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How do I create an International Money Transfer via FastNet Business International?

Last Updated: 24 Feb 2016

FastNet International is required where you are creating an IMT from a Foreign Currency account and / or will be processing IMT’s over NZ$250,000.

Notes before you start:

  • Each bulk IMT (international money transfer) can be made to either a single payee or to multiple payees. You can add as many payees as you want to a bulk IMT.
  • Each bulk IMT must use only one of the following payment methods: an ASB New Zealand Dollar account, a foreign currency account, or a Finance option. 
  • If you do not want to use the current foreign exchange rate, you can enter your FX Deal Reference Number or Forward Exchange Contract Number. However, these options are available only when the payments in the bulk IMT are all being made in the same foreign currency.
  • If you want to make bulk IMTs to multiple payees in different foreign currencies using multiple payment methods, we recommend that you create separate bulk IMTs for each payment method and/or exchange rate option. 
  • Note: You must have Create access to the International Payments function in order to create an international money transfer. You must also have Transact access to the Division, and Import access if you want to import payee details from an external file.

Creating IMT

  • Click payments on top menu
  • Left-menu, click international money transfer (bulk)

To Enter Your Payer Details

a. On the Create International Money Transfer page, enter the Payment Name (a maximum of 20 alphanumeric characters). 

b. If the Division field has a dropbox, click this then select the relevant division. 

c. Click either the Account radio button to select an ASB New Zealand Dollar account or foreign currency account as the withdrawal account, or click the Finance In radio button to select a Finance In option. 

  • Note: If you select Account, click the dropbox and select the withdrawal account. 
  • Note: If you select Finance In, click the dropbox and select the foreign currency, then enter the number of days before payment or use the calendar icon to select the payment date.

d. If you are making payments in different foreign currencies, the payment amounts will be converted automatically at the current exchange rates. However, if you are making multiple payments in the same foreign currency (but one that is different from your withdrawal account currency) you can chose either an FX Deal option or Forward Exchange Contract option. 

  • To use the FX Deal option, tick the FX Deal checkbox to use the exchange rate quoted by your ASB dealer then enter the Reference Number and the exchange rate, click the Currency dropbox to select the currency, then enter the amount. 
  • (Optional) Click the Forward Exchange Contract checkbox to use this exchange rate option, then click the Select Contract Number hyperlink and select the number of the Forward Exchange Contract that you want to apply.

e. (Optional) Type any additional instructions to ASB. 

f. The Due Date is shown with today's date. If you want to change it, click the calendar icon and select the relevant date, or type the relevant date directly into the field. 

g. Add each payee to the Payee Details section of the bulk IMT. You can either:  Add payee from scratch, add payee from library or import payee details.

file

To Add a New Payee From Scratch:

a. At the bottom of the Create International Money Transfer page, click New. 

• Result: The Payee Details page is displayed. You must enter information into fields marked with an *asterisk but we recommend that you also enter as much information as possible in the other fields.

b. In the Payee Details pane, type the payee's name and either the payee address or the payee account number (or both), then click the currency dropbox and select the currency. 

c. (Optional) Type a useful Payee Reference. This will appear on the payee's statement to help identify the payment. 

d. (Optional) Type a useful Payer Reference. This will appear on your statement to help identify the payment. 

e. In the Payee's Bank Details fields, provide one or more of the following groups of information: 

• Type the name and address of the payee's bank, then click the Country dropbox and select the country where the payee's bank is located. (If the country is not listed, click More then click the Country dropbox again to see more countries.) 

• Click the Bank ID dropbox and select the country where the payee's bank is located, then enter the Bank Code (sometimes referred to as the National Clearing Code) or the BSB of the payee's bank into the Bank Code field. 

• Type the Swift Code of the payee's bank.

f. The Overseas Bank Charges field automatically assigns these charges to the payee. If you want to change this, click the Overseas Bank Charges dropbox then click Payer. 

g. Click OK. 

• Result: The Create International Money Transfer page is re-displayed. The new payee details have been added to the list of Payee Names at the bottom of the page.

h. Click Save to save all the information you have entered. 

i. (Optional) Repeat this process to add the details of another payee from scratch. 

 

file

To Add Payee Details from the International Payee Library:

You can use the international Payee Library to: 

• add a whole payee group to the bulk IMT, 

• select a payee group and add one or more payees from that group to the bulk IMT, 

• add the All Payees group to the bulk IMT.

The All Payees group in International Payee library contains the details of every payee in the International Payee library.

a. At the bottom of the International Money Transfer page, click Add Payees from Library. 

• Result: The International Payee Groups page is shown with a list of payee groups

b. To add a whole group to the bulk IMT, click the check box next to the group name. Alternatively, to select and add one or more payees from a particular group to the bulk IMT, click the group name hyperlink to list all the payee names in that group, then click the checkbox next to each payee that you want to add to the bulk IMT. 

c. When you have finished adding payees, click Add selection to current payment. 

• Result: The International Money Transfer page is re-displayed. The new payees are added to the list of Payee Names at the bottom of the page.

d. Click Save to save all the information you have entered. 

e. (Optional) Repeat the previous steps to add more payees. 

 

file
file

To Import Payee Details from an Import File:

For more information on file formats, refer to the 'File Formats Technical Guide' which can be downloaded using the Guides menu at the top of the page. 

Note: You must have Amend Import permission to the International Payments function in order to make modifications to an imported file. Otherwise, the imported file is available in View mode only.

a. At the bottom of the Create International Money Transfer page, click Import. 

• Result: The Import International Money Transfer File page is displayed.

b. Type the location of the file or click Browse to search for the file. 

c. Click Import. 

• Result: The payee details are imported into the bulk IMT and the Modify ttr Money Transfer page is displayed. The imported payee(s) are added to the list of Payee Names at the bottom of the page.

 

To Authorise and Send a Bulk International Money Transfer:

You can add, modify, or delete payee lines, or change the payment name, due date and withdrawal account before authorising payment..

a. On the Unsent Payments page, tick the checkbox next to each bulk IMT that you want to authorise. 

Note: If you tick the Select all box, this will select all of the different types of payments shown - not just the bulk IMTs. 

b. At the bottom of the page, click Authorise. 

Result: The Authorise Payments page displays the selected bulk IMTs that require authorisation.

c. Type your User ID (if necessary), Password, and Netcode then click Authorise payments. 

Result: If any of the selected bulk IMTs are fully authorised and you have Send permission, a message lists these authorised bulk IMTs (or shows a summary if there are ten or more) and informs you that they are ready to send. Otherwise, the Unsent Payments page is re-displayed.

d. Click Send payments to send the fully authorised bulk IMTs for processing now. Alternatively, if you want to send the bulk IMTs later, click the Don't send payments yet hyperlink. 

Result: If sent, the bulk IMTs are automatically moved to the Sent Payments page. The Unsent Payments page is re-displayed with a message confirming that the bulk IMTs have been successfully sent. 

e. To view and confirm that the sent bulk IMTs have been received by ASB for processing, go to the Sent Payments page. 

 


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