US clients and their customers can now collect funds via Fedwire.
Why use Fedwire over ACH?
Fedwire is credited on the same day and tends to be used for higher value, time-critical payments.
ACH is typically credited on the next day, but this varies depending on the sending bank. Standard ACH can take 2-3 business days, while Same Day ACH should arrive on the same day. There is a maximum limit of $100,000 on Same Day ACH. ACH is usually used for lower value payments.
Fedwire is usually more expensive than ACH.
Where can I collect funds from?
Fedwire is domestic to the US, we can therefore receive Fedwire payments that originate from any of the states in the US.
When will the funds be received?
We credit accounts on the same business day (EST) as the funds are received by us. Fedwire funds are therefore usually received on the same business day, providing they arrive at Currencycloud on the same day.
What account number should I use?
You should use your virtual account number. If you don’t have a virtual account number, you’ll need to get one set up with us before you can use Fedwire.
What is the routing number?
The routing number is 026073008.
What is the address I should use on the payment?
Please use the beneficiary’s address when submitting the payment via your bank. If you are funding your own account, please use the address on that account.
Are there any limits on Fedwire?
There is a limit of $5,000,000 ($5 million) per transaction.
What information will I see via the Sender API?
The sender information (within the “sender” tag) will contain (in a semi-colon separated list):
- ID Code and Identifier (the letter “D” for ‘demand deposit account number’ followed by the account number – e.g., D0123456789)
- Name
- Address
The reference on the payment will appear in the “additional_information” tag.