Wire Transfer is a fast and guaranteed means of electronically moving funds securely for same-day credit through payment networks for finality settlement and are non-revocable. The finality and non-revocability provides recipients settlement and immediate use of funds in order to release goods or provide services without concern for the funds to be recalled. These payments can be originated in USD or foreign currency depending on the currency needs of the beneficiary account.
Who can benefit from wires?
- Clients that would like to quickly and securely move funds through financial networks and/or banking relationships.
- Clients seeking non-revocable funds with immediate settlement.
- Clients needing to send large dollar amounts to support business and/or lending arrangements.
- Clients that need to send or receive cross-border payments in USD or foreign currency.
- Clients looking to reduce credit card chargeback and NSF activity.
Advantages of wires
- Ease of use – template creation for repetitive payments and online user profile management.
- Efficiency –an almost instantaneous way to send money.
- Security – the bank’s platform offers multiple layers of security with configurable user permissions and transfer limits. The Fedwire and Swift networks, by which funds are electronically transferred, have very stringent security protocols.
- Immediate Settlement – funds are available for use as soon as the recipient bank credits the recipient’s account.
- Final Payment – wire transfers provide finality of payment that cannot be debited from the recipient’s account without authorization unless fraud is involved.
- Currency – international wires can be originated in USD or foreign currency. Our platform provides clients with access to competitive exchange rates in real time for multiple currencies.
- Reporting – notification of payments sent or received can be provided online or via email for accurate record keeping.
Types of wires
- Domestic – beneficiary bank is within the United States.
- Funds settle almost immediately on the same business day.
- International – beneficiary bank is outside the United States.
- Funds in USD – settle same or next business day.
- Funds in FX – settle in two business days.
Origination of wires
Once you're enrolled, wires can be initiated...
- online as individual wires, or as batches of multiple wires.
- through file transmission as individual wires or as batches of multiple wires.
- in person at a financial center.
- via telephone with a PIN.
Fraud security: Blocking international wires
If your business initiates wires inside the U.S. only, you can mitigate the risk of an account takeover fraudulently originating wires and sending your funds to beneficiary banks outside the United States. Our International Wire Block automatically rejects all international wire transfers on your account regardless of the source (online, telephone, or via a financial center). All attempts are blocked and reported to you. There’s nothing more you have to do.
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