Remittence question


#1

when sending money to an account in !@#$ bank, Isn't it enough to give the account number, IBAN/Swift and bank address.

One of my friend's money was bounced back because there was mismatch in the account title and the beneficiery name, all other details (account number, bank etc) were correct, but the bank in pak refused to credit his account.

Which bank does not care about the account title (name),

also is it possible if someone wants to keep his account title not on his own name but something else?


#2

Ubl........


#3

[quote=", post:, topic:"]

when sending money to an account in !@#$ bank, Isn’t it enough to give the account number, IBAN/Swift and bank address.
[/quote]

A/C title is a must.

[quote=", post:, topic:"]
One of my friend’s money was bounced back because there was mismatch in the account title and the beneficiery name, all other details (account number, bank etc) were correct, but the bank in pak refused to credit his account.
[/quote]

Bank did what it should have. Any account is known by A/C title and A/C number, IBAN/SWIFT just tell which branch this account is in. Bank A/C numbers are not unique, so A/C title is always required.

[quote=", post:, topic:"]
Which bank does not care about the account title (name)
[/quote]

I am pretty sure no bank will accept any transaction with only the A/C number.

[quote=", post:, topic:"]
also is it possible if someone wants to keep his account title not on his own name but something else?
[/quote]

A company account is much similar… title is different, and account operator is a person.


#4

@Ammar,

Unfortunately it was UBL.

@Ijaz

Thanks for your reply. I believe Bank account numbers are unique (when written with branch code) inside the bank.

what about an online website (or company) account, can they open an account having title on website name and operator as a person (but not registered with fbr etc)?


#5

[quote=", post:, topic:"]

what about an online website (or company) account, can they open an account having title on website name and operator as a person (but not registered with fbr etc)?
[/quote]

Few years ago, opening a company bank account was just a matter of an napplication on company’s letter head, but now they ask for too many documents like company registration, memorandum of articles, deed of partnership if any, NTN, GST etc etc…


#6

Has anyone got experience of opening a bank account on the name of an online company (or website) for remittance purpose?

any bank that opens this kind of account with minimum hassle i.e. as online websites are not registered, no ntn, fbr etc (as they are already exempted from tax), so what documents can we provide to the bank for opening such an account


#7

I inquired about it once, polepar. The only way is to get your website name registered as a sole trader business and get an NTN. Only after that you will be able to open a business account on the name of the business/website. Remember, any website requiring transactions is a business in first place.

The alternative would be just to specify a personal account info for remittance and offer alternative payment methods like moneybookers, 2checkout (cc / paypal), plimus (cc / paypal).