Payment Requirements
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International Wire Auto FX
International Wire (Intl. Wire) Auto FX payments are used to move funds across the globe.
The source currency can be in any of the supported currencies. However, the destination currency must be in the destination country's local currency or USD only.
For NetSuite users, the Entity Bank Details bundle is required to process International Wires payments through the plugin.
Please include the following required information for all payments to avoid potential delays or returns.
- The Entity's full name, address, and phone number, are expected to be populated on the Vendor record.
- If the beneficiary is an individual, avoid use of initials in Vendor's name to help avoid processing delays.
- PO box numbers are not accepted.
- The Vendor, Bill and Entity Bank Account Address (stored in the FISPAN Bank Details bundle) must have the destination country accurately listed. If an entity has multiple bank accounts stored, then the address of the Bill must match the Destination Bank Account country.
- The Name and Address of the Destination Bank should be entered onto the Bank Account record.
- The Currency of the Bill and Destination Bank Account must be in USD or the destination country's local currency. The Method of storage must be “International” within the Bank Details record, where applicable.
Below are some key terms to make navigating the instructions and set-up for International Wire payments easier!
- International Bank Account Number (IBAN): is a standard international numbering system developed to identify an individual’s account at a financial institution. The structure consists of a two-letter country code, followed by two digits and up to 30 alphanumeric characters.
- SWIFT/BIC code: Bank Identifier Code (BIC): also referred to as a SWIFT code consists of 8 (primary) to 11 (primary and branch code) alphanumeric and is used as a unique identifier for financial institutions. Please note: If a BIC is not known, the full name and address of the bank should be provided.
- Ensure the Vendor Bank Details are configured correctly and the desired currency is selected. "International" method must be selected for AutoFX payments.
2. After all vendor bank details are saved. Navigate to the "Vendor Bills" page and select "Intl. Wire" as the payment method.
Updated 29 Aug 2024
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