Wire Requirements
FedWire, or domestic US Wires, are payments used to move funds within the US. All transfers must be in USD.
FedWire payments will be received by your bank about 20 minutes after they're released from the TD M-secure browser.
For NetSuite users, the Entity Bank Details bundle is required to process FedWire payments through the plugin.
NOTE: Please submit your Wire transfers by 5:00 PM EST to ensure they meet the final batch deadline. Wire transfers received after 5:00 PM EST will be processed the following day.
Key Terms
Below are some key terms to help you navigate the instructions and setup for FedWire payments more easily.
Term | Definition |
|---|---|
SWIFT/BIC Code | A Bank Identifier Code (BIC), also known as a SWIFT code, is an 8-to-11-character alphanumeric code that uniquely identifies financial institutions. Note: If the BIC is unavailable, you must provide the bank's full name and address instead. |
Vendor Record & Bill Requirements
To prevent payment delays or returns, all payments are required to have the following three requirements:
Vendor Record
The Entity's full name, address, and phone number must be accurately populated on the Vendor record.
Billing Address and Location
The Entity and Bill (if applicable) Billing Addresses must be located in the country of destination and must match the country specified in the Entity Bank Details record.
Currency
The currency for the Vendor Bill must be in USD.
Payment Requirements
Payment Context
- Swift BIC Country Code: US
- Method: Domestic
- Country: United States
- Currency: USD
Requirements
The payer's address details, like Address Line 1, City, State, Postal Code, and Country, are mandatory.
Routing Number is mandatory.
Account Number is mandatory.
Receiving Bank Name is mandatory.
Payer Account Number must be between 6 and 10 digits.
Destination Account Number can be up to 12 digits.
Beneficiary's Address (Address Line 1, Postal Code, City, Province) in the Wire payment is mandatory as per the latest ISO rules.