I have been receiving USD Inward Telegraphic Transfers every month through UOB Singapore’s account with Citibank / HSBC. Do I still need to inform the remitter to change the agent bank for UOB Singapore to Bank of New York?

Yes, you will need to inform the remitter or remitting bank to route the payment through The Bank of New York immediately. Otherwise, these payments may be rejected by Citibank / HSBC by Q2 2017. Please refer to question (2) for the payment instructions to be provided.

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