This is in Beta. Please reach out to your account manager or Ramp Support if you want to be included.
Ramp now supports wire transfers to pay your card statement! Similar to making a manual payment, you can initiate a wire transfer any time. Wires may be great for you if you desire to pay off your statements and free up balance spend faster than ACH.
Can I pay in a different currency than my statement currency?
- No, the currency of the wire must match your statement currency. If you store non-USD in your bank account, ensure that you select Send USD on the outgoing wire transfer.
What is a reference ID?
- Reference IDs are how Ramp maps a received wire to the business who sent it. You must include the correct reference ID in your outgoing wire transfer memo/description or Ramp will not be able to attribute your payment to your account.
- Pro Tip: use the copy button to prevent any typos
Where should I input my reference ID?
- Each bank has slightly different input fields when originating a wire transfer. You should use the "memo," "description," or similar field for your bank. (If you're unsure about which field to use, include it on multiple inputs just to be safe!)
Are wires reversible?
- No, wires are not reversible. Please ensure you fill out all the correct information and confirm before initiating the wire.
When will the payment leave my bank account?
- Domestic wires typically hit same-day, but may take up to 1 business day depending on the time of day you initiated the wire
- International wires vary and may take up to 5 business days
When will my business card balance be updated to reflect the wire transfer?
- Your business' card balance will updated within 1 hour when wire is received and reconciled by Ramp - see above for when wires are typically completed
Will a wire show on my statement?
- Yes, wire transfers will be on both the PDF and CSV Statement.
What statement period will a wire be in?
- The statement period that includes the date in which Ramp received the wire will be the period the wire is in.
Will a wire sync to my ERP?
- No, currently wire transfers will not sync to your ERP from Ramp.
- If you have a bank feed set up in your accounting provider, the payment will show up on that end and then you can create a journal to correctly debit the Ramp Card account and Credit the Bank Account.
What if I forgot to include the Reference ID in the memo/description?
- Please contact Ramp support at email@example.com for help.
What if I entered the account number / routing number wrong?
- Wires are irreversible in most cases. As it was initiated with your bank, contact your bank immediately to see if they can still help you make an adjustment or process a cancellation.
Wires for Monthly Card Statement
If you have configured your account with a business entity that pays its monthly card statement exclusively with wires, you must send your monthly statement payment for the full statement amount within 1 day of the statement date.
Will I receive payment reminders?
- We send statement payment reminders 3 days before your statement date, as well as day of your statement date if you are using wires for your monthly payment
- You will also receive an overdue reminder 2 days after your statement date if we have not yet received your wire
Executing Wire Transfers
- Go to Expenses -> Payments -> Make manual payment
- If multi-entity, select the entity you want to make a payment for
- Select Wire Transfer
- Select Domestic Wire Transfer if your bank is located within the US, or International Wire Transfer if you’re sending funds from outside the US
- In another tab, go to your bank account portal and look for the 'Send Money' or 'Wire Transfer' option in your bank's menu
- Switch back to your Ramp tab and copy Ramp's account information; each instruction has a copy button besides it for ease - we recommend using the copy button to prevent typos
- REQUIRED: You must include the Reference ID in the memo/description of the wire
- REQUIRED: You wire must match your statement currency
- Review all information entered in your bank portal to ensure accuracy and then initiate the wire transfer