Wire transfer
Bank Wires
When you are making a deposit but not interested in sending a check or using a credit card as your preferred options, you may choose to do a wire transfer. Wire transfers are quick and inexpensive and allow you to send money from anywhere in the world. They are one of the best methods of international money transfer and often offer a same-day service.
1. What is a wire transfer?
A wire transfer is an electronic payment service for transferring funds between bank accounts. For example, by using the Federal Reserve Wire Network or the Clearing House Interbank Payments System, funds can be transferred from your personal bank account to your OptionRally account.
Before beginning the process of transferring money by wire, you should have the following information available:
1.1. The amount that you wish to transfer. If transferring from a bank account, make sure that you have sufficient funds to cover the transaction including any service costs. This is because fees for overdrawn accounts can be very steep!
1.2. OptionRally’s full Corporate Name and Bank Details (see below).
1.3. The bank account information for OptionRally (see below).
1.4. The SWIFT Code or IBAN of the bank or financial institution that holds the account to which the money will be sent.
1.5. The bank account number and routing number of the account you will be using to send the money from. You should also have the address of the branch where you opened your bank account as it is sometimes required.
Interested in depositing money using a wire transfer? Open an account today!
OptionRally’s full wire transfer details are provided below:
$ USD Deposits
BENEFICIARY: LFG Investments LTD
BANK NAME: JSC TBC BANK
ADDRESS: Tbilisi, Georgia
SWIFT: TBCBGE22
IBAN A/C: A/C GE15TB7650136120200002
€ EUR Deposits
BENEFICIARY: LFG Investments LTD
BANK NAME: JSC TBC BANK
ADDRESS: Tbilisi, Georgia
SWIFT: TBCBGE22
IBAN A/C: A/C GE15TB7650136120200002
For Non-European Customers:
$ USD Deposits
Interested in depositing money using a wire transfer? Open an account today!
2. What is a SWIFT Code number and what is it used for?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an industry-owned co-operative supplying secure, standardized messaging services and interface software to nearly 8,100 financial institutions in 207 countries and territories worldwide.
SWIFT members include banks, broker-dealers and investment managers. A Swift Code number is generally required by banks for the completion of international wire transfers.
3. What is an IBAN number?
The International Bank Account Number (IBAN) is the international standard for identifying international bank accounts across country borders.
The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). The United States does not participate in IBAN. Therefore, a US based bank such as Bank of America does not have an IBAN number.
When sending wire transfers to countries that have IBAN numbers, we recommend including those numbers in your wire transfer documentation. According to the European Directive, only the account-keeping bank may calculate the IBAN / check digits. To obtain the IBAN numbers of OptionRally's bank account please contact us directly by clicking here!
Once you have gathered all of the wire information, you are ready to proceed with the wire transfer. Here's how to send money instantly with wire transfers:
1. Contact the bank or financial institution that you will be using for the wire transfer. You are recommended to use the bank where you have your account because your wire fees will tend to be less compared to those you could incur if you use an outside service such as Western Union.
2. Your bank may require that you fill out, sign and fax a wire transfer form with the information discussed above. You should do so in writing as it is easy than transposing numbers over the phone.
3. Request a confirmation number or receipt verifying that your transfer has been fully actioned.
You can also transfer money online. Western Union is a popular online wire transfer service. A wire transfer done over the Internet requires the same information as a bank initiated one.
Interested in depositing money using a wire transfer? Open an account today!
If you are looking to wire transfer money quickly, make sure you ask the bank for its wire deadline and transfer times. For instance, some banks have a 1:00 pm Eastern Standard Time cutoff for a wire transfer to be processed on the same business day. If your bank wire request is not actioned before this deadline, then it is processed the next business day. Ask your bank for its transfer times so that you can communicate this information to the wire recipient.
1. Wire Transfer Tips
4.1. The information you give to your bank should be in writing in order to minimize errors.
4.2. In most cases, funds can be wired on the same business day provided that you initiate the transfer prior to your bank's deadline.
1. Always make sure that there are sufficient funds in your account prior to ordering a wire transfer.
2. Banks charge for wire transfers. Always ask how much the wire fees are before proceeding.
3. Wire transfers are not always immediate. Ask your bank when the funds will be transferred and the cutoff times for these transfers.
For information regarding Credit Card Deposits, don't hesitate to contact our customer service page!
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