This article will walk through how to send and add a payee in the European Union (EU) using the Local Network.
A payee can be any other stakeholder to whom you are trying to send funds (e.g., a vendor, employee, contractor, or a personal account of yours to which you wish to send funds).
If you are looking to send an international wire to the EU using the Swift Network, please see: Sending an international wire through the Swift Network.
How to add a payee in the EU through the Local Network:
- Sign in to your Relay account.
- Navigate to the Payments tab, then select Payees from the drop-down menu.
- Click New Payee at the top-right corner of your screen.
- In the pop-up modal, fill in the necessary payee information (nickname, email address [optional], account classification, and default memo).
- Select the payee's payment method in this case, you will select International Wire (Local Network). Additional payment methods can be added later.
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Fields will prompt you to enter the payee's account information. Since the payee is from EU, the required information will be:
- Payee’s full name
- Company name (if applicable)
- Payee address
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IBAN
- Please be sure to confirm these details with the payee directly, to ensure that payments are sent to the right account.
- If you've entered your payee's email address, you can also opt to send a request to the payee to enter their account details themselves. For more information on this, please see Requesting payment information from payees.
- When finished, click Create Payee. You can now send payments to your payee.
What is an IBAN?
An International Bank Account Number (IBAN) is the account number that's most commonly used for international wires. This number is comprised of up to 34 letters and numbers that help banks process international transfers. The specific format of an IBAN may vary by country; however, each set of characters represents a different detail for your payee's bank account.
An IBAN can be directly obtained from your payee, and will also consist of a country code, check digits, a bank code, a branch code, and an account number.
Please note: not all countries use an IBAN; if the receiving country does not require an IBAN, they will be able to provide an alternate account number in its place. See a full list of the countries that require an IBAN here.
Please note:
- Your Payee's Recipient Address for Domestic and International Wires must be a valid physical address and cannot be a PO Box.
- You can also create a payee while sending a payment. When sending a payment following the steps outlined in the articles linked above, the first step is selecting your payee. You can also create a new payee during this step if you haven't added your payee to Relay yet.
- At this time, the ability to create payees and send international wires through the Local Network is not available on the mobile app.