Wire Transfer FAQs | Business Access
What is the SWIFT code?
A SWIFT code — sometimes also called a BIC number — is a standard format for Business Identifier Codes (BIC). It’s used to identify banks and financial institutions globally. It says who and where they are — a sort of international bank code or ID. These codes are used when transferring money between banks, in particular for international wire transfers. Banks also use these codes to exchange messages between each other.
How do I make a wire transfer?
You can usually initiate a bank-to-bank wire transfer in person at your bank or financial instruction’s local branch or through your online bank account. To initiate a wire transfer through Busey’s online banking system, you must be a Business Access customer. You’ll usually need to provide the recipient’s full name, contact information, and bank account details such as routing and transfer numbers.
How long does a wire transfer take?
Domestic wire transfers are often processed within 24 hours while international wire transfers can take between 1-5 business days. Wire transfer times may also vary depending on designated cut-off times, federal regulations, as well as weekends and bank holidays. Since wire transfers do not require bank account holds, they may be completed quickly, but this can vary depending on processing and cut-off times. Cut-off times are designated by banks, credit unions, and wire transfer services so be sure to confirm this information when processing a transfer that is timely or urgent.
What information do I need to send a wire?
- Sender’s valid government-issued photo ID or driver’s license
- Sender’s full name and contact information
- Sender’s bank account and transit number
- Recipient’s full name and contact information
- Recipient’s bank account information and transit number
- Recipient’s ABA routing number
How can I keep my money safe when wiring funds?
To avoid falling victim to wire transfer scams, never provide your bank account details to unfamiliar or suspicious individuals. You should also avoid wiring money to people or businesses that you are unfamiliar with, especially if you have been asked to do so by suspicious phone calls or emails.
Can I send money internationally using a wire transfer?
Yes, International bank transfers may require additional information, may take a few days longer to complete than domestic transfers, and may require a higher wire transfer fee. Please keep in mind that the receiving bank may also charge a processing fee for wire transfers. Contact the receiving bank to get current fee information.
What steps do I need to take when wiring funds to a vendor?
Validate vendor information with a phone call to ensure that you are sending the money to a trusted source.