What is the definition of an Incoming International Wire?
Incoming International wire transfers are the electronic routing of money from a foreign (outside of the United States) financial institution; whereas as domestic wires are those originating within the United States.
My family would like to send me funds from a bank that is in the United States. How is this sent?
A wire originated at a domestic bank sent to a Wescom account must be sent as a domestic wire. If it is from a bank located in a foreign country, then it would be sent as an International Wire. The Incoming International Wire Instructions are solely for international wires, and should not be used for domestic wires.
My family would like to send a wire to my Wescom account from a foreign country. What information is needed?
Wescom partners with Corporate One / BMO Harris to receive incoming international wires for Wescom members. Please refer to the SWIFT code, ABA number, and Beneficiary Account Number for Corporate One/ BMO Harris as indicated in the incoming international wire instruction. To be successful, it is important to reference “Wescom CU” and all the Wescom member account information outlined in the Incoming International Wire Instructions in the additional beneficiary information. If something is missing, it could delay or fail the receipt of the wire. If there is not enough room on the wire instructions at the sending bank, please be sure to add the information in additional areas, such as a notes, additional information or comments section if provided.
Can my family send funds Internationally via ACH instead of wires?
No, the International Wire transfer instructions do not work for ACH. Wires are the transfer of money through electronic routing; ACH are bank-to-bank money transfers processed through the Automated Clearing House Network. If you send funds via ACH by using Wescom's Incoming International Wire procedures, it will fail, and the money will be returned to the sender.
If I am sending a wire from a foreign bank, is Wescom Credit Union considered an intermediary bank?
No, International Wires being sent to Wescom Credit Union are not sent through an intermediary bank. Should the sending bank have an area in their wire instructions for Intermediary Bank information, please leave that area blank.
Should I use Wescom’s Routing number for an international wire transfer to Wescom?
Please do not use the routing number of Wescom when sending a wire. Wescom partners with Corporate One / BMO Harris to receive incoming international wires for Wescom members. Please refer to the SWIFT code, ABA number, and Beneficiary Account Number for Corporate One/ BMO Harris as indicated in the Incoming International Wire Instructions.
Does Wescom have a Swift Code?
No, Wescom does not have its own SWIFT code. Wescom partners with Corporate One / BMO Harris to receive incoming international wires for Wescom members. BMO Harris’ SWIFT Code that we use for incoming wires is HATRUS44. Please refer to the Wescom Credit Union Incoming International Wire Instructions for the complete beneficiary information.
When sending an International Wire Transfer to Wescom, why is the beneficiary bank BMO Harris and not Wescom?
Wescom partners with Corporate One / BMO Harris to receive incoming international wires for Wescom members.
I was expecting to receive a wire from a foreign bank and have not received it. Now what?
If you are expecting a wire and have not received it within 2-3 business days, it is important to notify Wescom at the UCLA Branch 1-888-4WESCOM (1-888-493-7266) ext. or send an email to AccountingWires@wescom.org so that we can attempt to locate it. Be sure to provide the IMAD, copy of the SWIFT MT103 payment instructions from the sending bank, or Wire ID number, dollar amount, your name and account number, name of the remitting party and bank, as well as the date sent. Please include a copy of the wire confirmation. Wescom will do their best to help locate the wire.
Why was my incoming international wire not received?
There are several things that could have happened. The most common being that not all of the required information was provided and Corporate One/BMO Harris was not able to identify whom the wire belonged to. To ensure funds are credited when received, the sender needs to make sure to include the following: Wescom CU, your name, your address and your account number in the payment reference SWIFT field 70 of their wire transfer document.