One Time Wire Payments
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Using the
Bank Search you can enter One Time Wire Payments using a ‘fill in the blanks’
payment entry page. Wire payment instructions can be sent to the Bank 24 hours
a day, however, to ensure that funds are paid to the beneficiary on time, payment
instructions must be sent to Scotiabank before the appropriate cut-off time. A link is
available on the Create One Time Wire Payments page to view the cut-off times
for processing wire payments to various destinations. Please refer to How to Send Payments on Time for more
information. |
Creating a One Time Wire Payment
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1. From the Payments
menu, select Wire Payments
then click on One Time to access the Create One Time Wire
Payment page. 2. From the drop down
list, select the Debit Account for the payment. 3. The Value Date,
which is the day the beneficiary should receive value for the payment,
defaults to the current date. Using
the Wire payment
instructions can be sent to the Bank up to 30 days in advance. Scotiabank will warehouse each payment and
process on the appropriate execution date. Note: The
Execution Date, which is the day the Bank will act on your wire payment
instructions, will automatically be calculated based on the Value Date that
is entered, the payment amount, the payment currency, and the payment
destination (i.e. the location of the Beneficiary Bank) and will be displayed
for your information on the ‘Create Wire Payment Confirmation’ page when the
payment is saved. 4. The Ordering
Customer fields will automatically be populated based on the debit account selected, however, you have the option to change the
information in these fields. 5. Enter the Amount of
the payment. 6. The Payment Currency
will default to the currency of the selected debit account. To enter a cross currency payment: a) Click the Cross
Currency button next to the Payment Currency field to access the Create One
Time Wire Payment – Cross Currency page.
Note: To return to the Create One Time Wire
Payment page to continue creating a same currency payment, you can click on
the Same Currency button. b) Select a Payment
Currency from the drop-down list. Note: For Foreign
Currency Account (FCA) types, the choices for payment currency are restricted
to USD, CAD or the currency of the debit account. c) Indicate how the
foreign exchange rate information will be provided: i.
Get Automated Rate This option is only available for payments that are under
the Bank’s bulletin limit. If this
option is selected, the system will automatically provide a system generated
foreign exchange rate. The foreign
exchange rate that will be applied to your payment will be displayed on the
FX Rate Confirmation page when the payment is saved. To view the Automated Rate (bulletin)
limits, click on the Rates Inquiry link next to the Get Automated Rate radio
button. ii. Enter Pre-booked
Rate This option must be selected for payments that exceed the
bulletin limit. Note: The bulletin limit is the
maximum value for which the Bank will automatically provide a foreign
currency rate. For any transaction
above the bulletin limit a rate must be booked Note: The ‘Enter Pre-booked Rate’ option must be
selected for all payments from accounts that are domiciled in the Note: If you are set up to have the Bank book
foreign exchange rates on your behalf, you will not have the option to
indicate how the rate information will be provided. The ‘Get Automated Rate’ and ‘Enter a
Pre-booked Rate’ options will not be displayed. 7. Enter the full Name
and Address of the Beneficiary. 8. Enter the
Beneficiary’s Account Number. If the number you are entering is an
International Bank Account Number (IBAN), place a check in the check box next
to IBAN. The IBAN field is currently optional however, for payments
sent within the European Union we strongly recommend that you provide an IBAN
for the Beneficiary and a SWIFT BIC for the Beneficiary Bank to facilitate
the processing of your payments. If
IBAN and BIC details are not provided, payments sent within the European
Union could be returned or additional fees may be levied by the Receiving
Bank. Please click
here for more information about the IBAN. 9. Using the Search
function, select the Beneficiary Bank: a) Select the type of
Bank ID you
would like to search for from the drop-down list in the Beneficiary Bank
field. If you selected SWIFT/BIC or i.
Enter a corresponding code and press the Search button. ii. If there is a match,
the results will be displayed on the Create One Time Wire Payment page. iii. If there are no
matches or multiple matches, you will be directed to the Bank Search page
with the results displayed on the page. iv. If there are matches
displayed you may select a bank by clicking on the Bank Name link. Your
selection will be displayed on the Create One Time Wire Payment page in the
Beneficiary Bank field. Or You may perform a new search using search Option 1 or 2. Or Click on the Cancel button to return to the Create One
Time Wire Payment page to manually enter the beneficiary bank information. If you selected Bank/Transit: i.
Select a Bank from the drop down list, enter a transit
number and press the Search button. ii. If there is a match,
the results will be displayed on the Create One Time Wire Payment page in the
Beneficiary Bank field. iii. If there are no
matches or multiple matches, you will be directed to the Bank Search page
with the results displayed on the page. iv. If there are matches
displayed you may select a bank by clicking on the Bank Name link. Your selection will be displayed on the
Create One Time Wire Payment page. Or You many perform a new search using search Option 1 or 2. Or Click on the Cancel button to return to the Create One
Time Wire Payment page to manually enter the beneficiary bank information. If you selected Bank Name and Address: i.
Click the Search button to access the Bank Search
page. ii. Enter all or part of
the bank name/address you are searching for. You must enter at least the
first two characters of the Bank Name. iii. Click the Search
button. The results will be displayed
on the Bank Search page. iv. Select a bank by
clicking on the Bank Name link. Your
selection will be displayed on the Create One Time Wire Payment page. Or Click the Cancel button to return to the Create One Time
Wire Payment page to manually enter the beneficiary bank information. Note: Manually entering Beneficiary Bank
Information may cause delays in payment processing. 10. You may enter the
following Optional Information: Information to Beneficiary This optional field is used to enter
transaction details intended for the beneficiary customer. You may enter up to 4 lines of 35
characters. Internal Memo This field is for your internal
use only. Information that is entered
will not be sent with the payment, but will be displayed on transaction
reports and included when you download your wire payment transactions. You may enter up to 140 characters. Bank to Bank Information
You should only enter information
in this field if instructed to do so by the Bank. Information in this field may cause delays
in payment processing. Vendor Number
This field is for your internal
use only. Information that is entered
in this field will not be sent to the bank with your payment instruction. 11. When you have
finished entering the required information, click on the Save button at the
top of the page. If your payment is a cross currency payment and
you have selected the ‘Get Automated Rate’ option: v.
The FX Rate Confirmation page will be displayed with the
currency/foreign exchange rate that will be applied to your payment. vi.
Click on the Accept button within 30 seconds to accept the
foreign exchange rate and continue saving your payment or click on Cancel to
return to the Create One Time Wire Payment page without saving your payment. If all required information was entered correctly
and any applicable foreign exchange rate has been accepted, the Create Wire
Payment Confirmation page will be displayed with the following message at the
top of the page: ‘Creation
Successful’. 12. If you want to enter
additional one time payments, click the Continue button to return to the
Create One Time Wire Payment page.
Repeat steps 1 to 11 to enter another payment. OR Click the Done button if you do not want to enter
additional payments. You will be
directed to the Pending Wire Payments page. 13. The payments you
have entered will be listed on the bottom half of the Pending Wire Payments
page. The payments will be in
‘Entered’ status and must be approved by at least one authorized user before
they can be submitted to the Bank for processing. |
Priority Handling
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If the requested Value Date for a payment cannot
be met based on our standard cut-off times, the system will display an error
message. If you subscribe to the ‘Priority Handling’ function,
you have the option to flag your time sensitive payments for priority
handling. If you flag a payment for
priority handling, you can request a value date that is earlier than our
standard cut off times will allow. The
payment will receive priority handling and, on a best efforts basis, the
beneficiary will receive the payment on the requested value date. Note: Only same currency payments can be flagged
for priority handling. For information on how to subscribe to this
function and the associated fees, please contact your Relationship Manager. |
Invalid SWIFT Characters
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Note: The following characters should
not be used when entering payment instructions: + & * #
@ ; ! $ % ^
_ = : < > { } [
] \ These are invalid SWIFT characters
and if they are entered, an error message will be returned. |
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