Wire transfers for card statement payments

Overview

Ramp now supports wire transfers to pay off your card statement! Similar to making a manual payment, you can initiate a wire transfer at any time. Wires may be great for you if you desire to pay off your statements and free up balance spend faster than ACH.

Jump to:

How does Ramp recognize my wire payment (important!)

What are the steps I need to take in Ramp?

Frequently asked questions (FAQ's)

Special instructions/memo

You must include the special instructions/memo in your outgoing wire transfer. This code is how Ramp maps a received wire to the business that sent it. Ramp will not be able to attribute your payment to your account if you don't include it.

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!

Pro Tip: use the copy button  to prevent any typos

Executing wire transfers

1. Go to Expenses -> Payments -> Make manual payment
2. If you're using Ramp's multi-entity feature, select the entity you want to make a payment for
3. Select Wire Transfer
4. 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
5. In another tab, go to your bank account portal and look for the 'Send Money' or 'Wire Transfer' option in your bank's menu
6. Switch back to your Ramp tab and copy  Ramp's account information; each instruction has a copy button beside it for ease - we recommend using the copy button to prevent typos
7. REQUIRED: You must include the special instruction/memo in the memo/description of the wire
8. REQUIRED: Your wire must match your statement currency
9. Review all information entered in your bank portal to ensure accuracy and then initiate the wire transfer

FAQs

1. 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.
2. Where should I input my special instruction/memo?
   • 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!)
3. Are wires reversible?
   • No, wires are not reversible. Please ensure you fill out all the correct information and confirm before initiating the wire.
4. 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
5. When will my business card balance be updated to reflect the wire transfer?
   • Your business card balance will update within 1 hour of when the wire is received and reconciled by Ramp - see above for when wires are typically completed.
6. Will a wire show on my statement?
   • Yes, wire transfers will be on both the PDF and CSV statements.
7. 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.
8. Will a wire sync to my accounting provider?
   • Currently, wire transfers will not sync to your accounting provider 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.
9. What if I forgot to include the special instruction/memo in the memo/description?
   • Please contact Ramp Support for help.
10. 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.
11. Can I use wires regularly for my card statement payment
    • 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.
    • We send statement payment reminders 3 days before your statement date, as well as the 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