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Currency Conversion for International Wires

The receiving financial institution of an international wire transfer will deposit the funds into the beneficiary's account in the local currency of the country in which they reside. To facilitate the wire, SELCO will exchange the USD (United States Dollar) value of your wire to the local currency. Your wire transfer disclosure will clearly state the USD value of your wire, the exchange rate at which the currency was converted, and the value of the wire in the local currency. SELCO can provide this quote to you prior to sending your wire when requested.

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.