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Wire Transfers- Information and Tips for Troubleshooting
Wire Transfers- Information and Tips for Troubleshooting

Tips on how to troubleshoot failed wire transfers

Rebecca Worden avatar
Written by Rebecca Worden
Updated over a week ago

Sending payment

There are multiple ways in which you can pay for your department, school, or district subscription. One of them is via wire transfer. Please contact your Sales representative or Success Manager, or email to obtain our bank details.

When sending payment it is best practice to include an invoice number or a quote number in the memo.

What to do if your wire transfer is being rejected or not going through?

1. Double-check that you have entered all required information: The required Beneficiary (payee) and Beneficiary Bank information used to route international U.S. dollar or foreign currency Wire payments varies depending on the foreign country a Wire is being sent to. In general, all international U.S. dollar and foreign currency payments require the following:

  • Full Beneficiary Name, Address, and Account Number

  • Bank Name and SWIFT/BIC (complete address is acceptable, if bank SWIFT is not available).

2. Be aware of Payment Cut-off Times: Check with your financial institution what their cut-off times are, especially if you are making a payment with a currency that is not part of the Standard Currencies List:

*Important: the FX Traders reserve the right to cancel any currency purchases missing approved or completed instructions at the payment cut-off time.

Formative accepts payment only in USD. If you need assistance with currency exchange please reach out to your financial institution.

If you are still encountering issues with your wire transfer after checking these two items, contact your financial/banking institution.

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