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:
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.
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.
If an IBAN has been successfully assigned to the managed account, the
state field in the response will have the value
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 an internet banking solution. To receive funds on the managed account, you must provide the IBAN details assigned to the managed account to the individual or business initiating the wire transfer.
If you have a
bankAccountDetails.paymentReference associated with the bank details, you must include it in the wire transfer description. This ensures that Weavr automatically sends funds to the correct managed account.
An IBAN-enabled managed account may receive wire transfers via UK Faster Payments, SEPA, and SWIFT, depending on the supported currencies for each transfer type.
The following table shows the supported transfer type based on the source country, source currency, and the currency of the managed account receiving the funds.
|Source Country||Source Currency||GBP Managed Account||EUR Managed Account||USD Managed Account|
|Great Britain||GBP||UK Faster Payments||N/A||SWIFT|
|Great Britain||Non GBP currencies||N/A||N/A||SWIFT|
|SEPA Zone*||Non EUR currencies||N/A||N/A||SWIFT|
|Rest of the World||All Supported Currencies||N/A||N/A||SWIFT|
*Click this link to learn which countries are part of the SEPA zone.
As soon as funds are deposited in a managed account as a result of an incoming wire transfer, you will receive a webhook notification.