How to send and receive a wire payment or wire transfer - Banking in the World

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How to send and receive a wire payment or wire transfer

Sending wire payments
When you ask the Bank to send a wire payment, they will ask you for the full name, address and account number of both you and the recipient (also called a beneficiary) of the wire payment.

The information you provide will be shared with third parties to the extent necessary to process the payment. This includes sharing with the recipient’s bank, any intermedia y financial institutions involved in processing the payment and, where required by law, to authorities in the country, such as the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and in other applicable jurisdictions.

If you choose not to include an account number for the recipient or if either your address or the recipient’s address is a P.O. Box, depending on the receiving and/or intermediary bank’s policies, the wire payment could be delayed or  rejected. Also, some banks will not process wire payments if the spelling of the name you’ve provided does not exactly match the spelling used on the recipient’s bank account.
Therefore, it is always a good idea to confirm with the recipient or their bank before sending the funds.

In some cases, the receiving or intermediary bank may ask the sending Bank to provide the reason you’re making the wire payment. If the Bank need to contact you later to get this additional information, it could result in delays.

Many countries have adopted a standardized account numbering system to increase processing efficiency. One of the most popular systems is the International Bank Account  Number (IBAN). While this system was originally adopted for use within the European Union, it is now being widely used by countries outside that area, so you should check before sending the funds or additional charges may apply.

If you need to send or receive money quickly and safely, a wire payment (also called a wire transfer) can be the most reliable option.

When you send or receive a wire payment, it must include certain information to satisfy our internal compliance requirements. This includes regulatory requirements under anti-money laundering and anti-terrorist financing laws and regulations that are applicable to all financial institutions. This information will also assist Bank in ensuring that your payment is processed efficiently and accurately. Where information is missing or incorrect, additional fees may be charged to you or deducted from the principal amount of the wire payment.

Today, most wire payments are processed by financial institutions globally using a secure system managed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

To send funds, you need to provide the following information:

Your complete name and address
Your transit number if available.
Your account number account being used to fund the wire payment
The recipient’s complete name and address
The recipient’s complete bank name, address and SWIFT Bank Identifier Code (BIC), if available
The recipient’s complete bank account number, along with their branch or transit and national sort code number where the funds are to be deposited, and that branch’s phone number
The recipient’s International Bank Account Number (IBAN), if sending to a participating country
The recipient’s Clave Bancaria Estandarizada (CLABE) or Standardized Bank Code, if sending to Mexico

Receiving wire payments
When a wire payment is received for you, we will need the payment instructions to contain the full name, address and account number of both you and the sender of the wire payment.
The information provided by the sender will be used to the extent necessary to process the payment.

If your sender chooses not to include an account number for you or if either your address or the sender’s address is a P.O. Box, depending on the sending and/or intermediary bank’s policies, the wire payment could be delayed or rejected.

To receive funds, you need to provide the following information to the sender:
Your complete name and address
Your transit numbe
Your account number Bank account being used to receive the wire payment
Your bank name as “XXXXXX Bank name”
Your complete bank branch address
The Bank SWIFT BIC as “BICSWIFTXXXXXXXXXXXXX”

Wire payments to Canada can be processed more efficiently when a properly formatted Canadian sort code is included.
The nine-digit Canadian sort code can be determined by combining the standard Canadian routing code, the financial institution number and the transit number where  the receiving account is held. It’s important to confirm what your correct transit is because transits or branches can  sometimes be merged or closed, which can cause confusion.

 
 
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