Euro Pacific Bank

Which wiring instructions should I use for receiving USD payments?


Before executing the transfer, please review the Incoming Wire Transfer Disclaimers.
If you encounter any challenges, please contact us via secure eBanking message or send us an email.

Euro Pacific Bank has created three different options for receiving USD, in our mission to offer you a stable, reliable, and permanent method for facilitating USD payments.

Method When do I use these instructions? Cost Direct Clearing1 ABA Number
Standard This is your primary instruction, valid until December 31st 2018. Incoming payments through this instruction after this date will be returned. Standard Fees Yes No
Federal Reserve From January 1st 2019, please use this instruction as we will no longer be offering the Standard Instruction above. If used before January 1st 2019, please be aware of the surcharge2. Standard Fees + $60 surcharge per transfer if used before January 1st 20192 Yes Yes
Alternative If the options above do not work, you may use this alternative instruction. Standard Fees + intermediary bank fees3 No No

1Direct clearing means that payments are cleared directly through an intermediary bank. This means that the sending bank can send the payment with your account name listed as the Beneficiary (Field 59), as opposed to in the Reference field (Field 70 or 72). In the case of the Alternative Instruction, payments are processed through another third party processor, not directly through the bank.
2These additional costs are a result of the fact that processing through the Fed is not yet automated. The Bank is working with the Fed to enable fully automated transaction processing, which will eventually result in lower costs and faster settlement.
3An international payment may utilize one or more intermediary banks, as it passes through the payment chain. This may result in additional charges, levied by the intermediary bank(s). We credit the exact amount our payment processor receives, followed by our incoming wire fee. We cannot accept any liability if an intermediary bank in the payment chain adds additional transfer fees.

Choosing the charging instruction (OUR/SHA)

When you send an outgoing wire transfer (SWIFT MT103) you can choose who pays the transfer charges1.

SHA and OUR are codes on the outgoing wire transfer form, at field 71A labelled “Correspondent Bank Charges”.

  • The OUR instruction means you pay all transfer charges. The receiver will receive the full amount of the wire sent2. Outgoing OUR payments have an additional transfer fee to cover the cost of the intermediary charges3.
  • SHA (shared) means you only pay EPB’s outgoing transfer charge. The receiver receives your payment minus the correspondent (intermediary) bank charges. This is the default charging instruction if no other is selected.

1Due to EU regulations regarding certain payments made within the SEPA region SHA may be mandatory and the charging instruction will be modified accordingly.
2In the US market there is no certainty that OUR will be applied by all intermediaries as some of the domestic clearing systems do not specify a charge option and may treat the payment as SHA.
3The Bank reserves the right to amend the additional “OUR” transfer fee after the payment has been sent if the correspondent charges that are ultimately billed substantially deviate from the additional charge.

Outgoing Wire Transfers

Please have your Security Key ready.

1. Log into your Online Banking > Transfers tab > Transfer Type Outgoing Wire Transfer.

Outgoing Wire Transfer Request
Outgoing Wire Transfer Request

2. Complete all relevant details. Intermediary Bank is an optional field. Alternatively, you can load a previously-saved Template from the Template Manager.

Load an Optional Template
IMPORTANT: Please state the economic purpose of your outgoing wire transfer in the Reference Field (SWIFT Field 70). If not entered, the wire may be rejected by our correspondent banking network.

3. To create a new Template for future use outgoing wire transfers, check Save Template.

Template Manager
Save your Template (optional)

4. If it is a third party wire transfer greater than $5,000, you may be asked to complete a Payments Form and include relevant supporting documentation. If you do not attach supporting documentation or are uncertain, our Compliance team will send you an Online Banking message to assist you before executing the outgoing wire transfer.

Supporting Documentation
Upload supporting documentation, if relevant.

If you encounter any challenges, please contact us via Online Banking message or send an e-mail to [email protected].

Do I have an IBAN?

Currently, Puerto Rico does not participate in the IBAN (International Bank Account Number) standard. Therefore, Euro Pacific Bank clients do not have IBANs and should revert to their standard MT103 wiring instructions.

If your sending institution is mandating that an IBAN is needed, we recommend that you communicate to them that the transfer is a SWIFT payment, which is routed through a SWIFT code (also known as BIC code) and an account number. Often, many sending institutions request IBANs because they are accustomed to using them.

Why does my incoming wire transfer show status “Processing” but is not credited or available?

A “Processing” incoming wire transfer in your Online Banking means that the wire has arrived but is waiting to be credited, typically due to these reasons:

  1. The wire is being reviewed
  2. We are waiting for the funds to fully settle
  3. We need supporting information or documentation from you regarding the wire transfer

If the incoming wire shows “Processing” but is not credited within 72 hours, please contact us via Online Banking message, as we are likely attempting to reach you to gather supporting information and/or documentation.

Why does my incoming wire transfer show status “Pending” in my Online Banking?

An incoming wire transfer whose status is “Pending” means that we have received the SWIFT payment, but are waiting for further supporting resources from you to credit the funds. Please check your Online Banking messages and read the outstanding request(s).

In contrast, an incoming wire transfer whose status is “Processing” means that it has arrived and is waiting to fully clear before being credited to your account.

Can Euro Pacific Bank assist me in completing my bank’s wire transfer form?

As a courtesy, Euro Pacific Bank is happy to advise you how to complete your bank’s wire transfer form in order to successfully transfer funds to your Euro Pacific Bank account. You may e-mail your wire transfer form (or the required fields) to [email protected] or send an Online Banking message with the attachment.

Because banks’ wire forms are often not presented in SWIFT format and vary considerably between banks, we rely on our best judgement in completing your form, but accept no liability if the wire transfer is not successful for any reason.

To guarantee that your wiring instructions are correctly followed, we recommend that you work with the sending bank’s staff and ensure they read our Incoming Wire Transfer Disclaimers.

Why was my Incoming Wire Transfer Request cancelled?

If you are seeing a “Cancelled” incoming wire transfer in your Online Banking transactions, it does not mean that we rejected or returned your incoming wire transfer. Here are the likely reasons for cancellation:

  1. Your Incoming Wire Transfer Request was “Pending” for four weeks or more.
  2. Your Incoming Wire Transfer was not accepted due to Compliance reasons, and needed to be returned. The reason would have be given to you via internal bank message.
  3. You cancelled the Incoming Wire Transfer Request yourself.

If there is any other reason that we cancelled your Incoming Wire Transfer Request, please check your Online Banking Messages.

Why did I receive less money than what was originally wired?

Euro Pacific Bank credits the exact amount we receive from our corresponding bank, with the exception of the Blocked Amount upon your first incoming wire transfer.

Then, we assess an Incoming Wire Transfer Fee.

If the amount we credited is not the amount that was wired from your sending bank, historically that is because another intermediary bank in the payment chain assessed their own wire transfer fee.

Unfortunately, we have no control over what other intermediary banks in the payment chain do, nor can we identify who they are. We accept no liability if the funds were assessed an additional fee by an intermediary bank.

Outgoing Wire Transfer Guidelines

In an effort to continually improve your banking experience for our clients and adapt to the ever-changing regulatory environment, we urge you to follow these best practices to ensure that OUTGOING wires are sent successfully.

Euro Pacific Bank has much more control over outgoing wires, therefore less issues arise. However, please consider these tips:

  1. Economic Purpose – Similar to incoming wires, OUTGOING wires should also contain the economic purpose in SWIFT field 70. If not entered, the wire may be rejected by our correspondent banking network.
  2. Outgoing wire templates – If sending a regular wire, clients can create an outgoing wire template in the online banking platform, which can be used instead of manually filling out the wire form each time.

If you encounter any outgoing wire issues, please contact your Private Banker or email [email protected] with the information above.