Introduction

Wires offer the benefit of being guaranteed funds that settle relatively quickly. Additionally, while wires are more expensive than ACH transactions, they face no return risk, making them ideal for large sum transactions or situations where return risks need to be eliminated. Wires are also used to send money internationally.

Synapse offers both domestic and international wire transfers.

(Transaction) Node Types: WIRE-US and WIRE-INT (international).

Steps to Initiate Wire Transactions

To Initiate an Wire Transaction

1. Make sure your controls (what you are allowed to do in our system) allow for Wire transactions.
2. Have a user with SEND-AND-RECEIVE permissions who is not a match in one of our sanctions lists (click here for a guide on how to check for this).
3. Link the target external account to our system. The process varies slightly for domestic wires and for international wires. Learn more in Linking Wire Accounts.
   • For Domestic Wires: Link Wire Account (Domestic)
   • For International Wires: Link Wire Account (International)
4. If all the steps above have been successfully executed, you can create a transaction with the wire node (i.e. the <<account_wireUS>> or <<account_wireInternational>> node that you created).

To Receive an Externally-Initiated Wire Transaction

To receive an incoming Wire transaction (that is, not initiated inside the Synapse ecosystem) you will need to have an account with the SEND-AND-RECEIVE permissions that is owned by a user who is not a match in one of our sanctions lists (click here for a guide on how to check for this), and who has been issued account and routing numbers.

When we receive the transaction we will automatically push or pull the funds to/from your account. If you are subscribed to the relevant webhook you will receive a webhook informing you of the transaction.

Steps to Return Wire Transactions

As wires by design settle irrevocably once processed, the wire return process requires creating a separate outgoing wire to return funds to the originator. The protocol for wires does not include a built-in returns process, therefore this outgoing wire must be created and processed to return the funds. This will generate its own tracking details and will be shown as a separate transaction in the user's history.

The steps involved include:

1. Verification that the original wire settled.
2. Verification that the funds are still recoverable (e.g. haven't already been withdrawn or frozen).
3. Creation (by Synapse) of the new WIRE-US transaction node under the relevant user's profile.
   • The new wire's transaction memo (extra.note) field will include the tracking ID of the original wire (from.meta.tracking_id) and the return reason for the wire.
   • In addition, the new wire's supplemental ID (extra.supp_id) will map back to the original wire's Synapse transaction ID (in the format "supp_id": "RETURN_FOR_{transaction_id}").

Note on Currency Conversions for International Wires

Synapse sends and receives wires in USD. Any currency conversions will be performed either by the sending financial institution (for incoming wires) or the receiving financial institution (for outgoing wires) rather than by Synapse directly. Exchange rates can differ by the currency being converted, the entity performing the currency conversion, and even by the associated correspondent bank. Please note that the exchange rates provided to you by the entity performing the conversion will likely differ from rates you may see online (e.g. from Google search results). The entity should provide proper disclosures with both the amount in USD and the amount in the foreign currency.

Minimum Amount Required for International Wires

Outgoing international wire transfers require a minimum transfer amount of $1,000 to be processed. Outgoing International Wires under the minimum amount (i.e. for any amount less than $1,000) will not be sent, and will be cancelled (with recent_status.note "[Returned on Credit] UTA UNDER DAILY MINIMUM LIMIT OF $1,000.00 USD"). Please note that this requirement only applies for outgoing International Wires and not for incoming International Wires.

Cutoff Times

Domestic and International wire transfers have differing cutoff times.

Our cutoff times are:

Sub-Resources

##Domestic Wire Sub-Resources

• Link Wire Account (Domestic)
• View Wire Account (Domestic)
• Create Transaction

International Wire Sub-Resources

• Link Wire Account (International)
• View Wire Account (International)
• Create Transaction

Wire Return Codes

• Wire Return Codes.