If your organization regularly conducts both domestic and international wire transfers, odds are you are paying a premium for that service with your current bank. But at Amplify Credit Union, online wire transfers are always covered as part of our signature fee-free commercial banking services. In this article, we will discuss how to add wire transfer services to your account, as well as what organizations would benefit most from this tool.

Key Takeaways:

• Wire transfers allow for the safe and convenient transfer of funds through our commercial banking platform.
• Business and nonprofit members can conduct domestic and international wire transfers with a fee-free business account.
• The cut-off time for online wire transfers is 2:00 PM CT.
• Use our scheduler tool to book a virtual appointment with a commercial banker and adding positive pay to your organization.

What are online wire transfers?

Online wire origination allows businesses to initiate domestic and international wire transfers securely and conveniently through our commercial banking platform. Instead of visiting a branch or submitting paper forms, businesses can electronically submit wire transfer requests from their computer or mobile device.

Here are some additional details about online wire transfers:

• Pre-approval is required for online wires.
• Dual control is recommended which means two separate platform users to process a wire. One person will create the transaction and a second person will need to approve it.
• You can authorize anyone to be a user on your commercial banking platform and grant them as little or as much access as you need.
• USD is the only currency available for online wires.
• International wires must have a SWIFT code provided and a US intermediary bank.
• Cut-off time is 2PM CT. If the wire is submitted before the cut-off, funds will be sent the same business day.
• Call backs are required for all online banking wires.

To learn more about wire transfer requirements, use our scheduler tool to book a virtual appointment with a commercial banker.

How do online wire transfers work?

Before your business or nonprofit can benefit from online wire transfers, you will need to follow the steps below to add wire services to your account.

• Setup. Commercial banking will schedule a discovery call with you to establish your specific needs. There are agreements to sign and possibly some business documents you will be asked to provide. Approval will be obtained. Typical time from start to finish is 3-5 business days.
• Enable wire transfers in our commercial banking platform. Our team will turn the access on in your platform and provide training on the new screens.
• Set up the payees or recipients. The business will need to obtain the wire instructions from their payee/recipient. Each payee or recipient will need to be added to the commercial banking platform with the wire instructions provided.

Once you have the payee information set up in our platform, you can initiate a wire transfer in two simple steps.

• A designated person at your business will draft the wire. A secondary person will approve the transaction. On the effective date of the wire, the approver will be required to confirm the wire over the phone with Amplify.
• Amplify will process the information so the wire is sent on the effective date selected.

To discuss how to add online wire transfers to your account, use our scheduler tool to book a virtual appointment with a commercial banker.

What are the benefits of online wire transfers?

Adding wire transfers to our commercial banking platform can make a significant difference for your business or nonprofit.

• Faster fund transfers. Funds are transferred securely and quickly, often on the same day.
• Convenience. The ability to schedule recurring wires, or a single wire in advance for better time management.
• Administrative reporting. Detailed reporting options are available to help streamline accounting.
• User-friendly interface. Embedded within our commercial banking platform, there is not a new system for you to learn, just new functionality we can turn on.
• Internal controls. We require separation of duties to reduce internal fraud which is configured within our platform. This is not always possible when writing checks.

To learn more about the benefits of online wire transfers, use our scheduler tool to book a virtual appointment with a commercial banker.

Are online wire transfers a good fit for your business?

Businesses or nonprofits that can answer yes to the following questions should consider adding wire transfers to your organization's account.

• Does your business require real-time funds transfers for urgent payments or transactions?
• Does your business send more than two wires a month?
• Does your business send wires to the same person/business on a regular basis?

To learn more about wire transfer requirements, use our scheduler tool to book a virtual appointment with a commercial banker.