Agents to be compensated for BSP wire transfer fee

Agents to be compensated for BSP wire transfer feeMONTREAL — Agents will be compensated for the transfer fees being charged by some banks as part of the BSP remittance and settlement processes, says IATA which has been in talks with ACTA.

“In December, as part of the standardization to of our remittance and settlement processes, IATA changed its clearing bank and the way transfer instructions were sent from our bank to beneficiary’s banks. After a few payment cycles, it was brought to our attention that some beneficiary banks may charge incoming transfer fee to their customers when receiving MT101,” said IATA in a letter to agents.

“We deeply apologize for the inconvenience and please rest assured that IATA has had no intention to create any unnecessary financial burden for Canada travel agents.

“Nevertheless, we are currently working on a technical solution to reverse the method of transfer to avoid the $15 charge. Based on the latest assessment of the necessary developments, the solution should be in place by end of May 2014 at the latest.

“In addition, we are working closely with ACTA on the logistics to put in place to compensate agents for the costs incurred.”

Get travel news right to your inbox!