Enhancements to Your Synovus Wire Transfer Services Effective October 19

Synovus Wire Transfer Services will be enhanced on Monday, October 19, 2020. While we don’t expect any interruptions to your service, we’d like to make you aware of several key differences in the wire transfer process.

What to expect

New wire cut-off times will be in place. Below are wire transfer cut-off times. Cut-off times for wires initiated using Business Internet Banking (BIB) and Business Electronic Banking (BeB) will remain unchanged.

Wire Transfer Cut-Off Times

The BIB currency offering will be streamlined. The BIB foreign currency offering will be streamlined to 20 foreign currencies. See the below BIB Foreign Currencies list. Synovus FX Online1, phone, fax and in-branch wire requests will continue to provide over 100 currency options. Please note, service enrollment is required for FX Online. To learn more, contact your Synovus representative, Customer Care, or visit your local branch.

BIB Foreign Currencies List

Holds will be discontinued for some foreign currency wire transfers. Customers initiating foreign currency wire transfers through a permitted means will be debited the day the Spot Contract is entered into (“Trade Date”), and there will no longer be 24-48 hour holds placed on your account; however, the 24-48-hour Spot Contract hold will still apply to foreign currency wire transfers initiated through Synovus FX Online. Below you will find a link to the Treasury Management Master Services Agreement, Foreign Exchange Services Addendum reflecting the discontinuation of holds based on initiation method.

Treasury Management Master Services Agreement, Foreign Exchange Services Addendum

FX Confirmations will be consolidated for commercial banking customers. Automated confirmations received via email and fax for foreign currency international wire transfers will have a refreshed look and feel. The confirmations will still include the same pertinent information, and you will now receive a single, consolidated confirmation instead of two. FX Online and BeB wire confirmations will not change.

Incoming international wire transfer instructions will change. See below for new instructions for receiving incoming international wire transfers. Please communicate these instructions to your overseas vendors where applicable.

Auto-Convert Exclusion Form for International wires to U.S. Dollars is changing
International wires initiated in USD may be auto-converted from USD to the local, receiving currency as authorized by our correspondent bank.  However, customers may choose to opt-out of the auto-conversion program by calling Synovus Customer Care at 1-888-SYNOVUS (796-6887).  The exclusion options on the Synovus Auto-Convert Exclusion Opt-Out Form have been revised.

Have questions or need assistance?
If you have questions regarding these updates to your wire transfer services or need more information, please call us at 1-888-SYNOVUS (796-6887). We’re always here to help.