The WNIC treasury and payroll department has the responsibility of processing your funds whilst contracting in a European country. Our priority at WNIC is to process our contractor’s funds as quickly as possible, we aim to calculate payroll and expedite payments within 24 hours of the receipt of your funds.
Receiving international payments from abroad
We understand that due to the nature of international contracting, project locations can change rapidly between jurisdictions. You may have bank accounts situated in a number of different countries, therefore it’s important that you ensure payments to accounts of the correct currency. Moreover, it’s vital that the correct information is provided to our team at the outset. Our team can forward funds to almost any country in the world provided that there are no international sanctions or restriction on either the Country or bank. Many banks will offer the option to foreign currency accounts in your home country, thereby allowing you to avoid opening an account in the jurisdiction of your contract. Please also bear in mind that many banks may require advance notice of international incoming funds from a new source, so we recommend informing your banks upon undertaking a contracting a role.
Providing the correct Bank Details
To ensure the team can process your funds correctly and in a timely manner, providing the correct account information at the outset will avoid any errors and delays in payment. The principal information required is the account holder’s name, residential address and bank account number. If funds are to be transferred to a different account such as a family members account, then additional information may be required, usually a copy of the passport. In order to make international wire transfers most efficiently, the International Bank Account Number (IBAN) and Business Identifier Code (‘BIC’ also known as Swift code) is required. IBAN numbers can be generated from your account number and Bank branch code. To find your IBAN you can use following link. If you are unsure about either your IBAN or BIC, please ask your bank confirmation.
Funds on deposit
Within some of our more bespoke solutions we offer the facility for contractors to keep their funds on deposit within the accounts of their respective individual corporate structure. This facilitates contractors to partially drawing down a portion of their funds at a later stage, perhaps when they are resident in more tax favourable jurisdictions. Contractor may also leave funds on deposit within WNIC and their corporate structure even upon finishing their contracts for a competitive monthly fee.
We take the security of contractor funds very seriously and ensuring the safety and security of funds is core to our business. With considerable years of experience, you can trust that our team will deal with your funds swiftly and securely accommodating your individual requirements where possible.