Purpose
This How-To guide provides detailed instructions on how to create and manage international wire payees.
Business Wires Payee International
A wire transfer is an electronic transfer of funds via the Federal Reserve. Wire transfers are sent by one bank and received by another bank. An international wire transfer allows funds to be sent to other countries in U.S. currency and foreign currency electronically. Only single wires can be international.
Payees must be set up before a wire transfer can be transmitted.
Accessing Wire Payees
To access Wire Payees:
- Log in to the Business Portal: Enter the User ID and Password, then select the Log In button.
- When prompted, complete the multifactor authentication steps.
- Select the Wires tab, then select Wire Payees from the menu.
- The Wire Payees homepage displays.
Existing Payees will be displayed; If no Payees exist, this view will be blank.
Adding New Payees
- Select the Add Payee button on the Wire Payees homepage.
- On the Payee Details view, select International.
- Enter the payee details in the Payee Information section.
The payee is the person that will receive the funds.
Complete the following fields:
- Nickname – choose any name.
- Payee Name – recipient of the funds
- Account Number – the Payee account number where the funds will be deposited
- Confirm Account Number
- Address Type – Foreign
- Address Line 1 – payee address
- City
- State or Province
- Postal Code
- Country
- Enter the payee financial institution details in the Payee Financial Institution section.
Complete the following fields:
- Institution Number Type – select dropdown and select BIC.
- Institution Name – if the institution is already setup in the system, the name will display as the customer enter it in the field.
- Institution Number – Input the SWIFT BIC for the Payee bank, click on the bank name with the correct SWIFT BIC for the payee institution and the name will auto populate
- Country
- Address Line 1
- City
- State or Province
- Postal Code
- Message to Beneficiary – message to the beneficiary, as applicable
- Check the This payee requires intermediary financial institution details checkbox in the Intermediary Financial Institution section, if applicable. This field is optional.
An intermediary financial institution is an entity that acts as the intermediary between two parties in a financial transaction.
If the checkbox is selected, you will be required to enter the institution number type, institution name, institution number, address, city, state or province, postal code and country.
- Select the Save button.
- A confirmation displays indicating the payee was added.
Editing Wire Payees
To edit a Wire Payee:
- Identify the desired payee on the Wire Payees homepage, then select the Edit (pencil) icon.
- The Payee Details view displays.
Make the necessary changes to any of the fields, then select the Save button to save the user changes.
- A confirmation displays indicating the payee was updated.
Deleting Wire Payees
To delete a Wire Payee:
- Identify the desired payee on the Wire Payees homepage, then select the Delete (trash can) icon.
- A pop-up displays to confirm the delete request.
Select OK to delete the payee.
- A confirmation displays indicating the payee was deleted.
