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Wire Transfers

Beach Municipal FCU Offers Wire Transfers

When you need to receive or send money quickly, a wire transfer could be your quickest solution.

The term “wire transfer” refers to the process of electronically transferring funds from one credit union, bank, or financial services company to another. The money sent directly between the financial institutions is verified, and that means they are deposited into the account more quickly than with other transfers.

Wire transfers are frequently used for larger transfers and can be used to send money to institutions within the U.S. or internationally. At times, wire transfers may be the required payment method. For example, if you are buying a house, an agent may require you to wire the funds for your down payment and closing costs instead of submitting a check.

There are costs associated with wire transfers. In addition to reviewing our current Fee Schedule, you may wish to consult with the other financial institution to determine what fees they charge.

Incoming wire instructions

Incoming Domestic Wires

If you are receiving funds, please provide the other financial institution with the following information. 

Receiving Financial Institution:
Vizo Financial Corporate Credit Union
Greensboro, NC
ABA# 231387550

Further Credit:
Beach Municipal FCU
Account# 251483256120

Final Credit:
Your name, address and account number with Beach Municipal FCU
 

Incoming International Wires

Corresponding bank information varies. Please contact us for instructions.

 

All Incoming Wires

Funds will generally be wired and processed the same day or the next business day, depending on the other financial institution.

Incoming funds are processed upon receipt and posted to accounts the same day if received prior to 4pm. If funds are not received before the cutoff time, they will be posted the next business day.

There is no fee to receive a wire, although other financial institutions may charge a fee to wire funds to us.

Outgoing domestic wire instructions

A Wire Transfer Form may be used to process all Outgoing Domestic Wires. Below are instructions as to how the form should be completed.

Please note, wires initiated after 1pm EST will be posted on the next business day.

Name of Receiving Financial Institution
This is where the money is being sent. The following details are required for us to send the funds.

  • ABA# of Receiving Financial Institution.
  • Full Address.
  • Routing and Transit Number.

Member Information

  • Your Legal Name.
  • Full Address.
  • Account Number.

If you are sending the wire for someone else (i.e. you are sending the wire for your mother using funds from your joint account), we need their information as well.


Name of the Accountholder/Beneficiary
This is the individual or company who is receiving the money. For example, if you are wiring money for a mortgage downpayment, the recipient may be the Real Estate firm.

  • Full Legal Name or Company Name.
  • Full Address.
  • Account Number.


Reference
Describes the purpose of the funds, such as mortgage downpayment, and any other pertinent details.


Final Credit/Reference Information
This information is only needed if a third-party financial institution, such as a corporate credit union, does not have an account at the Receiving Financial Institution. It may also be used if the account you need to be credited isn't held at the Receiving Financial Institution. For example, you are paying a bill and the payee holds the account at the Receiving Financial Institution but your account needs to be credited. 

Outgoing international wire instructions

An International Wire Transfer Form may be used to process all Outgoing International Wires. Below are instructions as to how the form should be completed.

Please note, wires initiated after 1pm EST will be posted on the next business day.


Name of Financial Institution
This is where the money is being sent. You must include the financial institution's full address.

International Bank Account
This is the account information at the financial institution where the money is being sent. International institutions will require one of the following:

  • IBAN# — International Bank Account Number. This identifies the financial institution, branch and account (similar to our routing and account number).
  • Swift Code# — Society for Worldwide Interbank Financial Telecommunication. The SWIFT number ensures the money reaches the intended financial institution which can then internally route it to the correct account using the recipient’s account number.

Further Credit
This is the person who will ultimately receive the funds. You must provide the following information:

  • Their account number at the Receiving Financial Institution.
  • Their full legal name and address.
  • The purpose of the funds, such as mortgage downpayment, and any other pertinent details.
How do I submit completed a Wire Transfer Form or wiring instructions?

For security purposes, wiring instructions and/or forms will only be accepted in the following ways:

Please do not send wiring instructions or forms by email or any other unsecured method.

Once we receive your instructions, we’ll contact you to process the wire. Contact information provided in the instructions or on the form must match the information on file with the Credit Union. 

 

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