What payment method is used for USD transfers?
FedACH: USD payments sent locally within the USA will use FedACH.
SWIFT: USD payments sent to any country will use SWIFT. However, if the funds are sent within the USA, the SWIFT payment will use Fedwire or CHIPS, depending on the routing code used.
What types of beneficiaries can I transfer USD to?
You can send USD payments to individual and business accounts.
Is there a limit on the amount I can send?
FedACH - USD 1M
SWIFT - No limit
Which countries can I transfer to?
FedACH: USA
SWIFT: All countries except the restricted countries here.
How long does it take for the funds to reach the beneficiary?
FedACH transfers are processed within one business day, while SWIFT transfers may take up to 3-5 business days to process.
What will be reflected as the sender's name?
FedACH: For USD transfers sent through FedACH, our payment partner, CurrencyCloud's local payout partner's name, will be reflected as the sender's name.
SWIFT: For USD transfers sent through SWIFT, the ultimate sender's (i.e., Aspire client) name will be reflected as the sender's name.
What is ABA?
American banks are identified by a 9-digit ABA number, also known as a ‘Routing Number’. The ABA should be valid for FedACH payments. Some ABA values are only valid for FedWIRE payments. Payments to FedWIRE-only ABAs will fail.
What is the accepted number of characters for the Payment Reference?
FedACH: We only support 10 alphanumeric characters. The reference field will be truncated to fit this limit.
SWIFT: Anything over 132 characters will be truncated.
Can my beneficiary view the Payment Reason?
FedACH: This field is not visible to the beneficiary.
SWIFT: On the MT103, this is appended after payment reference if there is space remaining.
Important notes for USD transfers
For FedACH transfers
Non-ASCII characters will be converted to their ASCII equivalents or removed, to the best of our ability, in order to comply with the limitations of the domestic payment system.
For SWIFT transfers
Beneficiary Postcode (1-12 characters) and Beneficiary State or Province (1 - 255 characters) will be required when you are sending payments to Canada, Mexico and the USA.
IBAN: We accept IBAN with 15-34 alphanumeric characters (space permitted). When sending USD payments to non-IBAN countries, an account number must be used. However, IBAN must be used when sending to all IBAN countries.
CLABE (18 digits) must be used instead of Account Number or IBAN when sending payments to Mexico.
Payer Postcode (1-12 characters) and Payer State or Province (1 - 255 characters) will be required when you are sending payments to Canada, Mexico and the USA
The payer's first name and last name on the MT103, are joined together and truncated to 35 characters.
Any characters not supported will be converted to EBCDIC equivalent or removed to comply with SWIFT payment network restrictions. The SWIFT network permits the use of letters, numbers, spaces, and the following symbols: / – ? : ( ) . , ‘ +.
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