Frequently Asked Questions
How are exchange rates calculated for sending funds in foreign currency?
Navy Federal partners with our dedicated correspondent bank to provide exchange rates for converting funds. This rate factors the cost of exchanging the funds in addition to the actual exchange rate. Prior to sending funds to be converted, you'll be quoted an exchange rate, as well as the total amount to be received, to which you have the option to agree or decline the quoted rate. Once agreed to, the rate is "locked" in and will be sent according to the agreed upon rate.
What are SWIFT, BIC, IBAN and CLABE numbers, and how do I find them?
Society for Worldwide Interbank Financial Telecommunications (SWIFT) and Bank Identifier Codes (BIC) are used to locate and identify financial institutions primarily overseas.
An International Bank Account Number (IBAN) is a series of alphanumeric characters that uniquely identifies an account held predominately by banks in Eurozone countries. Clave Bancaria Esandarizada (CLABE) is a standard 18-digit number for bank accounts in Mexico.
You can obtain any of these numbers by asking the intended payee for their wiring instructions.
How do I cancel a wire?
Call us at 1-888-842-6328 to cancel your transaction. If the wire transaction is still at Navy Federal, we can cancel it with no fees assessed.
If your wire has already been processed, we can submit a reversal request to the payee's financial institution and attempt to retrieve the funds.
- Wire transfers are immediate, final and irrevocable. Reversal attempts may go unanswered.
- Fees may be assessed by other financial institutions if the reversal request is successful.
- There is no set time frame for receiving a response from the payee's financial institution. Contact Navy Federal five business days after the initial cancellation to request an update of your inquiry.