Biz OLB - Sending Wires

What Do I Need to Know About Online Wire Transfers?

Send payments electronically to consumers and businesses by setting up wires in Business Online Banking. To access this service, request an application for our Online Wire Transfer Module at the branch or by sending a Secure Message in Online Banking. Once the application is processed and the service is activated, this option will appear when you select Business Services from the Menu in Online Banking.

Here are answers to the most frequently asked questions about online wire transfers:

Is There a Limit to How Much I Can Wire?

For your security, we restrict the amount of money you can send to recipients. Your limits are shown under Company Policy and User Roles (if different then the business) in Online Banking under the Business Services selection in the menu.

What’s a Security Code?

Because wires can process immediately, you must confirm and approve your outgoing wire in Online Banking by inputting a 6-digit security code. Without this code, the request will not be processed. For added security, this code automatically changes every 30 seconds and a new code is required for each transaction.

What’s the Cut-Off Time to Send a Wire Online?

Online wires are typically sent the same business day if it is submitted by 1:00 p.m. (PST) for domestic and international wires. Otherwise, it will be sent the next business day.

When Does an International Recipient Receive Funds?

If you’re transferring funds to an international account, your account will be debited the same day and SESLOC will send the payment out immediately. The beneficiary’s bank will generally receive the funds 1-2 days later, and will typically credit to their account within 2 days. However, there are a number of factors which could delay the credit, such as: local bank holidays, delays by an intermediary bank, or other local conditions. Please note that some countries have been designated as slow-to-pay countries, which typically experience delays.

What Happens if I Submit a Wire Transfer on a Weekend or Holiday?

SESLOC will process the wire transfer on the following business day.

Can a Wire be Canceled?

An online wire that has a status of “scheduled” may be canceled. In Online Banking, select Online Activity Center from the menu to display your transactions, and select the Single Transactions tab. Click the Actions drop-down and select Cancel. You may also contact us at (805) 543-1816 for assistance.

Please note that wires initiated prior to cutoff at 1:00 p.m. (PST) during normal business hours generally start processing immediately and cannot be canceled.

What is a Routing Number?

A routing number, also known as ABA, is a 9-digit numeric code used to identify financial institutions in the United States.

SESLOC Federal Credit Union’s routing number is 322282713.

What is a Swift Code?      

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication, and is also known as a  Bank Identifier Code, or BIC. This unique 8-10 digit numeric code identifies the beneficiary’s financial institution, acting like an international routing number.

SESLOC does not have a SWIFT Code, as the United States does not currently participate in the program.

What is an IBAN number?

IBAN stands for International Bank Account Number, and is the standard for identifying bank accounts across international borders. An IBAN can be up to 27 alphanumeric characters if the account is located within Europe, and a maximum of 34 if located elsewhere. Not every country utilizes IBAN. The United States does not currently participate, so SESLOC does not have an IBAN number. Some countries may use an equivalent system, such as Transit Codes for Canadian accounts.

If you’re sending an international wire, contact the bank to obtain their IBAN or equivalent.

What is an Intermediary Bank?

An Intermediary Bank is a financial institution that provides services on behalf of another in order to credit the beneficiary’s Financial Institution.

What Information Do I Need to Complete a Domestic Wire?

  • Beneficiary’s Name and Address (if sending more than $3,000)
  • Beneficiary’s Account Number
  • Additional wiring instructions
  • Receiving Financial Institution Name and Address
  • Routing Number
  • Intermediary Bank Name and Routing number
  • Purpose of Wire

What Information Do I Need to Complete an International Wire?

  • Beneficiary’s Name and Address
  • Beneficiary’s Account Number
  • Receiving Financial Institution Name and Address
  • Purpose of Wire
  • SWIFT Code
  • IBAN or equivalent:
    • All of Europe, Israel, and some others: IBAN
    • Canada: 9-digit Transit Code
    • Australia, New Zealand, and South Africa: 6-digit Routing/Bank Code
    • India: 11-digit IFSC Code (Alpha-Numeric)
    • Mexico: 18-digit CLABE number

 

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