Entering beneficiary details

The first step in creating a new beneficiary is to enter some basic information such as the beneficiary's name, country, and currency.

To enter beneficiary details

1. Complete the fields on the Beneficiary Details page.
   Mandatory fields are indicated by an asterisk.
   • Beneficiary Name—Enter the Beneficiary's first and last name or the name of the business.
   • Beneficiary Identifier—Enter a reference that can be used to uniquely identify the beneficiary.
   • Destination Country—From the dropdown list, choose the country where the beneficiary's bank is located. You can scroll down the list, or you can start typing the country name. The dropdown list is refined to display only those countries that contain the sequence of letters that you enter.
   • Currency—From the dropdown list, choose the currency that will be sent to the beneficiary. You can scroll down the list, or you can start typing the currency. The dropdown list is refined to display only those currencies that contain the sequence of letters that you enter.
   • Beneficiary Classification—From the dropdown list, choose the classification that best describes the beneficiary or the beneficiary's business. If the beneficiary is an individual, not a business, choose Individual.
   • Method of Payment—Once you select the Destination Country and Currency, the methods of payment that can be used to send the selected currency to that country are displayed. Click to put a check in the box beside each of the payment methods that can be used to send funds to this beneficiary.
     • WIRE—Moves funds from an account at one financial institution to an account at another financial institution. Wire transactions are usually completed within the same day.
     • iACH—Processes transactions through the International Automated Clearing House. This is a network for financial transactions that processes large volumes of transactions in batches. This method is used primarily by businesses. Transactions can take up to three days to complete.
     • DRAFT—Sends a physical cheque to the beneficiary. When you choose this payment method, you will also have to specify how you want to send the cheque and whether you want it to be sent to the client or to the payee. You enter this information in the Additional Information section.
       Important: DRAFT is available only if the Currency you specified is CAD, USD, GBP, or EUR.
       
   • Preferred Method of Payment—If you chose more than one possible Method of Payment, this field displays those options in a dropdown list. Choose the payment method that is preferred for sending funds to the beneficiary. When you make a payment to the beneficiary, the preferred method will be selected by default (though you will be able to specify any of the allowed payment methods).
2. Click SAVE & CONTINUE to move to the next step in the process, Entering beneficiary contact information.

Note: If any of the mandatory fields are not completed, you will not be able to continue to the next section until you have completed those fields.