Overview

An incoming wire transfer is a transaction that happens when funds from a bank account held at a third-party financial institution are moved to a Weavr managed account.

If you want your customers to receive wire transfers, you need to complete the following steps:

• Create a managed account.
• Assign an IBAN to the managed account.

Retrieve the Bank Details of a Managed Account

After you assign an IBAN to a managed account, you can retrieve the IBAN details, which include the IBAN itself and additional data, such as the bank code, which is required to initiate an incoming wire transfer externally.

info

IBAN details may be assigned to a managed account asynchronously. This means that if you make a request to assign an IBAN, the completion of that request does not mean that the IBAN is assigned yet.

GET/managed_accounts/{id}/ibanTry it

If an IBAN has been successfully assigned to the managed account, the state field in the response will have the value ALLOCATED.

Initiate an Incoming Wire Transfer

Incoming wire transfers are initiated by the owner of the source bank account using a third party system such as internet banking. To receive funds on the managed account, you must provide the IBAN (or sort code and account number) assigned to the managed account to the individual or business initiating the wire transfer. IWTs can be simulated in sandbox via the portal or the simulator API.

Payment Reference

For USD IWTs only, you have a bankAccountDetails.paymentReference associated with the bank details and you must include it in the wire transfer description. This ensures that Weavr automatically sends funds to the correct managed account.

Supported Wire Transfers

The following table shows the supported methods for both incoming and outgoing wire transfers for different identity types, depending on the currency and country. The currency refers to both the currency of the payment and the managed account. The country refers to where the source account is domiciled (in the case of an incoming wire transfer) or where the destination account is domiciled (in the case of an outgoing wire transfer).

Identity type	Consumer	Corporate
Currency	GBP	EUR	USD	GBP	EUR	USD
Country	UK	SEPA Zone	SEPA Zone and Rest of World	UK	SEPA Zone	SEPA Zone and Rest of World
Incoming Wire Transfers (Deposits)	Faster Payments	SEPA SCT or Instant**	-	Faster Payments	SEPA SCT or Instant**	SWIFT*
Outgoing Wire Transfers	Faster Payments	SEPA SCT or Instant**	-	Faster Payments	SEPA SCT or Instant**	-

*From an account in same name, using a payment reference. **If beneficiary bank supports SEPA Instant, payments of up to €15k will be routed via this method automatically. Click this link to learn which countries are part of the SEPA zone.

tip

As soon as funds are deposited in a managed account as a result of an incoming wire transfer, you will receive a webhook notification.