Table of Contents

Online Glossary

Commercial > Wire Transfer

• Page Review: Making Wire Transfers
• When will my account be debited to fund this wire transfer?
• When will the beneficiary receive the payment?
• What if I pick a payment date that is a processing holiday?
• If I create a recurring transaction and one or more of the recurring payments are on a processing holiday, what happens?
• What if I don’t like the day to which the recurring transaction was moved?
• When might I need to use an intermediary financial institution?

Page Review: Making Wire Transfers

The Wire Transfer page provides an online template for creating individual wire transfer payments. A wire is an order to pay funds electronically, and is a more immediate payment instrument than an ACH transaction. Thus, wire transfers generally involve larger payments and/or a shorter payment schedule.

Creating a Wire Transfer request

1. Choose the recipient for the Wire Transfer request.
• Select a wire recipient from the list. If none are displayed, you have not saved any recipients or payments. Please see help on Managing Recipients and Managing Payment Templates.
• To edit or override the pre-populated recipient information simply type the new value into the boxes provided on the page.
• For free-form entry of a new recipient, choose the “No Recipient” option in the list and manually enter the pertinent information. See help on Making Commercial Payments to learn the different ways to enter payment information.
2. If the transaction is to be made against a subsidiary company you have created, select the subsidiary from the "Pay From" drop-down menu. If no subsidiary is selected, the main company information will be used to make the payment. Also see help on managing subsidiary companies under Preferences>Subsidiaries
3. Choose the online account that the funds will be withdrawn/debited from for the payment.
4. Choose the effective date of the wire transfer.
5. Confirm the default amount or enter a new payment amount.
6. Enter a ‘Description’ that you will use to easily identify the payment within online banking. This description will not be sent to the beneficiary.
7. Enter the ‘Message to the Beneficiary’ text that will be used for the transaction. You can enter up to 140 characters for this description. This message will be sent to the beneficiary of the wire transfer.
8. If required, enter information for the ‘Intermediary Financial Institution’. An Intermediary Financial Institution may be required if the beneficiary’s financial institution is not a direct Fed Wire participating financial institution and cannot receive the wire transfer
9. If available, you can create a recurring payment by double-clicking on the ‘Enter Payment Frequency’ panel or single-clicking on the double-carat icon to the right of the panel and completing the recurring payment information. For help setting up a recurring transaction, see help on Creating Recurring Transactions.
10. Click ‘Continue’ to accept the details of the Wire Transfer. You will be directed to the Transaction Preview page where you can draft (save), approve or cancel the newly-submitted transaction.
    

Frequently Asked Questions: Making Wire Transfer Requests

Q: When will my account be debited to fund this payment?
A: Your account will be debited when we process the payment (the ‘Process On’ date) to meet your scheduled effective payment date. Wire transfer payments are same day effective payments; in other words, they are processed on the effective payment date.

Q: When will the beneficiary receive the payment?
A: As wire transfer payments are same day payments, your recipient should receive payment on the effective payment date.

Q: What if I pick a payment date that is a processing holiday?
A: Our system will not let you create a payment that is scheduled to process on a holiday. You will receive an error message and be instructed to enter a new effective date for the payment.

Q: If I create a recurring transaction and one or more of the recurring payments are on a processing holiday, what happens?
A: As explained above, you will not be able to schedule the initial payment of a recurring transaction on a processing holiday. However, if the recurring instances of the transaction happen to fall on a processing holiday, the system will move that individual instance of the payment forward or back one day, depending on the payment type, to a non-processing holiday. This will occur when the previous instance of the payment has been processed and the upcoming instance is scheduled. Additionally, the user will receive a secure message indicating that an instance of the recurring payment was moved to another processing day.

Q: What if I don’t like the day to which the recurring transaction was moved?
A: You can cancel the rescheduled instance of the transaction via Accounts>Online Activity and create a new transaction to replace that particular instance of the recurring transaction. All future instances of the recurring transaction will remain scheduled based on the initial transaction schedule.

Q: When might I use an Intermediary Financial Institution?
A: You may need to use an intermediary financial institution if your beneficiary’s financial institution is not a direct Fed Wire participant and cannot receive a wire transfer via the Fed Wire system.