In order to send money, you will need to create a recipient in your Wayflyer account. By doing this you will be able to maintain a collection of recipients you have sent money to in the past, and more easily send money to these same recipients in the future. With this collection of recipient information, saved in a secure manner, you will be able to easily reference your vendors and partners without needing to save their routing or account information outside of the Wayflyer account.
Creating a new recipient
You can create a recipient from the recipients tab under payments. Alternatively, you will have the option to create a new recipient when sending a payment. When creating a new recipient you will need to provide the following information:
Recipient Type:
Whether the recipient is an individual or a business.
Business name OR Account holder:
The business name is the legal name of the company you are sending money to. The account holder is the legal name of the individual you are sending money to.
Please ensure this matches the name the recipient uses in their bank account. Banks will often cancel or return payments which are not sent to a matching name for the recipient account
Alias:
This is where you can add your own internal reference name for the company or individual, this will not be seen by the recipient.
Recipient bank details:
This is where you will enter the details for the bank account you are sending money to. This will include the routing and account numbers, as well as the account type.
Wire or ACH payment:
Routing numbers can sometimes vary for banking institutions based on the method of delivery. As such routing and account numbers entered into a recipient will be unique for specifically wire or ACH payments. If the client has the same information for both wire and ACH payments, you will need to enter the information in twice, once for each payment method
Please ensure that the details entered here are correct, and that the routing information is correct for wire or ACH payments, whichever you intend to use to send funds to this recipient.
Address:
You don’t need this information to set up a recipient but it is a requirement for wire payments made to an account.
The first time you try to send a wire to a recipient we will request you update the address and this information will be saved against the recipient for future transactions. Alternatively, you can add an address to a recipients record at any time via the recipients page.
International Payments
Country:
Select from the drop down menu the country the account you want to send international payments to is registered in.
Selecting the country will determine what additional account information is required. For example, to send money to a Spanish bank account you will need the recipient accounts IBAN and SWIFT/BIC codes. Alternatively, to send money to China you must provide CNAPS and account number information.
Currency:
Select the currency you will need to convert dollars into to send money to this account.
Managing recipients
When you need to update your recipients, you will be able to navigate to the recipients tab, and edit existing recipients. Please note that editing recipients will not update any previous wire or ACH payments, and will only update information for payments moving forward.
You will also have the option to delete recipients if you do not intend to send money to that individual or company moving forward.
Frequently Asked Questions:
If a recipient I am sending money to has a different routing number for wires and ACHs, which number should I enter?
Different routing numbers should be entered into the respective ACH and Wire routing number information. When you enter a payment method you will need to chose wire or ACH as a payment option.
If a recipient utilizes multiple bank accounts, how should I track that information in my Wayflyer account?
Just as you are able to enter in different payment methods in the same recipient. You are also able to add multiple accounts in the same recipient. When you select this recipient, you will need to designate which account of theirs you are sending funds to, based on the last 4 digits of the account number.
For support questions for the Wayflyer Banking product, please do not hesitate to reach out to [email protected].
Wayflyer is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Wayflyer Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact [email protected] with questions on the sweep program. Pass-through insurance coverage is subject to conditions.