Member Resources
Tips, resources, and advice to help you bank boldly.
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PO Box 2020, Oregon City, OR 97045
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Sending and Receiving Wire Transfers
Wire transfers (or “wires”) are a great way to move money from one account to another, either domestically or internationally.
Domestic wire transfers are wires sent within the United States, whereas international wire transfers are wires sent anywhere outside of the United States. When conducting a wire transfer, funds are transmitted through the wire network, known as the Federal Reserve Wire Network. The Federal Reserve manages this network that financial institutions use to send and receive funds via wire transfer.
Wire transfers are one of the more costly methods of moving funds electronically. It’s important to note that use of the Federal Reserve Wire Network is not free for financial institutions. At Embold, the fees assessed for these services are not done for profit, but instead are assessed at-cost to protect the funds and security of the entire membership.
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Domestic Wire Transfers |
International Wire Transfers |
|---|---|
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Domestic Wire Transfers Incoming: $8.00 per item |
International Wire Transfers Incoming: $25.00 per item |
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Domestic Wire Transfers Outgoing: $18.00 per item |
International Wire Transfers Outgoing: $55.00 per item |
Be sure to have the following information ready before making your in-person appointment to send a domestic wire from your favorite Embold branch:
- Recipient’s name
- Recipient’s bank name
- Recipients bank address
- Recipient’s bank account number and routing number
- Recipient’s physical address (no PO boxes)
- Amount of money to be sent
Sending an international wire? Be sure to also have these on hand:
If using a United States “go through” bank:
- Corresponding bank name
- Corresponding bank address
- Corresponding bank routing number
If using a foreign “go through” bank:
- Intermediary bank swift code
- Intermediary bank name
- Intermediary bank address
Beneficial Ownership Information (BOI) Reporting
In 2021, Congress passed the Corporate Transparency Act. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other vague ownership structures.
This federal requirement aims to ensure transparency and compliance with anti-money laundering and financial crime prevention efforts.
All reporting businesses, whether newly created, recently registered, or established prior to January 1, 2024, must comply with these official requirements.
- If your business existed before January 1, 2024, you must file your initial BOI report no later than January 1, 2025.
- If your business was created or registered on or after January 1, 2024, and before January 1, 2025, then it must file its initial beneficial ownership information report within 90 calendar days after receiving actual or public notice that its creation or registration is effective. Specifically, this 90-calendar day deadline runs from the time the business receives actual notice that its creation or registration is effective, or after a Secretary of State or similar office first provides public notice of its creation or registration, whichever is earlier.
- If your business was created or registered on or after January 1, 2025, it must file its initial beneficial ownership information report within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
In the future, if there are any changes to your beneficial ownership information (e.g., changes to ownership, control, or business details), you must file an updated report within 30 days of becoming aware of the change. And if you discover any inaccuracies in your BOI report, you must correct the report within 30 days of identifying the issue.
We encourage you to review your reporting obligations and consult with your accountant or legal advisor to ensure your business remains in compliance. You can find detailed information about these requirements on FinCEN’s website or by reaching out to a trusted advisor.
Click here to file your BOI report.
If you have any questions or need assistance, please don’t hesitate to contact us at businessservices@emboldcu.org or give us a call at 503.656.0671.