Creating international money transfers

Transcription

1 Creating international money transfers About this guide This guide takes you through the process of creating international money transfers (IMT) through CommBiz. Important information If you are making a payment to a new beneficiary, make sure you have their account details. If you are making a payment which involves currency conversion, and have a dealer rate, you need the dealer code as well as the provided exchange rate. Accessing International Money Transfer 1. Open your internet browser, visit commbiz.com.au and log into CommBiz using your login ID and password. 2. On the top menu, click Payables > International Money Transfer. The Create IMT page is displayed. Page 1 of 9

2 Selecting the processing date 3. To process the IMT now, select the Process Now radio button (default option). 4. To schedule the IMT for a future date, select the Show Schedule link, then choose Once on. You can choose a specific date for the transaction, up to 7 calendar days in the future. Note: You cannot schedule the IMT if you are using a dealer rate. Entering the Debit Account details 5. In the Description field, type in a short description of the transfer. Note: The Description field is limited to 12 characters. Also, the description does not appear on the payment receipient s statement. Page 2 of 9

3 6. Select the Transaction Purpose from the drop down menu (if available) or leave as None. Note: Transaction Purposes are set up in CommBiz by the administrator, who sets permissions for the service users. 7. Select the required Debit Account from the drop down list. You can choose either an Australian dollar or foreign currency account. Note: The currency of the Debit Account will be displayed when you have chosen your Debit Account. If you select a foreign currency account as your debit account, you can only make a payment in Australian dollars or in the same foreign currency as your debit account. Cross-currency payments are not available. 8. Choose the payment currency, then enter the amount under either Debit Amount or Payment Amount, depending on whether your IMT is for a fixed debit amount or fixed payment amount. Note: There is no minimum payment amount for an IMT. There are no maximum transaction amounts for transfers from: AUD to AUD accounts, FCA to FCA accounts (same currency transfers only), or where an exchange rate has been arranged with a Foreign Exchange dealer. For transfers from AUD to FCA account, or vice versa, or where no pre-arranged dealer rate has been provided, the transaction limit is the equivalent of AUD249, Page 3 of 9

4 9. To view the currency cut-off times, click the here link. The Currency Cut-Off Times page will be displayed. 10. If you have arranged an exchange rate with your Foreign Exchange dealer, click the Enter Dealers Rate button. If not, click Next and proceed to step 12. Entering Foreign Exchange Dealer Rate 11. If you have clicked Enter Dealers Rate, you will see a field for the Dealer code (a 3-digit number) and exchange rate. Enter these details, then click the Apply Dealers Rate button. Note: If you are using a dealer rate, you cannot schedule the IMT Process Now will be the only available option. Page 4 of 9

5 Beneficiary details 12. The Pay To page is displayed. Note: For payments to countries in the European Union, you need to provide a Bank Identifier Code (BIC) and International Bank Account Number (IBAN). Information about these can be found at the end of this guide. 13. Select an existing beneficiary from the Beneficiary Customer drop down list and click the Get Beneficiary Details button, or select New Beneficiary Account from the drop down list. (You must enter details in the Payment details for Beneficiary box as this is a mandatory field. Details should be relevant to the Beneficiary such as an invoice number). Note: To ensure IMT s to India are successfully processed in a timely manner, you are required to provide an 11-digit Indian Financial System Code (IFSC) in the Payment details for Beneficiary field. 14. For a new beneficiary account, you will need to enter information in all the fields, including address, and select the beneficiary bank from the available list. 15. Enter intermediary bank details if required. 16. Click the Submit button. Note: To add the new beneficiary to your address book, check the box next to Add this Account to the Address Book. Page 5 of 9

6 Confirming the details of the transfer 17. The Confirm IMT page is displayed. Check that all the information is correct. If you need to update details, click the modify button. 18. If you want to receive a channel message advising you of the progress of the IMT payment, select the relevant notification check boxes. 19. If the information is all correct, click the Confirm button. This will save the beneficiary account details in the address book (if selected) and submit the payment for authorisation. Page 6 of 9

7 20. The Transaction Advice screen is displayed, advising that the IMT is now awaiting authorisation. Authorising the transaction 21. There are two options for authorising a transaction, outlined in steps 22 and 23 below. 22. From the Transaction Advice screen (shown above), an authoriser can select their name from the Entitled Authorisers list and proceed with the authorisation. Page 7 of 9

8 23. Otherwise, an authoriser can log into CommBiz using their token password and select the relevant link under Outstanding Authorisations. 24. The Transaction Group Authorisations page will be displayed. Check the tick box next to the Transactions that you want to authorise and select Authorise. Page 8 of 9

9 25. The Confirm Authorisations Required page is displayed. The authoriser enters their authorisation details, including their token password and click the Authorise button. 26. The IMT is now authorised for processing. To return to the Create IMT page, click the OK button. Bank Identifier Code (BIC) and International Bank Account Number (IBAN) When you make a payment to a country in the European Union, you must include a Bank Identifier Code (BIC) and an International Bank Account Number (IBAN). These are designed to simplify and standardise payments and improve cross-border payment efficiency. Your beneficiary should provide you with the BIC and IBAN. Do not calculate the BIC and IBAN yourself, as they may be incorrect. You can validate your BIC and IBAN at the following websites: BIC IBAN The BIC consists of 8 or 11 alphanumber characters, made up as follows: Bank code Country code Location code Branch code (optional) 4 alphanumeric characters 2 alpha characters 2 alphanumeric characters 3 alphanumeric characters The IBAN consists of a maximum of 34 alphanumeric characters, made up as follows: ISO country code Check digits Basic Bank Account Number 2 alphanumeric characters 2 numeric characters You can find more information about IBAN at Maximum 30 alphanumeric characters Page 9 of 9