Currency List Currency Requirements and Cutoff Times
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Foreign Exchange Currency List Currency Requirements and Cutoff Times Month Issued What has changed? July 2015 Complete revision November 2015 • AUD – Cutoff time moved up to 5:00 pm ET • IDR – USD equivalent increased to 1M • ILS – Transaction code clarification – Bene Bank to provide • KRW – CEO Wires added • KRW, PHP – Added an “*” to indicate buy only (sell not allowed) • CRC, KRW, UGX, VUV, XAF, XCD, XOF, XPF – Full amounts only (no decimals) • OMR – Amended to a “gray” shaded currency. New rules and cutoff times now applicable. • PKR – Rule #9 added • XOF – Ivory Coast added May 2016 • BHD, CHF, CZK, DKK, HKD, HUF, INR, ILS, JPY, NZD, NOK, PHP, PLN, RUB, SGD, SEK, TRY, ZAR – cutoff times amended to 5pm ET one day before • ARS - payments must not surpass USD 25K equivalent per day • CAD – cutoff time amended to 2:30pm ET • DOP – Tax ID requirement added • NIO – Nicaraguan Cordoba added • THB – cutoff time amended to 5pm ET two days before June 2016 • KRW – cutoff time amended to 5:00pm ET • GBP – cutoff for London Account Transactions amended from 10:00am ET to 11:30am ET • HNL – Contact Name and Phone Number requirement added • COP – Payments to individuals no longer allowed November 2016 • ARS, GIP, MKD, MDL, UZS – Not available until further notice • BRL, CLP, COP – Now only available over the phone • DKK, ILS – Drafts are no longer a settlement option • CRC – Payments to Individuals no longer supported • AFN, DZD – Closed Fridays • GTQ – cutoff time amended to 4:00pm ET two days before • BOB, BIF, CVE, GNF, PYG, RWF – Full Amount Only (no decimals) • ALL, AMD, AZN, BAM, BDT, BRL, BWP, CLP, CNH, CNY, COP, CRC, DOP, DZD, ERN, ETB, GHS, HNL, IDR, JMD, KES, KGS, LBP, MGA, MVR, NPR, NGN, PEN, PKR, TZS, UGX, UYU, VND, XAD, XOF – Requirement clarifications added © 2016 Wells Fargo Bank, N.A. All rights reserved. Printable Currency List Color Key Green: • Foreign currency with no minimums • buy and sell allowed • * denotes buy only currency • + denotes a Rate Sheet currency Gray: • Foreign currency with minimums • buy allowed, sell not allowed • + denotes a Rate Sheet currency White: • Always US dollars IBAN Legend a = BIC bank code p = Account number prefix b = National bank code s = Branch code c = Account number t = Account type k = Check Digit x = National check digit n = Numeric character ** General Currency Requirements For ALL Foreign Currencies with minimums applicable (gray shaded items) 1. There is a $1,000 USD Minimum applicable 2. The cutoff time is 4:00pm ET two days before value date 3. Beneficiary full name and complete in-country address (P.O. Boxes are not sufficient) 4. Beneficiary bank swift code OR if no swift code then full legal name, branch address, and agency code 5. Beneficiary account number (see individual currency requirements if IBAN is required) 6. Specific purpose of payment (Invoice specifying purpose, tax payment, payroll, capital injection, etc.) 7. Ordering institution name, and remitter’s full legal name, account number and complete address (no P.O. Boxes) – This is for Financial Institutions Only - Disclaimer: The information in this document is subject to change at any time without prior notice due to market conditions or other factors. If the changes are material, Wells Fargo will update and re-distribute. For more information contact the Foreign Exchange team at: [email protected] or toll-free at 1-877-932-3965 © 2016 Wells Fargo Bank, N.A. All rights reserved. Page 2 Printable Currency List Currency Currency Specific Requirements Settlement Channels Description Type FX Online, AFGHAN AFGHANI ** See General Currency Requirements #1 to #7 above Wire WellsXchange, (AFN) 8. Closed Fridays Phone ** See General Currency Requirements #1 to #7 above 8. Beneficiary's 28-digit IBAN (ALkk bbbs sssx cccc cccc cccc cccc) FX Online, ALBANIAN LEK 9. For utility payments provide the name of the client, Wire WellsXchange, (ALL) + the month of the utility bill period covered, and the Phone contract number of the subscriber 10. For tax payments a declaration form is required and needs to be provided by the taxpayer to the beneficiary bank ** See General Currency Requirements #1 to #7 above FX Online, ALGERIAN DINAR 8. Beneficiary’s 24-digit IBAN (DZkk nnnn nnnn nnnn Wire WellsXchange, (DZD) nnnn nnnn) Phone 9. No payments to individuals 10. Closed Fridays ** See General Currency Requirements #1 to #7 above FX Online, ANGOLAN Wire WellsXchange, KWANZA (AOA) 8. Beneficiary's 25-digit IBAN (AOkk bbbn nnnx cccc cccc Phone cccx x) FX Online, ARMENIAN DRAM ** See General Currency Requirements #1 to #7 above Wire WellsXchange, (AMD) Phone FX Online, ARUBAN FLORIN ** See General Currency Requirements #1 to #7 above Wire WellsXchange, (AWG) Phone 1. 5:00 pm ET cutoff one day before value date FX Online, AUSTRALIAN 2. BSB 6-digit number Wire WellsXchange, DOLLAR (AUD) + 3. Beneficiary’s full name and in-country address Draft Payment Manager Cash Letter CEO Wires, Phone ** See General Currency Requirements #1 to #7 above 8. Beneficiary’s 28-digit IBAN (AZkk bbbb cccc cccc cccc cccc cccc) 9. 6-digit bank branch code (input in Payment Details) 10. 10-digit Tax ID 11. Payments to non-resident beneficiaries are classified in 3 categories: FX Online, AZERBAIJANI a. Tax payer non-resident (having an Azerbaijani Wire WellsXchange, MANAT (AZN) tax ID) can receive funds from a legal entity Phone showing the clear purpose of transfer. b. Non-tax payer non-resident can only receive ‘financial aid’ from abroad with supporting documents c. Non-resident legal entity (tax payers) can receive funds from abroad only with supporting documents (invoice, contract, other real business papers) © 2016 Wells Fargo Bank, N.A. All rights reserved. Page 3 Printable Currency List Currency Currency Specific Requirements Settlement Channels Description Type FX Online, BAHAMIAN ** See General Currency Requirements #1 to #7 above Wire WellsXchange, DOLLAR (BSD) Phone 1. 5:00 pm ET cutoff one day before value date (Closed Fridays) FX Online, BAHRAINI 2. Beneficiary's 22-digit IBAN (BHkk bbbb ssss ttcc cccc cc) WellsXchange, Wire DINAR (BHD) + 3. Beneficiary’s full name and in-country address Payment Manager 4. Specific purpose of payment (Invoice specifying purpose, Phone tax payment, payroll, capital injection, etc.) ** See General Currency Requirements #1 to #7 above 8. Closed Fridays 9. Beneficiary’s telephone number 10. Beneficiary's on-site provision and endorsement documentation to receive local currency account credit 11. On value date, the local correspondent bank will inform the beneficiary bank of the payment. The beneficiary is then required to complete an Inward Remittance Form (Form C) indicating the purpose of FX Online, BANGLADESHI the payment. After the correspondent bank receives Wire WellsXchange, TAKA (BDT) + the completed form, it will release the funds to the beneficiary bank to be credited to the beneficiary. Phone 12. The onshore correspondent bank or beneficiary bank may request supporting documents from the beneficiary to evidence the identity of the beneficiary and to confirm the purpose of the payment. If the beneficiary is an NGO, they will need to request approval prior to receiving funds for specific projects. 13. If the local beneficiary is a non-profit organization, approval by the local NGO bureau is required in order to receive funds. FX Online, BARBADOS ** See General Currency Requirements #1 to #7 above Wire WellsXchange, DOLLAR (BBD) Phone FX Online, BELIZE DOLLAR ** See General Currency Requirements #1 to #7 above Wire WellsXchange, (BZD) Phone FX Online, BERMUDAN ** See General Currency Requirements #1 to #7 above Wire WellsXchange, DOLLAR (BMD) Phone ** See General Currency Requirements #1 to #7 above FX Online, Wire BOLIVIA PESO WellsXchange, (BOB) + 8. Full amounts only (no decimals) Phone ** See General Currency Requirements #1 to #7 above 8. Beneficiary's 20-digit IBAN (BAkk bbbs sscc cccc ccxx) BOSNIA- 9. If the final beneficiary belongs to a budget organization FX Online, HERZEGOVINA (government organization), the following details must Wire WellsXchange, MARK (BAM) + be provided: Phone a. Budget Organization Code b. Profit Type (6-digits) c. Citation Number – municipality (3 digits) © 2016 Wells Fargo Bank, N.A. All rights reserved. Page 4 Printable Currency List Currency Currency Specific Requirements Settlement Channels Description Type ** See General Currency Requirements #1 to #7 above FX Online, BOTSWANA PULA 8. 6-digit bank branch code Wire WellsXchange, (BWP) + 9. 11-digit account number for accounts held at First Phone National Bank ** See General Currency Requirements #1 to #7 above 8. Beneficiary’s telephone number 9. Beneficiary’s email address 10. Beneficiary’s 29-digit IBAN (BRkk bbbb bbbb ssss sccc cccc ccct n) 11. Ordering client’s full name and address 12. Beneficiary tax ID number a. Corporate: 14 digit “CNPJ” (Cadastro Nacional de Pessoas Jurídicas) (00.000.000/0001-00) b. Individual: 11 digit “CPF” (Cadastrado de BRAZILIAN REAL Pessooas Fisicias) (000.000.000-00) (BRL) 13. The beneficiary will be required to provide supporting Wire Phone documentation for each payment to comply with the country’s Exchange Control Regulations. 14. Complete the one time verification process in advance as required by our 3rd party provider regarding beneficiary documentation for onshore local currency delivery for all payments. Speak to your WF Sales Advisor for more info. NOTE: Banks will hold payment orders for 90 days if funds are not collected on value date. Banks will reject the payment on day 90 if it is still pending. However funds will not be returned unless recalled. FX Online, BRUNEI DOLLAR ** See General Currency Requirements #1 to #7 above Wire WellsXchange, (BND) Phone ** See General Currency Requirements #1 to #7 above FX Online, BULGARIAN LEV Wire WellsXchange, (BGN) + 8. Beneficiary's 22-digit IBAN (BGkk bbbb ssss ttcc cccc cc) Phone ** See General Currency Requirements #1 to #7 above FX Online, BURUNDIAN WellsXchange, FRANC (BIF) 8.