Incoming Wire Transfers

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 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.

Payment Reference

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*	EUR	N/A	SEPA	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.

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.