Wire Transfer FAQs

  1. What is a SWIFT code and do I need one?

    Merchants Bank does not have a SWIFT code because we are not a SWIFT member (Society for Worldwide InterBank Financial Telecommunications). SWIFT codes are typically used by international banks located outside the US. SWIFT member banks use the SWIFT system which is an international bank messaging system similar to the United States’ Fedwire system.

    A SWIFT code is not needed to receive international wires into your account. International Banks can send Merchants Bank customers’ payments via the SWIFT system; however the payment needs to be sent through a US Correspondent Bank first. The US Correspondent bank will route the payment to Merchants Bank via the Fedwire system using our Fedwire routing/ABA number, (011600020).

  2. What information do I need to provide someone sending a wire to me?

    To receive a wire to your Merchants Bank account, you will need to provide:

    Beneficiary Bank: 
    Merchants Bank, South Burlington, VT

    Beneficiary Bank ABA/Routing Number: 
    011600020

    Beneficiary Account Number: 
    Your Merchants account number to be credited

    Beneficiary Name and Address: 
    Account name and address as it appears on your Merchants Bank statement

  3. What information do I need to send an international wire?

    How do I send an International wire transfer?

    In compliance with the recent Dodd Frank regulation, you will be asked by your personal banker to wait while we prepare a prepayment disclosure and a receipt that provides additional wire information if you are requesting an outgoing international wire transfer from a personal account.

    To send an international wire, you will need:

    • Beneficiary Name and Address (at least city and country)
    • Beneficiary Account Number
    • Beneficiary IBAN (if applicable)
    • Beneficiary Bank Name and Address (at least city and country)
    • Beneficiary Bank SWIFT code
    • Correspondent Bank (if known)

     

  4. What is the Dodd Frank regulation, and how does it affect International wires?

    What is the Dodd Frank regulation, and how does it affect International wires?

    The Consumer Financial Protection Bureau (“CFPB”) issued the Regulation E Consumer Remittance Rule “the Rule” (commonly referred to as the “Dodd Frank Act”) to protect ‘consumers’ who send money electronically to foreign countries. These transactions are called “remittance transfers” and this rule took effect on October 28, 2013. This applies to consumer wires (wires being debited from a personal account) for more than $15 sent to a person or company in a foreign country.

    The Rule requires a disclosure be provided to the customer before payment of the wire transfer. The Disclosure must include the exchange rate, fees, taxes, amount to be delivered, date to be delivered, error resolution rights and cancellation rights.

    The Rule also requires that consumers have the option to cancel a transfer within 30 minutes of placing the request.  Further, the Rule includes error resolution rights for certain errors (as defined) that entitles the consumer to a refund if the money did not arrive as promised. The “resolution rights” allow the customer to notify the Bank of an error within 180 days after the wire is sent.

    Please contact your branch or our Customer Call Center at 1-800-322-5222 with any questions pertaining to the Regulation E Consumer Remittance Rule.

  5. What are the cut off times for wires?

    Properly completed and funded wire requests for outgoing wires received by 2:00 pm will be processed the same business day.  Wire requests not meeting those criteria will be processed on the next business day.  Incoming wires are accepted until 4:15 pm.  Any wire received after 4:15 pm will be processed on the next business day.

  6. What information do I need to send a domestic wire?

    To send a domestic wire, you will need:

    • Beneficiary Name and Address
    • Beneficiary Account Number
    • Beneficiary Bank Name
    • Beneficiary Bank ABA/Routing Number
  7. How do I initiate a wire transfer?

    Please visit your local Merchants Bank branch to initiate outgoing wires.

  8. How much does a wire transfer cost?

    Incoming wires: $10
    Outgoing domestic wires: $25            
    Outgoing international wires: $40     
    Outgoing international wires in foreign currency: $55