Wires and Foreign Drafts

Using Electronic Transmission
Electronic payments, commonly referred to as wire transfers or telegraphic transfers (TTs), are a fast way to transfer funds. Just as domestic wire transfers are transmitted through the Federal Reserve System, international wire transfers are transmitted through the Society for Worldwide Interbank Financial Telecommunication, or SWIFT. Instructions are sent via SWIFT to pay a bank for ultimate credit to the beneficiary (recipient).

It's important to remember that electronic payments are not instantaneous. The beneficiary will most often receive payment within 2-4 business days from the execution date. However, the speed of execution of an international wire transfer depends on several factors:

		The currency being transferred
		The receiving bank's procedures (such as cutoff times, currency conversion policy, the number of banks involved, etc.)
		The sophistication of the payment system in the receiving country

Wire Transfers
To complete a wire transfer, the details of the recipient's bank and account number are essential. Complete and precise wiring instructions are very critical to the successful completion of an international wire transfer. After a wire has been executed, it can be very costly and time-consuming to retrieve and reroute the funds. Wire transfers may be executed in approximately 50 currencies.

Drafts
Foreign currency drafts are also available through our International Banking Department. Similar to cashier's checks, in the sense that they are prepaid, drafts are an alternative means of payment used when payment must be accompanied by an invoice or letter, or you lack the banking information necessary to complete a wire transfer. Drafts are drawn in the local currency of the country of payment and on accounts at banks located in that country. They are much more readily accepted and converted than checks drawn from your business or personal account. The following information is required when placing a draft order:

		Name of receiver - "Pay To The Order Of"
		Type of currency and amount of draft
		Name of sender

Unlike wire transfer payments, stop payments may be placed on a draft. Drafts are available in approximately 20 currencies.

If you have any questions, please feel free to contact the International Banking Department at 1-866-524-8836 (Mon-Fri 8:00am - 4:30pm CST).