Published on
October 7, 2020

Add a new beneficiary in your Wallex multi-currency account

5 min read

You are ready to add your first beneficiary after you have submitted all onboarding documents and receive intimation of completion of your onboarding process including KYC. Below is a tutorial to guide you through the details needed to add a beneficiary and set up your international payment.

  1. Log into your Wallex account
  2. Click on Beneficiaries in the main navigation

3. Click on Add New Beneficiary button

4. Add the details of your beneficiary here :

  a. Alias : Nick name of beneficiary

  b. Email : Beneficiary email id to which notification emails will be sent after successful transfer

       c. Beneficiary country : Country in which beneficiary is located

       d. Currency: Currency of the beneficiary bank account

       e. Bank country: Country in which the bank is located

       f. Entity type: Identify whether the beneficiary is an individual or a       business.

5. Fill in the additional details of the beneficiary that appear. Please fill in the required details accurately for a successful transfer.

  1. Address, Region, City : Address of the beneficiary
  2. First Name, Last Name : First Name and Last Name of the beneficiary as it appears on the account - needed only when beneficiary is individual.
  3. National ID number : Number of government issued identity card for individual beneficiaries OR Business Registration number : Registration number of the beneficiary if beneficiary is a business
  4. Account Holder Name : Name of the beneficiary as per Bank account
  5. Bank Account Number : The Account Holder Name and Bank Account Number must match the beneficiary bank's records for a successful transaction.
  6. Bank Name : Provided to you by the beneficiary
  7. Transfer Code : Provided to you by the beneficiary

Individual beneficiary example

If you have received intermediary bank details from your recipient please add them here.

6. Click on the Preview Beneficiary to verify all details and then click on Add Beneficiary.

7. Verify the transaction using the OTP sent to you on your registered email id.

8. Now you will be able to make a transfer to this beneficiary immediately. To make an overseas transfer click on Pay in the top right corner. Here is a guide for setting up your first international transfer.

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