Online Wire Transfers

 

Frequently Asked Questions

What is a wire Transfer?

A wire transfer is an electronic payment service for transferring funds by wire through for example, SWIFT, The Federal Reserve Wire Network or the Clearing House Interbank payments Systems.

How do I send an online wire?

To send a wire in Online Banking, you’ll need our Online Wire Transfer Module. Visit your nearest branch to complete an application. Once complete, simply log in to Online Banking and select the Wire Transfer tab under Business Services. Then you can send money to your own accounts, to another individual or business.

How much money can I send with SESLOC Business Online Banking?

For your security, we restrict the amount of money you can send to recipients. Your limits are shown under the Company Policy and User Roles (if different then the business).

What is the cut-off time to send a wire online?

Online wires are typically sent the same business day if it is submitted by 1:00 p.m. PT for domestic and international wires. Otherwise, it will be sent the next business day.

How soon can an international recipient receive the funds from a wire transfer?

If you are transferring funds to an international account, your account will be debited the same day and SESLOC will send the payment out immediately. The beneficiary's bank will generally receive the funds one to two days later. The funds will usually be credited to the beneficiary within two days. However, there are a number of factors which could delay the credit to the beneficiary. These include, but are not limited to: local bank holidays, delays by an intermediary bank or other local conditions. Note, too, that some countries have been designated as slow-to-pay countries. Transfers made to or from a slow-to-pay country may experience delays in crediting the beneficiary's account.

What happens if I submit a wire transfer over the weekend or on a holiday?

SESLOC will process the wire transfer on the next business day following the weekend or holiday.

Can a wire be canceled?

An online wire that has a status of “scheduled” may be canceled. Wires initiated prior to cutoff at 1:00 p.m. during normal business hours generally start processing immediately and cannot be canceled.

Customers may cancel by selecting the “cancel” option within Online Banking under the Online Activity Center or by calling the SESLOC at (805) 543-1816.

What is a routing number?

A routing number is a 9-digit numeric code used to identify financial institution in the United States. SESLOC Federal Credit Union’s routing number is 322282713.

What is a Swift Code?      

Society for Worldwide Interbank Financial Telecommunication (Swift) Code is a unique Bank Identifier Code comprised of eight to eleven characters that identifies the beneficiary financial institution used primarily internationally.

What is an IBAN number?

The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across national borders. The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe.

Does SELSOC have an IBAN number?

The United States does not currently participate in IBAN. Therefore, SESLOC does not have an IBAN number.

How should I obtain the IBAN numbers of another bank?

To obtain the IBAN numbers of another bank, please visit that bank’s website or contact them directly.

What information do I need to complete a domestic wire through Online Banking?

  • Beneficiary’s Name and Address (if sending more than $3,000)

  • Beneficiary’s Account Number

  • Additional wiring instructions

  • Receiving Financial Institution Name and Address

  • Routing Number/ABA

    • A unique 9-digit number to identify Financial Institution in the U.S.

  • Intermediary Bank Name and Routing number

    • A Financial Institution that provides services on behalf of another in order to credit the beneficiary‘s Financial Institution.

  • Purpose of Wire

What information do I need to complete an international wire through Online Banking?

  • Beneficiary’s Name and Address

  • Beneficiary’s Account Number

  • Receiving Financial Institution Name and Address

  • Purpose of Wire

  • SWIFT/BIC Code (8-11 characters that identifies international financial Institution)

    • Wires to all European countries, Israel, and some other countries require an IBAN (International Bank Account Number)

    • Wires to Canada require a 9-digit Transit Code

    • Wires to Australia, New Zealand, and South Africa require a 6-digit Routing/Bank Code

    • Wires to India may use an 11-digit IFSC Code (Alpha-Numeric)

    • Wires to Mexico require an 18-digit CLABE number

Is there an extra layer of security surrounding wire transfers?

Each time you approve or release a wire transfer, you will be asked for a 6-digit security code.  Without this code, the request will not be processed. For added security, this code automatically changes every 30 seconds. A new code is required for each transaction.

 

 

  1. 1
  2. 3
  3. 2
  4. 4
  5. 5
  1. 1
  2. 3
  3. 2
  4. 4
  5. 5