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Q&A Forum

International wire transfer Processes

Zev Morgenstern's Profile

I'm trying to tailor a comprehensive mechanism to simplify the handling of international wire transfers to suppliers, vendors and employees and the respective regulatory and compliance obligations. A solution that will ensure that upon executing a wire transfer all issues are addressed, entries are booked and paperwork/ forms are filled in. What, in your opinion, are the major burdens to be addressed? What will make this complex process and related obligations simple? The volume of processing of what stuff (regulation; compliance) dissatisfy you most?


Topic Expert
Joan Varrone
Title: CFO
Company: Cloud Cruiser
LinkedIn Profile
(CFO, Cloud Cruiser) |

If you are wiring to the same people over time you set up templates with the instructions so that once you do a wire all you need to do the next time is fill in another amount. There are Treasury workstations that might help if you have a huge volume

Topic Expert
Linda Wright
Title: Consultant
Company: Wright Consulting
(Consultant, Wright Consulting) |

As Joan suggests, a standing wire with Swift consistent payment information, established at a top 15 bank will easily get the job done.

Lawrencia Osei
Title: Treasury Officer
Company: Ghacem Limited
(Treasury Officer, Ghacem Limited) |

Yes Zev, just as Joan and Linda suggests. setting up templates for all your major suppliers make your work easier. This even helps you in avoiding mistakes, such as wrong bank details which can go a long way to affect you.
Templates also save time.
But be careful, templates can be deadly if not properly handled (you must read thoroughly before passing on). NO LAZYING :)


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