Frequently Asked Questions: Wire Transfers
Please review the list below for your question. If you have additional questions, please contact us at 847.517.2267 or email us at wires@americanchartered.com.
Miscellaneous
What is American Chartered Bank's Wire Department contact information?
What do I need to do in order to send a wire?
What if I do not have a wire agreement but I also cannot go to a branch?
What are American Chartered Bank's wire transfer fees?
Where can I find wire instructions to give to someone who is sending me money?
I'm receiving money from someone and they are asking for a Swift Code. What is that?
Wire Transfer Agreements
What is a wire transfer agreement?
What is the advantage of having a wire transfer agreement?
How long does it take to set up a wire transfer agreement?
How do I get a wire transfer agreement so I can have a PIN?
How many pinholders can I have?
Does a pinholder have to be a signer on my account?
PIN Numbers
When are PIN numbers used?
When will my PIN arrive?
How will I receive my PIN?
Can my PIN be emailed?
I received a PIN for one account but not my other accounts. Why?
I already have a PIN and want to add another account, what should I do?
Will I get another PIN for the additional account?
Should I put my PIN number on my wire request?
Who should I give my PIN number to?
My PIN was compromised; what should I do?
I lost my PIN; how do I get a new one?
Sending a Wire
What information do I need in order to send a wire within the United States?
What information to I need in order to send a wire outside the United States?
What if the beneficiary does not have a Swift code?
How long will it take for American Chartered Bank to process my request?
How will I know that my wire has been done?
How late can I send a wire request?
How long will it take for the beneficiary to get money?
What should I do if the beneficiary doesn't get the money in the above mentioned time?
The beneficiary got less money than what I sent. Why?
Receiving a Wire
How long does it take to receive a wire?
What is the cutoff time for receiving wires?
Who sould I contact if my wire has not arrived and it has been longer than indicated?
How soon are the funds available for me to use?
I received a wire but it arrived for less than what was sent. Why?
Foreign Currency
Can I send/receive foreign currencies?
How do I know what exchange rate is going to be used?
Why is American Chartered Bank's exchange rate different than what I found online?
What is American Chartered Bank's Wire Department contact information?
Our contact information is as follows:
Phone: 847.517.2267 Fax: 847.517.8707
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What do I need to do in order to send a wire?
If you have a wire transfer agreement and a PIN number, you may initiate your request with the wire department directly. The wire department will contact you after receiving your request to verify your PIN. The wire will then be sent. If you do not have a wire agreement you must, in person, sign and complete a wire transfer request form at one of our branches with one of our branch personnel.
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What if I do not have a wire agreement but also cannot go to a branch?
Please contact your account officer at our branch. It is up to the discretion of your account officer if they are willing to approve a wire to be sent on your behalf without in-person contact. Should they be willing to approve the transfer, they must speak with an account signer in order to approve. For your protection, telephone exceptions should only be made on an exception basis.
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What are American Chartered Bank's wire transfer fees?
A current list of fees for commercial accounts can be found on our website at www.americanchartered.com/CommercialChecking.
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Where can I find wire instructions to give to someone who is sending me money?
Both our domestic and international wire instructions can be found in the Commercial Banking then Commercial Checking section of our website. You may also find our wire instructions here.
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I'm receiving money from someone and they are asking for a Swift Code. What is that?
A Swift Code (aka BIC code) is an identification code for an international bank (much like ABA/routing numbers for United States Banks). Because American Chartered Bank is not an international bank, we DO NOT have a Swift Code. For this reason, we cannot accept wires directly from other banks operating on the Swift system. We use an intermediary (Bank of New York Mellon) to receive funds from overseas. For a copy of our incoming international wire instructions please visit our website at www.americanchartered.com/CommercialChecking.
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What is a wire transfer agreement?
A wire transfer agreement is a contract between you and the Bank stating both parties' regulations and obligations for wires. A wire agreement establishes who will be authorized to make transfers, how those transfers will be processed, and customer rights and responsibilities.
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What is the advantage of having a wire transfer agreement?
A wire agreement allows you to delegate people that you would like to be able to perform wires on your behalf. These people will be assigned a PIN number so that wires may be done remotely without having to come into the Bank and/or receive approval of a Bank Officer. Because additional approvals are not required, wires can be processed faster and with more ease. Security is also greater as you are approving your own wires with a confidential PIN.
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How long does it take to set up a wire agreement?
All agreements are processed and PINS are mailed within 5 business days.
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How do I get a wire transfer agreement so I can have a PIN?
You may request an agreement from your Banker, or you may sign up online at www.americanchartered.com/WireTransferAgreement.
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How many pinholders can I have?
You can have an unlimited amount of pinholders.
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Does a pinholder have to be a signer on my account?
No. For businesses, we suggest you choose pinholders who are long-term, trusted employees who are knowledgeable of the wires being sent and who are available for phone call verification during normal business hours.
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When are PIN numbers used?
PINs are used when verifying a wire which you have submitted to the wire department. PINS are required each time a wire is done.
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When will my PIN arrive?
PINs are mailed within 5 business days of American Chartered receiving the wire transfer agreement.
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How will I receive my PIN?
For security reasons, all PINS are mailed to the address of record for the account in which it is being set up.
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Can my PIN be emailed??
No. Security and audit regulations do not allow for PINs to be emailed.
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I received a PIN for one account but not my other accounts. Why?
PIN numbers are good for ALL accounts that you have with American Chartered Bank which have a wire transfer agreement. An account name is required as a default for mailing purposes, but the PIN is good for any account current and future which has a wire transfer agreement.
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I already have a PIN and want to add another account. What should I do?
You must sign up for each account which you want your PIN to be active for. Complete a wire agreement here.
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Will I get another PIN for the additional account?
No. Your current PIN will be the PIN you will use for the new account.
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Should I put my PIN number on my wire request?
American Chartered Bank does NOT suggest placing your PIN and account information in the same documents. While our email system and fax system are secure, we cannot guarantee the integrity of any other computers and/or email systems. Therefore, we suggest NOT putting your PIN on your wire request.
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Who should I give my PIN number to?
PINs should only be given to wire department personnel for wire verification purposes. PINs are confidential and should not be given to any other staff members within your organization or other non-wire department personnel. Should a member of your staff require a PIN, they should be signed up as a pinholder with their own PIN.
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My PIN was compromised. What should I do?
Contact American Chartered Bank's wire department as soon as possible and a new PIN will be issued.
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I lost my PIN. How do I get a new one?
Contact American Chartered Bank's wire department for the issuance of a new PIN or a PIN reminder letter.
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What information do I need in order to send a wire within the United States?
You will need:
Beneficiary Bank Name Beneficiary Bank Routing Number (ABA#) Beneficiary Name (who you are sending the wire to) Beneficiary Account Number
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What information do I need in order to send a wire outside the United States?
You will need:
Beneficiary Bank Name Beneficiary Bank Swift/BIC code (Swift/BIC codes are similar to the ABA routing numbers that are used in the United States. Swift/BIC codes are 8-11 characters.) Beneficiary Name (who you are sending the wire to) Beneficiary Account Number
Note: Wires going to Europe require an IBAN (International Banking Account Number) in addition to account number information. Wires going to Mexico require a CLABE number in addition to account number information.
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What if the beneficiary does not have a Swift code?
All banks overseas should have a Swift Code. We advice against sending wires without this information as it can cause delays, routing errors, and extra fees to be taken from the wire. Should the bank not have a Swift Code they should have an account at a US Intermediary bank. In lieu of a Swift Code, please provide the Intermediary Bank name and account number.
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How long will it take American Chartered Bank to process my request?
All wire requests are processed within 1-2 hours from the time of approval, provided funds are available, a valid PIN is provided and no exception approvals are necessary.
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How will I know that my wire has been done?
Debits can be viewed online via Online Banking or eCorp access. You may also sign up for fax or email notification within your wire agreement, in which you will be notified as soon as the request is completed.
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How late can I send a wire request?
Wire requests received by email or fax prior to 3 pm will be processed the same day. Requests received after this time will be processed the next day. Note: Wire requests received by eCorp prior to 4 pm will be processed same day.
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How long will it take for the beneficiary to get the money?
This depends on geography:
Note: Time differences, local holidays, and bank closings will affect credit times.
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What should I do if the beneficiary doesn't get the money in the above mentioned time?
Contact the wire department and ask them to trace the funds. Traces do require that American Chartered Bank contact and wait for a reply from the other bank(s) involved. Trace requests can take up to 1-2 days for domestic payments and 2-10 days for international payments.
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The beneficiary got less than what I sent. Why?
Lifting fees are fees that are subtracted from a wire by the intermediary banks that were used to process an international transaction. The exact amount of these fees vary, as foreign wires often involve multiple financial institutions that may each asses a fee. Fees also vary by country and bank, making them impossible to determine. They usually range from 15-50 USD.
American Chartered Bank does offer a service called "Full Pay" in which we have all fees charged back to us and no lifting fees are paid by the beneficiary. This service is $25.00 in addition to the normal wire transfer fee. Wire instructions must include a statement that you would like to use the "Full Pay" option.
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How long does it take to receive a wire?
This depends on geography of the originator:
Note: Time differences, local holidays, and bank closing times will affect credit times.
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What is the cutoff time for receiving wires?
Wires can be received any time between 8:30 AM and 5:00 PM CST.
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Who should I contact if my wire has not arrived and it has been longer than indicated?
Only the SENDER of the wire can trace and locate a wire. Ask the originator to contact their bank in regards to tracing funds that have not arrived.
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How soon are the funds available for me to use?
Once received, funds are available immediately for you to use, just like cash.
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I received a wire but it arrived for less than what was sent. Why?
Lifting fees are fees that are subtracted from a wire by the intermediary banks that were used to process an international transaction. The exact amounts of these fees vary, as foreign wires often involve multiple financial institutions that may each asses a fee. Fees also vary by country and bank, making them impossible to determine. They usually range from 15-50 USD. American Chartered Bank does charge an incoming wire fee separate from the wire.
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Can I send/receive foreign currencies?
Yes.
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How do I know what exchange rate is going to be used?
American Chartered Bank purchases currency from our correspondent. These rates are received and change constantly based on market rates. Because rates are constantly changing, the wire department can only give estimates as to the rate at the time of the transaction. You may call the wire department to receive rate estimates. Rates are not available via our web site.
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Why is American Chartered Bank's rate different than what I found online?
Foreign currency is a service and a product that you are purchasing from a bank. Much like mortgage or CD rates, each bank offers different products to its clients.
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