Wire Transfers Information and Requests
This document provides detailed instructions and forms for domestic and international wire transfers, including beneficiary information and bank details. It covers the process, required details, and steps for submitting a wire transfer request for both domestic and international transactions. Each section outlines the necessary information such as beneficiary names, account numbers, currency details, and bank routing numbers. Additionally, it includes guidelines for notifying recipients and obtaining acknowledgments once the transfer is processed.
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Presentation Transcript
Domestic and International Wire Transfers November 2014
Domestic Wire Transfers Beneficiary Info: MDRT WIRE TRANSFER REQUEST Date Submitted: Amount $ Currency Date Required: Amount: US Dollar amount you want sent. Account Number: Beneficiary: Name Currency: USD Member ID Address Account Number: Account code-where it should be charged. Bank Acct No. Beneficiary Name: EXACT name on the bank account. Do not use initials for names. e-Mail Address: Bank: Name Member ID: Only if it is a reimbursement for a member. Address Bank Acct #: Beneficiary bank account number. Routing Number E-mail Address: Person you want notified of the receipt of the funds. Requested By: Approved By: Description: A copy of the wire transfer acknowledgement will be provided once the transfer has been requested.
Domestic Wire Transfers Bank Info: MDRT WIRE TRANSFER REQUEST Name: Bank Name Date Submitted: Amount $ Currency Date Required: Address: Bank Address Account Number: Beneficiary: Name Routing Number: Routing or Federal ABA number of receiving bank. The routing number is 9 digits and identifies the bank. Member ID Address Requested by: Person requesting wire Bank Acct No. Approved by: The director that is being charged for the expense. e-Mail Address: Bank: Name Description: The verbiage you want put in the description of the wire so that the beneficiary knows what it is for. For example, an invoice number or contract number or meeting date. Address Routing Number The person requesting the wire is cc d on the e-mail sent to the beneficiary/vendor and is given a hard copy of the transaction report after the wire is issued. Requested By: Approved By: Description: A copy of the wire transfer acknowledgement will be provided once the transfer has been requested.
International Wire Transfers Beneficiary Info: MDRT INTERNATIONAL WIRE TRANSFER REQUEST Amount: The amount you want sent in foreign currency or USD currency to a foreign country. Date Submitted: Amount $ Currency Date Required: Beneficiary: Account Number: Currency: The type of currency you want it sent in. Name Member ID Account Number: Account code-where it should be charged. Address Bank Acct. No. Beneficiary Name: EXACT name on the bank account. e-Mail Address: Bank: Member ID: Only if it is a reimbursement for a member. Name Address Bank Acct #: Beneficiary bank account number. Swift Number: E-mail Address: Person you want notified of the receipt of the funds. IBAN or IFSC Number Requested By: Approved By: Description: A copy of the wire transfer acknowledgement will be provided once the transfer has been requested.
International Wire Transfers Bank Info: MDRT INTERNATIONAL WIRE TRANSFER REQUEST Name: Bank Name Date Submitted: Amount $ Currency Date Required: Address: Bank Address Beneficiary: Account Number: Name Swift BIC: Refers to the unique bank identifier code of a particular bank. They are used to ensure automated and accurate identification of financial institutions within payment systems when messages or money is transferred. Member ID Address Bank Acct. No. IBAN or IFSC No.: IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Hungary. IFSC No.: Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch. This number is required to send funds to India. e-Mail Address: Bank: Name Address Swift Number: IBAN or IFSC Number Requested By: Approved By: Description: A copy of the wire transfer acknowledgement will be provided once the transfer has been requested.
International Wire Transfers Bank Info: MDRT INTERNATIONAL WIRE TRANSFER REQUEST Requested by: Person requesting wire Date Submitted: Amount $ Currency Date Required: Approved by: The director that is being charged for the expense. Beneficiary: Account Number: Name Member ID Description: The verbiage you want put in the description of the wire so that the beneficiary knows what it is for. For example, an invoice number or contract number or meeting date. Address Bank Acct. No. The person requesting the wire is cc d on the e-mail sent to the beneficiary/vendor and is given a hard copy of the transaction report after the wire is issued. e-Mail Address: Bank: Name Address Swift Number: IBAN or IFSC Number Requested By: Approved By: Description: A copy of the wire transfer acknowledgement will be provided once the transfer has been requested.
FAQs What are the advantages of doing a domestic wire transfer vs. a printed check? Reliability & Speed: A domestic wire can be received the same day. For an international wire, usually the time is 2-4 days. The speed of the transfer is dependent on several factors: The currency exchange may sometimes slow down the transaction. Banking regulations like cut-off times could slow the transfer. The number of banks involved in the transfer can alter the time. The speed also depends on the banking system of the recipient country. Cost: The cost to issue a check can only be estimated. This would include the printing of the checks, postage, envelopes, mailing, the basic labor costs of processing etc. The cost for MDRT to send a wire is $9/$10 depending on the type of wire. The cost is not dependent upon the amount of the wire
FAQs When do I have to send a wire? When we are paying non US vendors such as MCI, hotel bills in foreign countries, interpretation or translation fees to vendors in foreign countries, consulting fees to foreign vendors. Reimbursing non US committee members for out of pocket expenses. Multiple currencies will be converted by Accounting. For an estimate of the expense, go to www.oanda.com which is an on-line currency converter and also shows historical exchange rates. Paying any vendor where a check in US funds cannot be deposited by them and mailing the physical check prohibits efficiency.
FAQs How can I send USD funds to a foreign country? When a payment is made in a currency that is different from the local currency the funds must go thru an intermediary bank. Intermediary banks are the mediator that stands between the sending bank and the receiving bank. To name a few correspondent banks, there is JP Morgan Chase, HSBC, Citibank, and Bank of America. When a transfer goes thru an intermediary bank there is an additional fee the bank takes which would reduce the amount the beneficiary receives.
FAQs Who pays the bank fees for a wire transfer? When we initiate a wire with our bank we need to indicate who should pick up the bank fees associated with that wire. The remitter can pay the fees or the fees can be shared between the remitter and beneficiary. It is MDRT s policy as the remitter to pay the fees. Be mindful though that when the wire has to go thru an intermediary or correspondent bank we cannot absorb those fees and that cost will reduce the amount of the funds received by the beneficiary.
FAQs What is the format of a Swift BIC number? (Society of Worldwide Interbank Financial Telecommunication) The BIC format contains a minimum of 8 and a maximum of 11 alphanumeric characters. Example: CHASUS33XXX The first four characters (CHAS) identify the bank. The 5th and 6th characters (US) identify the country in which the bank is located. The 7th and 8th characters (33) identify the city in which the bank is headquartered. The final 3 optional characters identify a specific branch to where the payment is to be routed.
FAQs What is the format of an IBAN number? The number comprises a maximum 34 alphanumerical characters, which are structured as follows: Two letters representing the home country of the account-holding bank (e.g. IE for Ireland). Two numbers that are a control key. Maximum of 30 alphanumeric characters that identify the bank and the ordinary account number.
