Overview
An outgoing wire transfer 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 send wire transfers, they must:
- Create a managed account.
- Assign an IBAN to the managed account.
- Enrol their device for Strong Customer Authentication
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.