Here are a few reminders on how to handle member requests for receiving international wire transfers:
Let your member know that a SWIFT code, commonly used for international transfers, is not required for your member to receive the funds. Normally, foreign financial institutions have correspondent relationships with large U.S. banks to handle these types of transfers. The U.S. correspondent bank will convert the foreign currency wire to U.S. dollars if necessary, and route the wire transfer into the domestic wire transfer system. Your credit union will receive the transfer just like other domestic wire transfers.
As with any domestic wire transfer, please provide the following instructions for your member to relay to the foreign remitter:
|Receiving Financial Institution:||System United Corporate Federal Credit Union|
|Beneficiary Financial Institution:||[Your Credit Union Name]|
|Routing Number:||[Your Credit Union Routing Number]|
|Beneficiary Information:||[Your Member's Name and Account Number]|
Remember to perform your normal OFAC checks on these incoming wire transfers before posting the entry. Also, check with your BSA Compliance Officer to determine if any additional BSA monitoring or reporting is required.
If you have any additional questions regarding international wire transfers, please contact our Member Services Department.
Due to security and confidentiality restrictions, SunCorp cannot provide transaction information directly to your consumer or business members. We have no method for verifying your membersí identities or the validity of their information requests.
If your members have questions about their check, ACH, or wire transactions that your staff cannot answer, please have your staff contact our Member Services Department for assistance.