Create International Wire Payment

The Create International Wire Payment page is used to create an international wire payment.

Payment and Routing Information

In the preceding example, "Standard rate" is selected for the Credit Currency option. If "Contract rate" is selected instead, some additional fields appear, as illustrated in the next example.

The Payment Information section defines general payment details.

Debit Account: The account from which the payment is made
Amount: Amount that will be deposited into the destination account

Amount Type

Indicates whether the amount is a credit or debit

Note: This setting decides the value amount to be debited from the customer's account or the amount credited to the beneficiary account.

Example: If you select a debit account in USD and select Credit for the Amount Type, then enter the amount of 50 with a Credit currency of EUR, the beneficiary account will be credited with 50 EUR and the calculated amount (after rate conversion) will be debited in USD from the selected Debit account.

Alternatively, if you select a Debit account in USD and the Amount type Debit and enter the Amount 50, with the Credit currency of EUR. then the beneficiary account will be credited the calculated amount (after rate conversion) of 50 USD in Euros and this amount will be debited from the selected Debit account in USD.

Credit Currency

Currency of the payment

You can indicate the currency rate as either of the following:

Standard Rate – Select a currency from the list, and click Get Rate to obtain the current rate for that currency.
Contract Rate:
Contract Number – Enter a number to identify the transaction. You can use any number.

Contract Rate – Enter a rate to associate with this transaction. Note that the contract rate is not indicative. It represents the exact rate used to complete this transaction.

Note: The Contract Rate Type properties file setting specifies whether the contract rate is a direct rate (expressed as the home currency price of one unit of the foreign currency) or an indirect rate (expressed as the foreign currency price of one unit of the home currency).

Sender's Reference

Optional reference information for this payment

Details of Payment

Optional, additional information about the payment

Ordering Customer

The Ordering Customer section includes details about the party ordering the wire payment. You can add a recipient to a payment by selecting an existing recipient from a list or by creating a new one. After selecting or creating a recipient, you are returned to the main page for the payment and the recipient details are displayed.

Note: The availability of this function depends on the company’s configuration.

The Routing Information section includes optional information for routing the payment.

Note: An intermediary bank is used if the recipient's bank is not a member of the SWIFT payment network. An intermediary bank is a bank that is a member of the SWIFT network, has a valid SWIFT code, and has a relationship with the recipient's bank in order to facilitate the transfer of funds to the recipient.

Payment Schedule and Options

The Payment Schedule section enables you to schedule the payment to occur on a specific date and on a recurring basis.

Value Date

The date on which a wire transaction is settled by payment and delivery.

The value date can be entered by either of the following methods:

Manually enter the value date by typing it or selecting it using the calendar.
Automatically calculate the next available date by clicking Get Value Date. The system determines the date the beneficiary account will be credited.

The system checks the following conditions to determine whether an entered date should be allowed:

Non-processing days:
- The value date must be a business day for the bank. Note that the processing schedule may vary according to the payment type.
- For cross-border payments, the system checks whether a holiday calendar is defined for the destination country, and if present, prevents you from scheduling an effective date on a bank holiday. In addition, Saturday and Sunday are always non-processing days. If you are designated as a CSA, you can view the defined holidays. See View the Holiday Calendar for a Country.
If scheduled for today, the system verifies that the cutoff time has not passed.
Future-dating restrictions – The financial institution may restrict the number of days into the future that a payment can be scheduled.
Minimum lead time:
- Transactions must be scheduled either one or two days before the effective date, depending on whether the payment is a credit, debit, or mixed batch.

Payments may require one or more approvals and thus need additional time for processing.

Frequency

How often the payment should be made

If a single, non-recurring payment, select One Time Only.
If a recurring payment, select Recurring, and make a selection for each of these options:
- Recurring Schedule – Select a payment schedule from the list.
- Weekend/Holiday Schedule – For weekend or holiday payments, select either previous day or next processing.
- Number of Payments – Select one of the payment options.
- See also About Recurring Payments

The Options section includes settings that affect how the payment will be processed and available to other users.

Field / Option	Description
Send to Receiver Information	Standard codes that identify sender to receiver information After you select a check box to add this information, a drop-down list and a text field appear. You can select a code from the list or enter text in the field or you can enter the code in the field followed by optional text. You can add multiple codes, but enter an individual code only once. Regardless of how you enter the information, the format of the text field must be as follows: /<CODE>/<additional information>/ where <CODE> is one of the following: /CHEQUE/ /PHON/ /PHONBEN/ /ACC/ /REC/ // (Continuation Text) Examples: If /PHONBEN/ is used, this tells the receiving bank (or recipient bank) to use the provided phone number to call the recipient and inform them of the arrival of funds. If /CHEQUE/ is used, this tells the receiving bank to cut a check (or draft) and mail to the recipient rather than putting the funds directly into an account.
Charges	Indicates which party to the wire is responsible for paying any related fees Options are as follows: Shared – The fees are shared between the originator and the receiver. Normally, the originating bank charges the sender a fee, and the rest of the fees are charged to the wire recipient. Ours – The originator of the wire pays all fees. Banks that process the wire send their fees back to the originating bank for payment rather than deducting from the amount of the wire. Recipient – The receiver of the wire pays all related fees. Each bank that processes the wire deducts their fee from the principal amount of the wire before passing to the next bank
Workflow:  Save as template	This option saves the completed transfer instructions as a template, which is useful if you regularly make the same type of transfer. If you select this option and click Continue, a page appears where you can define template details.
Workflow:  Approve on Submit	The payment receives one of its required approvals upon submission. If only one approval is required, the payment is sent for processing. If more than one approval is required, the payment is placed on the Pending Payments list to await the additional approvals by other users.