Payment Orders / Funds Transfers

This transaction can be requested by an individual or a corporation, the petitioner. The Bank through electronic services provides to another person, the beneficiary, a specific amount of money to be deposited in the same Bank or in another financial institution, in the same country or in another. The banking entity commits with the person who requests it to transfer the funds which are an internal transaction carried out by the Bank or other banks involved in the transaction. The petitioner and the beneficiary can be the same person. These transactions are also known as Payment Orders.

Funds transfers are carried out when the money is received from the customer or the funds are available in an account that BICSA holds with one of its correspondent banks.

BICSA choose from its correspondent banks list the one that fits the requirements of the transaction according with the instructions given by the customer requesting the Payment Order. The term Funds Transfer refers to all kind of transfer of electronic funds among banks including the Federal Reserve Bank (Fed Wire), interbanking system ACH (“Automated Clearing House”), and international interbanking system (“Society for Worldwide Interbank Financial Telecommunication” - SWIFT).

All funds transfer transactions are governed by the law of the United States and are subject to the exclusive jurisdiction of the state or federal court of Miami, Florida.

 Benefits

• BICSA offers its Customers its wide experience with a worldwide network of correspondent banks.
• As member of the Fed Wire System of the Federal Reserve Bank, BICSA offers immediate and direct access to any financial institution in the country.
• Due to our advanced technology, the sending time is immediate, therefore the funds are received by the beneficiary the same day or no later than the next working day.

For more information:
BICSA Miami Agency - Personal Banking Department

Tel. 305.455.3100
E-Mail: Contact here