What is an International Payment? An International Payment, also called an International Wire Transfer or Remittance, is an electronic transfer of funds to another country.
How do I request an International Payment? Visit your nearest branch location and request an international payment. You will need to have an account with the Bank. The Bank will need to obtain proper identification from you prior to initiating your transfer. This may include but may not be limited to a valid form of identification.
What information is needed for an international payment?
Basically bank will request the name, address and account number of the beneficiary along with the beneficiary bank name, address and routing information including the SWIFT BIC (bank identifier code). For European payments, an IBAN is required.
How to send and receive a wire payment or wire transfer
For full Information needed for an Outgoing Wire Transfer Request and Type of Charges when we use Wire Transfer service (our cost, share cost, etc)
What is an IBAN?
An IBAN is an International Bank Account Number which is standardized across European Union country borders and is used for routing payments among European banks. All European banks require an IBAN in order to make an electronic payment to a customer.
When can I request an International Payment?
The bank processes International Payment requests Monday through Friday, 8:30 AM to 5 PM, Eastern Time.
Should I send an International Payment in U.S. dollars or foreign currency? It is generally best to send local currency. If you send U.S. dollars to a foreign country and the recipient of the wire transfer does not have a U.S. dollar account at their bank, their bank will convert the U.S. dollars that you send into the local currency and credit your recipient’s account. This means that you cannot ensure the exact amount that your recipient will receive because foreign exchange rates continually change. If you choose to send the payment in U.S. dollars, you must provide the name of the U.S.-based bank that accepts transfers on behalf of the beneficiary’s foreign bank.
How do I obtain the required information for an international payment? The best way to obtain the necessary information to make an international payment is directly from the beneficiary. It is very important to have accurate information since incomplete or inaccurate instructions can cause processing delays and extra charges for the beneficiary.
What fees are assessed for an International Payment? In addition to the wire fees charged by the Bank (see the current Personal or Business Fee Schedule), any bank involved in processing an international payment may assess usual and customary fees. As a result, the beneficiary may receive an amount less than the requested transfer amount due to these fees.
