bank query

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deepak (Querist)
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14 June 2009 we purchase cycle parts from china we send the payment by bank but there was mistake in the name of beneficary to whom we send the payment. the account no and swift code is proper but the beneficary name is incorrect anybody tells me how can i rectify this error so the party can collect his payment

M Prabhakar Menon

M Prabhakar Menon (Expert)
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14 June 2009 The purpose of the Account Number is to identify the account to which the payment is to be made ,if the name of the account holder does not match with the Account Number given by you then necessary clarification should be sought by your banker, Alternately get a payment confirmation fron your overseas supplier.

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