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: 

    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?

    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)

    Please be advised that wires sent outside the U.S. may take up to 3-5 business days to be credited to the beneficiary account.

    Exchange rates on international wire transfers are determined daily and may vary from bank to bank.

  4. 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.

  5. 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
  6. How do I initiate a wire transfer?

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

  7. 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