This article outlines the steps required to make a local transfer from your Viably Global Account, including how to set up a payment beneficiary.
Within your Viably Global Account there are several options for moving money, including local transfers for domestic transactions. Once you've logged into your account you'll need to click the "Pay someone" button in the top right hand corner or the Payments left menu to get started.
From there, you'll be asked if you are paying a new or previously listed beneficiary.
Adding a New Beneficiary
- Click "Pay someone new."
- Label the recipient as a business or individual. In most cases this will be a business, however if you're utilizing individual contractors or freelancers for your business you may need to pay an individual entity.
- Select the country in which your recipient's bank is located.
- Depending on which country you select, options for payment and transfers will populate, including local payments. Fill out the required information (including account name, account number, routing number, etc.) Keep in mind that once you select the transfer method, you will not be able to change it without creating a new beneficiary.
- Select the currency in which you recipient will receive payment.
- Click Save.
Once you've saved a new beneficiary you'll be returned to the Payments page, where all possible payment beneficiaries are listed.
Initiating a Local Transfer
- Select the beneficiary that you want to pay.
- Specify the amount you'd like to pay them in the local currency. Verify that number with the conversion rate if necessary.
- Label the category of the expense for expense management purposes.
- Write a memo or note for personal bookkeeping purposes.
- Click the "Next" button and confirm transaction before it sends.
Local transfers, especially ACH transfers, are typically the quickest and cheapest transaction method at 0-2 days delay before completion.