ACTA successful with IATA BSP wire transfer issue

Following successful negotiations with IATA, ACTA has advised members of the following statement from IATA related to new fees incurred during wire transfers of BSP remittance and settlement process:

“To all BSP Canada Agents,

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. 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.

We greatly appreciate your patience with this urgent matter.”

“To reverse the $15 charge and ensure you are compensated for any fees already incurred due to BSP wire transfers is a big win for our members,” said ACTA president David McCaig (pictured). “Some of our members have been able to negotiate a waiver of the $15 fee with their bank and mitigated the problem immediately, which will avoid any further fees being charged,” he continued, adding “however if you do not have a waiver agreement with your bank, keep track of the fees incurred and IATA will offer compensation by the end of May 2014 at the latest.”