Wire Transfers and Foreign Exchange 101

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Wire Transfers and Foreign Exchange101
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Fast Track
3
The Cycle
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Domestic Wire Transfers

• Name on account
• Bank name and address
• Account number
• Routing number

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IBAN

• Definition
• A international standard for identifying bank
  accounts across national borders.
• Used in European Union countries
• The IBAN is made up of the country code, bank
  code, sort code, and account number.
• For more information go to http//en.wikipedia.org
  /wiki/International_Bank_Account_Number

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CLABE

• Definition
• A CLABE is a banking standard for the numbering
  of bank accounts in Mexico.
• It has 18 digits
• For more information go to http//en.wikipedia.org
  /wiki/CLABE

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International Wire Transfers

• Name on account
• Bank name and address
• SWIFT or BIC
• 8 to 11 code with letters and numbers
• Account number/IBAN/CLABE
• Intermediary bank information (if applicable)
• Currency

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FX Facts

• BYU gets rates from 3-4 different vendors.

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FX Facts

• Your department will be charged for any fees
  incurred.
• The bank charges 75.00 for wire research.
• 15 may be added to your payment.

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Incoming Wire Payments

• Sender
• Bank wiring instructions
• Include reference number, invoice, contact, etc.
• Receiving Department
• Find out when you will be paid
• Amount
• GL to credit
• Contact Terry Freek with information before the
  transfer is made so that the funds are promptly
  credited to your account.