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What are international wires?
International wires are a method to send money abroad. Before we dive in, a few things to note about international wires
- Unfortunately, wires are expensive to send. Our partner bank charges us $25 per wire; therefore, to keep HCB sustainable without passing this fee onto you, each wire sent must be at least $500 (after conversion to USD). This requirement is waived for organizations that have raised more than 50K on HCB.
Before sending an international wire, you first are going to have collect the recipient's payment details. These include:
- Name (use company name if applicable)
- Street address
- City
- State / province
- Postal code / ZIP code
- Country
- Payment information
- Currency & amount
- Beneficiary bank SWIFT / BIC code
- Account number
In addition to the above information, we might ask for additional details depending on the recipient's country.
How to send an international wire
To send an international wire, first navigate to the Transfer page on HCB.
Then click "Send" in the upper right corner and select International wire. Then enter all the information requested.
You will see at the bottom of the screen an option to attach a receipt or invoice to this transfer. If you are paying an organization or individual for goods or services, we will need to see an invoice for the work they did. We will also need to collect the individual or organization's W-8 BEN for tax purposes.
International Wire FAQ
Why is a failed wire’s return amount different than the original amount?
- This is because of currency exchange rate fluctuation. When the wire is sent, we use our bank's currency exchange rate at that moment. However, if a wire is returned, it will be returned using the exchange rate at the time of return, sometimes days later.
What are purpose codes? How do I choose one?
- Purpose codes indicate the reason for a wire transaction, such as trade in goods or services, investment, or other services. The specific code requirements depend on the country. Here is a full list of purpose code requirements and recommendations from our bank.
How does currency exchange work? Why do exchange rates differ?
Currency exchange works by converting one country's currency into another. The exchange rate is determined by various factors, including supply and demand, economic conditions, interest rates, and geopolitical events.