Sometimes when sending wire transfers, funds may be automatically converted into an undesired currency by an intermediary bank before being sent to the recipient, resulting in unnecessary conversion fees and less money arriving than expected. This is an unfortunate issue with how some banks handle wire transfers.
Float cannot be held responsible for these conversion fees, so to avoid this scenario please ensure that you follow the instructions below, and ask the sender to add specific remittance instructions when sending a wire transfer to ensure funds remain in their original currency.
What the sender must do in order to avoid conversion fees:
Log in to your bank's online platform or visit your branch to initiate a wire transfer
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Enter the wire details from Float Business Accounts
To learn how to find your Float wire transfer details, please review this article
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Locate the payment reference fields. These may be labelled as:
"Remittance Information"
"Payment Reference"
"Message to Beneficiary"
"Payment Details"
"Additional Information"
"Reference/Instructions"
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Enter this instruction in the payment reference field:
Do not convert
In some cases, there may be a single input box for reference information.
Why can't I find the reference fields?
Look for any field that allows you to add notes or instructions to the wire
Check under "Advanced Options" or "Additional Details"
Contact your bank and ask where to add "remittance instructions" or "payment reference information"
If sending via branch, tell the teller you need to add specific remittance instructions