Transfers & Wires Guide

In our Business Banking platform, users have the flexibility and control to move funds efficiently. You can send internal transfers between your accounts, external transfers to other banks, domestic wires within the U.S., and international USD wires. 

For eligible transfers, you now also have the option to choose between standard processing or upgrade to instant delivery, giving you faster access to funds when timing is critical. This guide will walk you through each type of transfer and provide tips to ensure your transactions are completed smoothly and securely.

Transfers 

In this section, we’ll guide you through sending both internal and external transfers. Internal transfers are best for moving funds quickly between your own accounts at Grasshopper, such as managing cash flow or covering payroll. External transfers are ideal for paying vendors, issuing customer refunds, or transferring and sending payments to accounts at another financial institution. You’ll learn how to move money between accounts and understand the key steps to complete each transfer securely and efficiently.

Internal Transfers

1. Login to Online Banking
2. Select Transfer & Pay
3. Select Transfer
4. Fill in the transfer details: 
   1. Enter the amount ($)
   2. Select the account you want to withdraw funds from
   3. Select the account you want to send funds to
5. Select Next
6. Fill in the additional details:
   1. Select a Frequency 
      1. Once, Daily, Weekly, Every two weeks, 1st and 15th,  Monthly, or Yearly
   2. Select a Date to send the funds
7. Add a Memo (Optional)
   1. This could be a note that references what the transaction is for.
8. Select Next
9. Review your transfer
   1. Select the back arrow to modify, if needed. 
10. Select Send Money. 

Note: A success message will display when the transfer is submitted.

External Transfers

1. Login to Online Banking
2. Select Transfer & Pay
3. Select Transfer
4. Fill in the Transfer details: 
   1. Enter the amount ($)
   2. Select the account you want to withdraw funds from
   3. Select the account you want to send funds to
5. Select Next
6. Select Delivery Speed
   1. Arrives Instantly: Real-time transfer. Funds are available in seconds. 
      1. Only available for one-time transfers to eligible accounts, not recurring transactions. 
      2. To qualify, the receiving institution must be a participant in the FedNow® network, and the linked external account must be enabled to receive instant payments.
      3. Instant payments are subject to a fee of 0.65% of the transfer amount, with a $1 minimum and $10 maximum per transfer. 
   2. Arrives in 1-3 Business Days: Standard ACH transfer. Funds availability depends on the receiving institution. 
7. Select a Frequency
   1. Once, Daily, Weekly, Every two weeks, 1st and 15th,  Monthly, or Yearly. 
   2. Only the standard delivery option (1-3 business days) is eligible for recurring transactions. Instant transfers are not eligible.
8. Select a Date to send the funds
9. Add a Memo (Optional)
   1. This could be a note that references what the transaction is for.
10. Select Next
11. Verify your identity (If applicable)
    1. For your security, you may be asked to verify your identity via a code sent to your email or mobile device.
    2. Enter the code and select Continue.
12. Review your transfer
    1. Select the back arrow to modify, if needed. 
13. Select Send Money. 

Note: A success message will display when the transfer is submitted. If we are unable to process your instant transfer, please retry your transfer with the standard delivery speed. Transfers initiated through our platform are subject to limits based on your business profile, product type, and transaction activity. However, funds transferred into your Grasshopper account from an external financial institution are not subject to these limits or restrictions. To learn more, refer to our Master Service Agreement.

Wires 

In this section, you’ll learn how to send domestic and international USD wires. Domestic wires are best for time-sensitive payments within the U.S., such as vendor payments, payroll, employee reimbursements, or critical operational expenses. International USD wires are ideal for sending funds abroad to vendors, partners, or subsidiaries in U.S. dollars. We’ll walk you through each step of the wire process and provide guidance to ensure your funds are sent securely and reach their destination on time.

Domestic Wire 

To send a domestic wire:

1. Login to Online Banking
2. Select Transfer & Pay
3. Select Domestic Wire
4. Select the method:
   1. Send With a Template: Use a previously saved wire template to quickly populate recipient information and wire details. This is ideal for recurring or frequent transfers.
   2. Send Without a Template: Enter all recipient and wire details manually for a one-time or ad hoc transfer. This gives you full control over the transaction but requires entering all information each time.
5. Enter the wire details:
   1. Select the account you want to withdraw funds from
   2. Select the account you want to send funds to 
   3. Enter the amount ($)
   4. Memo (Required)
      1. This could be a note that references what the transaction is for.
6. Review your wire details
7. Select Make Payment

Note: A success message will display when the transfer is submitted.

Foreign Wire

To send an international USD Wire:

1. Login to Online Banking
2. Select Transfer & Pay
3. Select Foreign Wire
4. Enter the wire details:
   1. Select the account you want to withdraw funds from
   2. Select the account you want to send funds to 
   3. Enter the amount ($)
   4. Purpose/Memo (Required)
5. Select Continue
6. Enter the recipient details:
   1.  Name 
   2. Account Number/IBAN 
   3. Recipient Address 
7. Select Continue
8. Enter the receiving bank details:
   1. Bank Name 
   2. Routing Number/SWIFT 
   3. Bank Address 
   4. Special Instructions/Notes (sent with the payment to the recipient) 
9. Add an Intermediary Bank (optional)
   1. Select Yes 
   2. Enter the bank details
10. Select Continue
11. Review the wire summary and disclosures
    1. Edit any section, as needed
12. Select Submit

Note: A success message will display when the transfer is submitted.

FX Wires 

At this time, foreign exchange (FX) wires cannot be initiated through our Business Banking platform. To send a FX wire, please contact Client Services for assistance. Our team will guide you through the process and provide any required details to complete your request.

Approving Wires 

Account Holders, Admins, and Collaborator users who have been given appropriate access can approve wires in online banking. 

1. From your Dashboard, a banner will display showing how many wire transfers are pending approval. Select the link. 
2. Select the checkbox next to the wire transfer(s) that need approval and click Approve.  
3. To view the status of your wire approval history, select the Approval History tab.

Support

For questions about initiating a transfer or approving wires, you can contact Client Services Monday-Friday 9am-9pm ET by dialing 888.895.9685 or emailing support@grasshopper.bank.

For your convenience, we also offer support via secure message or chat.