Audience: Accounting Manager
Summary: This article reviews MineralTree's functionality around wire payments, account setup, etc. MineralTree supports the ability to issue wire payments directly from the application. This functionality is available for our direct customer via our partnership with Western Union.
This article contains:
- Wire Functionality & Supported Countries
- Western Union - Account Setup
- Settlement Limit
- Customer’s Bank Statement
- Payment Receipts
- Additional Notes
Wire Functionality & Supported Countries
MineralTree supports the ability to send both domestic wires within the US and cross-border dollar denominated payments. Cross-border payments made using MineralTree will be sent to the destination bank in US dollars and if applicable, the destination bank will convert the funds to the appropriate currency at the time of deposit. Please note that MineralTree does not support the ability to send a wire payment in a foreign currency today.
Current supported countries for cross border payments include the following:
- Eurozone Countries (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Romania, Slovakia, Slovenia, and Spain)
- Hong Kong
- United Kingdom
If you have a need to send a cross border dollar denominated wire to a country that is not listed above, please email email@example.com with a request.
Western Union - Account Setup
- Customers must complete the GlobalPay Application Pack MT WUBS Agreement. Many sections in the application are pre-filled with data from the MineralTree on boarding process.
- Articles of Incorporation, an IRS document confirming the company's FEIN, and a photo ID of the signer are required.
- Non-profits must fill out an NGO Due Diligence questionnaire and inform WU who is in charge of their compliance policies.
- All companies located within 200 miles of the US-Mexico border must fill out the Southwest Border Zone Ultimate Beneficial Owner form.
- A valid US routing number and bank account number
- Customers who have ACH Debit Blocks or Debit Filters set up on their accounts to prevent unauthorized debits must whitelist the following ACH ID with their bank in order to enable ACH Debit payments from Western Union: ACH ID 1133440076
Western Union Confirmation
- Western Union typically processes applications within 3-4 weeks.
- Once the application is approved, MineralTree will be notified and the settlement credit limit for the customer will be set up.
- Western Union confirms the customer's account information with a test debit under $5. The customer must confirm the test debit amount, and Western Union will credit the test transaction amount.
Western Union provides each customer with a 5 day rolling settlement limit. If the customer’s settlement limit is exceeded, the wire payments will go into a good funds model. In this model, the wire funds will not be issued to the vendor until Western Union receives funds from the customer for the total of the payment.
MineralTree recommends issuing wire payments within the settlement limit provided by Western Union to ensure the wire is issued immediately.
Customer’s Bank Statement
Payments appear on the MineralTree customer’s (payer’s) bank statement 1-2 days after they are submitted. Each wire payment appears as a separate debit on the customer’s bank statement with “WUBS USA DEBITS” as the transaction descriptor. The debit will include the total amount of the wired funds PLUS the wire fees.
Customers will receive email confirmation for each wire payment they submit. This email is sent from firstname.lastname@example.org and contains information about the wire payment. This email serves as a confirmation, and no action is required.
Security measures added to MineralTree for wire payments include the following:
- Companies who are enabled for wire payments must have 2 wire approvers setup in MineralTree.
- A daily limit can be set on domestic and/or USD cross border wire payments.
- Two factor authentication can be enabled on wire payments at the time of approval.
- For international wires, you should configure the vendor to use the destination bank. We do not currently support correspondent banks for wire payments.
- Please use full account numbers for the vendor's bank. We do not currently support use of SWIFT codes.
- The cost to send wire payments is $20 each for domestic wires, and $25 each for international payment.