Outgoing Wire Transfers overview
An outgoing wire transferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). is a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution.
Before your customers can sendSend A transaction type that allows sending funds to another identity's instrument or to a beneficiary. Send transactions may require Strong Customer Authentication depending on the destination and whether it's a trusted beneficiary. wire transfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP)., they must:
- Create a managed account.
- Assign an IBAN to the managed accountManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr..
- Enrol their device for Strong Customer Authentication
Supported Wire TransfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP).
The following table shows the supported methods for both incoming and outgoing wire transfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). for different identity types, depending on the currency and country. The currency refers to both the currency of the payment and the managed accountManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr.. The country refers to where the source account is domiciled (in the case of an incoming wire transferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP).) or where the destination account is domiciled (in the case of an outgoing wire transferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP).).
| 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 beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. 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.