What is a Wire?
Wires are one of the most effective and quickest ways to move money electronically from one entity to another.
Sometimes, customers need to send money somewhere fast. In these scenarios, Wires transfers are typically the way to go. They cost a bit more and take more effort than other methods of sending money, but you'll have peace of mind that your payment is moving on one of the most secure and fastest rails out there.
There are two main types of wire transfers: domestic and international. Plastiq Connect currently supports domestic wires in the United States. Domestic wire transfers generally get processed the same day the wire goes out.
Sometimes banks charge a surcharge fee to process wires on behalf of their customers. Plastiq does not have control of the fees assessed by the receiving bank and we recommend your customer is aware that the Recipient may be charged a fee if wishing to send a Payment via Wire.
Wire as a Receiving Method
In Plastiq Connect, Wire-funded Recipients can be created by designating the
Wire. This informs Plastiq Connect to fulfill Payments to the Recipient as same-day wire transfers.
Similar to ACH, in order to ensure that your customer's Payment to a Wire-funded Recipient is successful, make sure the
beneficiaryName is the name on the Recipient's bank account.
Due to the high sensitivity nature of Wire transfers, Wires are occasionally subject to higher levels of scrutiny by bank participants and will sometimes be returned if the Payer's Payment instructions do not closely match the Recipient's funding information.
Plastiq Connect recommends customers are aware of the importance of providing high fidelity Payment instructions.
A routing number is a unique, nine-digit number that functions as an address for your bank. It is used for electronic Payments such as funds transfers, direct deposits, and digital checks, etc.
However, be aware that banks may have more than one routing number, and more often than not, routing numbers that process ACH payments do not process Wire payments, and vice-versa.
When finding the Wire routing number to set up your Recipient, please ensure that the routing number accepts Wire transactions. As an additional precaution, Plastiq Connect will validate that the wire routing number you've provided is valid for use and will provide you feedback if we deem that the funding instructions you've provided are invalid.
Tip: Dealing with Wire-Only Routing Numbers
In the instance that we deem your funding instruction as invalid, we recommend you reach out to your Recipient to verify that the routing number accepts Wires. Alternatively, you can check https://www.frbservices.org/resources/routing-number-directory to see if the bank's routing number is a Fedwire participant.
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Updated over 1 year ago