How to Send and Receive Wire Transfers With Slash

How to Send and Receive Wire Transfers with Slash

Overview

Wire transfers are a fast and secure way to send and receive funds, especially for large transactions or time-sensitive payments. Slash supports both domestic wire transfers within the United States and international wire transfers to bank accounts in other countries.

This article covers how to send wire transfers from your Slash account and how to receive wire transfers from external sources.

Domestic vs. International Wire Transfers

• Domestic wires: Transfers to U.S. bank accounts. Typically settle within 1-2 hours during business hours.
• International wires: Transfers to bank accounts outside the U.S. using the SWIFT network. Settlement times vary from 1-3 business days depending on the destination country and correspondent banks involved.

How to Send a Wire Transfer

Step 1: Navigate to Move Money

From your Slash dashboard, click Move Money in the left navigation menu, then select Send Money.

Step 2: Select the Funding Source

Choose the subaccount you want to send funds from. The available balance will be displayed.

Step 3: Enter the Recipient Details

Enter the recipient's banking information:

For domestic wires:

• Recipient name
• Bank name
• Routing number (9 digits)
• Account number

For international wires:

• Recipient name
• Bank name
• SWIFT/BIC code (8 or 11 characters)
• IBAN or account number (depending on the destination country)
• Recipient's address
• Bank address

Step 4: Enter the Transfer Amount

Enter the amount you wish to send. For international wires, you can choose to send in USD or select a destination currency. If you select a foreign currency, Slash will display the current exchange rate and the converted amount.

Step 5: Add Additional Information (International Wires)

For international wires, you may need to provide additional details:

• Purpose code: Some countries require a payment purpose code. For countries like the UAE, India, and Pakistan, this is required for all transfers. For other countries, it's optional but recommended.
• Reference or memo: Add a note for the recipient.

Step 6: Review and Confirm

Review all transfer details including fees, exchange rate (if applicable), and estimated arrival time. Click Confirm to submit the wire transfer.

How to Receive a Wire Transfer

To receive a wire transfer into your Slash account, provide your Slash banking details to the sender.

Step 1: Access Your Account Details

From your Slash dashboard, navigate to your account or subaccount and click Account Details or View Account Info.

Step 2: Share Your Wire Details

For receiving domestic wires, provide:

• Bank name: Column N.A.
• Routing number: Your Slash ABA routing number
• Account number: Your Slash account number
• Your business name as the beneficiary

For receiving international wires (SWIFT), provide:

• SWIFT code: CLNOUS66XXX
• Bank name: Column N.A.
• Bank address: [need more info about this]
• Account number: Your Slash account number
• Your business name and address as the beneficiary

Step 3: Monitor for the Incoming Transfer

Once the sender initiates the wire, you can track the status in your transaction history. Domestic wires typically appear within the same business day. International wires may take 1-3 business days depending on correspondent bank processing.

Processing Times

| Transfer Type | Typical Settlement Time |

|--------------|------------------------|

| Domestic wire (outbound) | 1-2 hours during Fed business hours |

| Domestic wire (inbound) | Same business day |

| International wire (outbound) | 1-3 business days |

| International wire (inbound) | 1-3 business days |

Note: Wires submitted outside of Federal Reserve business hours (Monday-Friday, 9 AM - 6 PM ET, excluding federal holidays) will be processed on the next business day.

Additional Features and Considerations

Correspondent Banks and Intermediary Fees

International wire transfers may pass through intermediary (correspondent) banks before reaching the final destination. Each correspondent bank may deduct fees from the transfer amount, typically $15-25 per bank in the chain. For smaller international transfers, these fixed fees can represent a significant percentage of the total amount.

FX Conversion

When sending international wires in a foreign currency, the exchange rate is locked at the time of transfer confirmation. If you prefer to let the recipient's bank handle currency conversion, you can send the wire in USD instead.

Transfer Limits

Large wire transfers may be subject to additional review for compliance purposes. This is standard banking practice and doesn't indicate any issue with your account.

Need More Help?

If your wire transfer is delayed or fails, here are some common troubleshooting steps:

• Check the recipient's banking details: Incorrect routing numbers, account numbers, or SWIFT codes are a common cause of failed wires.
• Verify sufficient funds: Ensure your subaccount has enough balance to cover the transfer amount plus any applicable fees.
• International wire delays: Some countries have additional compliance requirements that may cause delays. Wires to certain destinations may require manual review by our banking partner.

For additional assistance, contact Slash Support through the dashboard or email support@slash.fi.