermediary’s BIC where the beneficiary bank’s BIC belongs. If you cannot tell how the instructions map to the form, contact Coinepay support before confirming.
- Review and track. Review the recipient, payout method and any bank details, along with the exchange rate and fees shown before you confirm. After sending, use Coinepay’s transfer status tracking and retain the payment reference for any inquiry.
Individuals and businesses can use Coinepay Global Remittance for cross-border transfers. Transfers are subject to identity verification, sanctions screening and local regulations; Coinepay may request documents about the transfer’s purpose or source of funds. Coinepay does not serve sanctioned persons or residents of jurisdictions under comprehensive sanctions, and transfers are not available to jurisdictions under comprehensive sanctions, such as Cuba, Iran, North Korea, Syria and the occupied regions of Ukraine.
What if the intermediary details are wrong?
Common mistakes include using the intermediary BIC as the beneficiary-bank BIC, copying instructions for the wrong currency, omitting a required correspondent account, or confusing the bank’s account at an intermediary with the recipient’s account. A mismatched recipient name, incorrect account number or missing country-specific information—such as a required payment purpose—can also cause a transfer to be rejected or returned.
Incorrect routing information can delay a payment, lead to a return or require an investigation. A returned amount may differ from the amount sent because banks along the route can apply charges or currency conversion. Do not resend immediately with guessed details: first check the transfer status and verify corrected instructions with the receiving bank. If you sent through Coinepay, give support the transfer reference and explain which field may be wrong. For a bank transfer that has gone missing, a UETR, if available, can help the sending provider identify it across the payment chain.
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FAQ
Are an intermediary bank and a correspondent bank the same thing?
Not exactly. A correspondent bank has a banking relationship with another bank; an intermediary bank is a bank used between the sending and beneficiary banks on a particular transfer. One bank can be both.
Should I fill in an optional intermediary-bank field?
Only if the receiving bank’s instructions for the specific account and currency provide intermediary details. Otherwise, do not guess.
Is an intermediary-bank BIC the recipient’s IBAN?
No. The BIC identifies a bank, while an IBAN identifies an account. Keep intermediary-bank details separate from the recipient’s account details.
What if Coinepay’s transfer form does not match my bank instructions?
Do not put details in unrelated fields. Contact Coinepay support with the receiving bank’s instructions before confirming the transfer.
Related guides
- Purpose of Remittance Codes in India: What They Are and How to Use Them
- SEPA Transfers: What It Is and How to Use It for Transfers
- Wire Transfer vs ACH: What’s the Difference for International Transfers?
- CNAPS Code: What It Is and How to Use It for Transfers
- Canadian Transit and Institution Number: What It Is and How to Use It
- BSB Number: How to Use It for International Transfers
