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How to Complete an Outgoing Wire Transfer Request Outside Canada: A Step-by-Step Guide

Sending money internationally can be a straightforward process if you follow the correct steps and provide accurate information. This guide will walk you through completing an outgoing wire transfer request form for sending money outside Canada using Vancity's services. The instructions outlined here will help ensure that your transfer is processed quickly and without delays.

Step 1: Gather Necessary Information

Before you start filling out the form, make sure you have all the required details. This includes information about both the sender (you) and the beneficiary (the person or entity receiving the funds).

Step 2: Complete the Sender Information

1. First Name and Last Name: Enter your full name exactly as it appears on your bank account.
2. Relationship Number: This is your unique identifier with Vancity. If you're unsure what this number is, contact Vancity for assistance.
3. Wire Amount: Specify the amount you wish to send.
4. Wire Currency: Indicate the currency in which you want the wire to be sent. It is recommended to send funds in the beneficiary country’s currency to minimize currency risks and processing delays.

Step 3: Provide Beneficiary Information

1. Beneficiary Name: Enter the beneficiary’s name exactly as it appears on their bank account.
2. Address Details: Fill in the beneficiary’s complete physical address, including the apartment/unit number, street address, city/town, province/state, country, and postal/ZIP code.

Step 4: Fill in Beneficiary Bank Information

1. Beneficiary Bank Name: Enter the full name of the beneficiary’s bank.
2. Branch Information: Provide the branch number, address details including the apartment/unit number, street address, city/town, province/state, country, and postal/ZIP code.
3. Routing Code / SWIFT Code / BIC: Include the routing code, SWIFT code, or BIC, which are essential for international wire transfers.
4. Beneficiary Bank Account Number: Enter the beneficiary’s account number, which could be in the form of BNF, IBAN, or CLABE.
5. Purpose of the Wire / Memo: Specify the reason for the wire transfer. This can be a payment for services, purchase of goods, personal gift, etc.

Step 5: Enter Correspondent/Intermediary Bank Information (If Applicable)

If your wire transfer requires an intermediary or correspondent bank, fill in the following details:

1. Correspondent/Intermediary Bank Name: Provide the name of the intermediary bank.
2. Branch Information: Enter the branch details, including the apartment/unit number, street address, city/town, province/state, country, and postal code.
3. Routing Code / SWIFT Code / BIC: Enter the routing code, SWIFT code, or BIC for the intermediary bank.
4. Correspondent/Intermediary Bank Account Number: Provide the relevant account number if applicable.

Step 6: Source of Funds

1. Specify Source of Funds: Indicate whether the funds are coming from a specific person or entity. If yes, provide the name of the person or business.
2. How Were the Funds Obtained?: Select the most applicable option from the following:
   • Employment Income
   • Business Income
   • Investment Income
   • House/Asset Sale
   • Gift
   • Other (if selecting "Other," provide a brief description).

Step 7: Review and Submit

• Double-Check for Accuracy: Review all the information you have provided to ensure accuracy. Inaccurate or missing information may cause delays or additional fees.
• Processing Time: Once submitted, the processing time is generally 4-6 weeks.
• Submission: Send the completed form to Vancity. Make sure to include any required documentation.

Troubleshooting Tips

• Avoiding Delays: Ensure that all information, especially the beneficiary’s bank details and your personal details, are correct. Missing or incorrect information can lead to delays or rejection of your wire transfer.
• Currency Selection: Sending funds in the beneficiary’s local currency can minimize exchange rate fluctuations and speed up processing times.

FAQs

What should I do if I don’t know the SWIFT/BIC code?

• Contact the beneficiary’s bank to obtain the correct SWIFT/BIC code.

Can I cancel a wire transfer after submitting the form?

• Contact Vancity immediately if you need to cancel or amend the wire transfer. Be aware that some fees may apply.

What happens if the information provided is incorrect?

• Incorrect information may lead to the wire transfer being delayed, returned, or additional fees being assessed.

Conclusion