Bank Wire Transfer
When you make a deposit but are not interested in sending a check or using a credit card as your preferred options, you may choose to do a wire transfer. Wire transfers are quick and inexpensive, and allow you to send money from anywhere in the world. They are one of the best methods for international money transfers and often offer a same-day service.
What is a wire transfer?A wire transfer is an electronic payment service for transferring funds between bank accounts. For example, by using the Federal Reserve Wire Network or the Clearing House Interbank Payments System, funds can be transferred from your personal bank account to your DashOption account.
Wire Transfer Procedure1. Contact the bank or financial institution that you will be using for the wire transfer. We recommend that you use the bank where you have your account because wire fees tend to be less there compared to the fees you may incur if you use an outside service such as Western Union.
2. Your bank may require that you fill out, sign, and fax a wire transfer form with the information discussed above. Do so in writing, as it is easier than transposing numbers over the phone.
3. Request a confirmation number or receipt verifying that your transfer has been fully actioned.
Before beginning the process of transferring money by wire, you should have the following information available:
1.1. The amount that you wish to transfer. If transferring from a bank account, make sure that you have sufficient funds to cover the transaction, including any service costs, as fees for overdrawn accounts can be very steep!
1.2. DashOption’s full Corporate Name and Bank Details (see below).
1.3. The bank account information for DashOption (see below).
1.4. The SWIFT Code or IBAN of the bank or financial institution that holds the account to which the money will be sent.
1.5. The bank account number and routing number of the account you will be using to send the money. You should also have the address of the branch where you opened your bank account, as it is sometimes required.
DashOption's full wire transfer detailsFor more information about our bank accounts please request a call back or contact your account manager.
What is a SWIFT Code number and what is it used for?The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative supplying secure, standardized messaging services and interface software for nearly 8,100 financial institutions in 207 countries and territories worldwide.
SWIFT members include banks, broker-dealers, and investment managers. A SWIFT Code is generally required by banks for the completion of international wire transfers.
What is an IBAN number?The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across country borders.
The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). The United States does not participate in IBAN. Therefore, a US-based bank such as Bank of America does not have an IBAN number.
When sending wire transfers to countries that have IBAN numbers, we recommend including those numbers in your wire transfer documentation. According to the European Directive, only the account-keeping bank may calculate the IBAN/check digits.
Wire Transfer TipsThe information you give to your bank should be in writing in order to minimize errors.
In most cases, funds can be wired on the same business day, provided that you initiate the transfer prior to your bank's deadline.
Always make certain that there are sufficient funds in your account prior to ordering a wire transfer.
Banks charge for wire transfers. Always ask how much the wire fees are before proceeding.
Wire transfers are not always immediate. Ask your bank when the funds will be transferred and the cut-off times for these transfers.