With this article, you will be able to send an international wire transfer.
Sections in this article
Navigating to the international wire payment
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Select the Payments tab, once signed in on your desktop.
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In the upper right corner, click New Payment.
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You will see the options to select the recipient and payment method.
- Select the payee. If you have configured the international wire details previously, you can skip to the Entering payment details section. If not, you can create a new payee or update the payment information for an existing payee.
Creating a new payee
A payee can be any other stakeholder to whom you are trying to send a payment. For example a vendor, a contractor, or a personal account of yours to which you wish to send funds.
If you haven’t yet created the payee, click on New Payee and follow the brief steps in this article to do so: Adding and deleting a payee.
Initiate an international wire transfer to an unverified payee
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If the payee does not have international wire details configured, scroll down to the section labelled 5. Recipient Details.
- You can enter the details for a payee by selecting Enter payment details manually.
- Select the country, and the remaining international wire details will appear.
- Depending on the receiving country and bank, there may be a few additional fields with other required information.
- Type and confirm the IBAN number of the receiving account.
- Type the SWIFT code (or BIC) for the receiving financial institution.
Entering payment details and currency exchange
- Select the amount you would like to send.
- Choose which currency the payee will receive the payment in. A second bar will appear.
- Type in the amount that the recipient will receive. The exchange rate will calculate how much will be taken from your account in USD to complete the payment.
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- The exchange rate is calculated based on a live rate, and will refresh every 60 seconds. You may notice the amount reloading periodically, which is normal.
- The exact exchange rate will appear in the bottom right corner.
- The currencies available are based on the most common destinations for international wires sent from Relay. We will be expanding this in the future.
Complete an international wire payment
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Review the payment information, and click Initiate Payment when you are ready.
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Click Done to return to your payment dashboard.
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Optional: Click Print to download a copy of your payment.
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Next, an email will be sent to the email address associated with your account, with confirmation details of your international wire transfer.
Frequently Ask Questions (FAQs)
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How long will the wire transfer take? International wire transfers take 24 business hours to be sent from your Relay account and will take 5-6 business days for the funds to arrive (if it is sent before the cutoff time).
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What’s the cost of an international wire transfer? Please refer to this pricing page (https://relayfi.com/pricing) for further details on outgoing wire fees for Relay Standard and Relay Pro.
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When is the cut-off time for International wire transfers? The cut-off time for international wires is 9:00 AM PST. Wires sent after the cut-off time will be delayed by an additional business day.
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What is a SWIFT number? SWIFT is an identification number for the financial institution. It is not for an individual business or account.
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What currency can I send my international wire in? Currently, international wires can be sent in United States Dollar (USD), Canadian Dollar (CAD), Mexican Peso (MXN), Great Britain Pounds Sterling (GBP), Euro (EUR), Australian Dollar (AUD) and New Zealand Dollar (NZD). We will be expanding this in the future.
- What should I include in my payment memo or the reason for payment field? As mentioned earlier in the article, transactions may cancel if an insufficient reason for payment is provided. To prevent this from occurring, we recommend adding detailed information to your reason for payment regarding what type of service was provided and any other specific indicators, such as an invoice number. Here's an example of a detailed payment memo: "This payment is for contract services provided by Website Designer LLC regarding front-end website development, and domain registration, the invoice number is 123456."
Questions? Get in touch with our Support Team at support@relayfi.com or 1 (888) 205-9304.