Wire transfers provide the fastest way for your business to send money electronically, to both business and personal accounts, in the US and around the globe.
What are the benefits?
Wire transfers provide same-day, near-immediate transfer of funds (unlike ACH which provides next-day transfer of funds).
Domestic wires generally arrive at the recipient bank the same business day, if sent by 3pm CST on bank business days.
International wires generally arrive at the recipient bank within two business days, if sent by 3pm CST on bank business days.
As an Old National Treasury Management BankConnectTM Plus client, you can conveniently initiate secure wire transfers from your own computer, along with creating templates for frequently sent wires. Learn more about BankConnect Plus.
If your company regularly sends international wires
You could benefit from establishing a relationship with the Old National Bank Foreign Exchange (FX) Department. Along with helping clients make and receive payments in foreign exchange, we can assist with ways to mitigate exchange rate risk. Contact our FX Department directly at 1-800-704-3084.
Wire transfer fees
Fees may vary for wire transfers sent via BankConnect Plus.
If you do not know the currency of the receiving account, you should send in US dollars. If you do know the local currency of the receiving account, it is best to send your wire in that foreign currency. Your recipient (in most instances) will receive the funds sooner than if you sent the funds in US dollars. In addition, initiating your transfer in local currency will allow you to see the exact exchange rate and lock it in up front.
Talk with us about the possibility of establishing a relationship with the Old National Bank Foreign Exchange (FX) Department. Contact the FX Department directly at 1-800-704-3084.
The daily cut-off time for all wire transfer requests is 3 pm CST on bank business days. A business day is every day except Saturday, Sunday and federal holidays.
If you initiate a domestic wire transfer before the cut-off time (3 pm CST) on bank business days, Old National Bank Wire Services will process the transaction the same day. Domestic wire transfer transactions generally arrive at the recipient bank the same business day.
If you initiate an international wire transfer before the cut-off time (3 pm CST) on bank business days, Old National Bank Wire Services will process the transaction the same day. However, depending on certain factors, international wires can take anywhere from 2 to 5 business days to reach the recipient account.
If you initiate a wire transfer on non-bank business days, or after the cut-off time* on bank business days, we will process the transaction the next bank business day. The wire transfer will be debited from your Old National debit account on the day the transfer is initiated.
US dollar wire transfers can be scheduled in advance. Wires sent in a foreign currency cannot be scheduled in advance due to fluctuations in currency rates.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) code is a unique identification code that may be required for the completion of International Wire Transfers. The Old National SWIFT code is OLNAUS44.
Wires going to foreign countries require different numbers depending on the receiving foreign country.
1. For international wires you may need a country-specific account structure, for example a CLABE for Mexico or an IBAN. Other countries might require a SWIFT Bank Identifier Code or a National ID with the recipient’s account number.
2. All wire transfer payments should include a SWIFT Bank Identifier Code or a National ID as applicable, and for participating countries the beneficiary’s International Bank Account Number (IBAN). Mexican banks require a CLABE number in addition to the SWIFT BIC.
For Eurodollar (EUR), British Pound Sterling (GBP) and Canadian Dollar (CAD) incoming wires, please visit an Old National banking center for instructions.
