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Currency Conversion for International Wires

General Information 

  • Many institutions may be involved in the transfer of foreign currency.
  • Currency exchange rates* change daily.
  • SELCO works directly with Wells Fargo to offer the best rate for our members.
  • If the amount of the currency being converted is greater than $50,000.00 USD, the wire will need to be submitted to SELCO by 1:30pm PST so the funds can be secured.
  • If funds are sent in USD to an account that does not accept USD, the wire may be returned, or the receiving financial institution may charge the beneficiary a fee to convert the funds.
  • There are specific rules for converting and sending funds that vary by currency

Most currency conversions require the following information:

  • Beneficiary full name and complete in-country address (PO Boxes are not sufficient.)
  • Beneficiary bank SWIFT code OR if there is no SWIFT code then full legal name, branch address, and agency code. (See below for a glossary of terms.)
  • Beneficiary account number.
  • Specific purpose of payment (invoice specifying purpose, tax payment, payroll, capital injection, etc.)
  • Remitter’s full legal name, account number, and complete address (PO Boxes are not sufficient.)

For more information on a specific currency that needs to be converted, please call SELCO at 800-445-4483, send us a secure message through online banking, or visit any branch.

Canadian currency

Additional Information

Each international currency may require additional information. Here are a few common examples:

Australian Dollar (AUD)

  • 6-digit BSB (routing code)*

Canadian Dollar (CAD)

  • 9-digit routing code (4-digit Institution Code and 5-digit Transit Code)

China Yuan Renminbi (CNY)

  • 12- or 14-digit CNAPS*
  • Beneficiary’s telephone number
  • Specific purpose of payment code:
    • /PYTR/GOD/ : Cross-border goods trade
    • /PYTR/STR/ : Cross-border service trade

Euro (EUR)

  • Beneficiary’s IBAN (length varies by receiving country)*

 Mexican Peso (MXN)

  • 18-digit CLABE*

*Definitions below in the glossary.

Glossary

The following are common terms/acronyms involved with currency conversion of international wires.

A code used to identify the country, bank, and branch to which an account is registered.

A banking standard of Australia, New Zealand and South Africa that identifies the individual branch or bank office at which a bank account is held.

A banking standard of China that identifies the individual branch or bank office at which a bank account is held.

Spanish for “standardized banking cipher” or “standardized bank code,” a CLABE is a banking standard of Mexico for the numbering of bank accounts.

The rate at which one country's currency is exchanged for another country's currency.

A unique identifier of a specific customer account at a financial institution.

A banking standard of the United Kingdom and the Republic of Ireland that identifies the individual branch or bank office at which a bank account is held.

A code used to identify the country, bank, and branch to which an account is registered.

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