There are essentially two classes of foreign electronic payments. International wires are the fastest option available but come with higher fees for both Bowdoin and the payee. International wires generally clear in 1-2 business days, e.g. an order placed on Wednesday will likely be credited to the payee on Friday.
In many countries, Bowdoin can alternatively send the payment in the payee’s local payment network, essentially the US equivalent of an ACH or direct deposit. This is typically the first-choice method when available for relatively small amounts as it’s the least cost option for both Bowdoin and the payee. Clearing times can be up to one week, depending on the country. Most often it takes one business day more to clear than a wire.
The following information is needed to place an order for either type of international electronic payment (* indicates required information):
- Bank Name*
- Bank Address
- Bank BIC/SWIFT code*
- Routing or Sort Code (required for low-cost transfer option to Canada, Australia, New Zealand, United Kingdom)
- Intermediary Bank Information (if needed)
- Account Name*
- Account Address*
- Account Number* (Must be in IBAN format for EU countries)
- CLABE for accounts domiciled in Mexico