Wire Transfers and Foreign Exchange 101

Fast Track

The Cycle

Domestic Wire Transfers Name on account Bank name and address Account number Routing number

IBAN Definition “A international standard for identifying bank accounts across national borders.” Used in European Union countries The IBAN is made up of the country code, bank code, sort code, and account number. For more information go to Bank_Account_Number

CLABE Definition A CLABE “is a banking standard for the numbering of bank accounts in Mexico.” It has 18 digits For more information go to

International Wire Transfers Name on account Bank name and address SWIFT or BIC 8 to 11 code with letters and numbers Account number/IBAN/CLABE Intermediary bank information (if applicable) Currency

FX Facts BYU gets rates from 3-4 different vendors.

FX Facts Your department will be charged for any fees incurred. The bank charges $75.00 for wire research. €15 may be added to your payment.

Incoming Wire Payments Sender Bank wiring instructions Include reference number, invoice, contact, etc. Receiving Department Find out when you will be paid Amount GL to credit Contact Terry Freek with information before the transfer is made so that the funds are promptly credited to your account.