Many paymaster transactions involve a party outside the United States. International payments follow the same basic steps as domestic ones, with a few differences worth knowing in advance.
How international wires travel
International wires are sent through the SWIFT network. A wire often passes through one or more intermediary (correspondent) banks before reaching the receiving bank. Each may deduct a fee and may review the payment, so the amount received can be less than the amount sent, and timing can vary from one to several business days.
Details you will need
- Beneficiary's full name and address, exactly as on the account.
- Bank name, address and SWIFT/BIC code.
- Account number or IBAN.
- Any intermediary bank required by the receiving bank.
- Purpose of the payment, which many banks require.
Sanctions
U.S. law prohibits payments to people, companies and regions on the Treasury Department's OFAC sanctions lists, and U.S. banks block or reject payments that involve them. Every party is screened before the firm accepts an engagement, and the firm cannot act for anyone who appears on these lists or in a sanctioned region.
Currency
The firm receives and pays funds in U.S. dollars. If a beneficiary's account is in another currency, the receiving bank converts it at its own rate. The firm does not exchange currency.
Tax forms
Non-U.S. parties provide IRS Form W-8BEN (individuals) or W-8BEN-E (companies). See W-9 or W-8BEN.