Two options are available to send wires. One from Commerce Bank for USD and the other from Moneycorp for USD or foreign currency.
Moneycorp wires have no fee for converted foreign currency and for USD wires the fee is $10. Commerce will deduct $8.00 from your account, and $30.00 from the wire amount. For both options, this does not include potential charges from your receiving bank.
When requesting wires, include the last four digits of your account number or attach a saved document with the account information to your e-mail. This will save on confusion and error.
Send wire requests prior to 10:00 am for Moneycorp and noon for Commerce same-day wires. Any requests after these times will be sent the following day.
Expecting a wire to the Mission Office? Please inform the Finance Office, in advance, of the amount and donor information, so it can be properly applied to your account upon arrival.
Every missionary should have two accounts with Commerce Bank – one for ministry funds and the other for personal funds. This will assist with organization of your funds. If you need to set up a second account, contact the Finance Office.
Send early deposit requests (by email or phone) prior to 12:00 pm for same-day early deposits. Please keep in mind that we do not make early deposits of regular support, only those designated as “specials”. These are only available for early deposit if shown on your statement.
Requests or inquiries to Commerce Bank are best made via an e-mail through the Finance Office, and NOT directly to Commerce Bank.
Foreign Banking Rules. Know what is expected of you regarding your bank accounts on the field. In January of each year, we send you a reminder about this issue. You can further educate yourself here: Form 114 and Form 8938.
DON’T FAIL TO PLAN…OR YOU’LL PLAN TO FAIL
Save for retirement. We partner with GuideStone to help you reach your goals of a comfortable retirement. Reach out to us for their contact information.
Take note of IRA Contribution Limits for 2024: $7,000/individual under age 50; $8,000/individual above age 50. You are allowed to allocate these amounts on your Personal Compensation Worksheet. Contact Wendi, wpage@bbfimissins.com for details.
Conduct a periodic review of your Personal Compensation Worksheet to maximize your personal income. Contact Wendi for this.
Plan/prepare for your Social Security/Medicare benefits. For those who are still enrolled in Social Security, here is your one stop source for information: https://www.ssa.gov/. Here you can track your quarters earned, calculate estimates of SS retirement benefits, and much more.
The tax man cometh…while the fact that we have to pay/file our taxes each year does not change, it is a fact that the rules seem to change each year. It is always a good idea to discuss your situation each year with your tax preparer. Don’t have a tax preparer? Let us know and we can recommend a professional to you. Meanwhile, here is a helpful link about Tax Deductions and Benefits for Self-Employed filers: Investopedia
A POA IS A “POWER”FUL TOOL
With an updated Power of Attorney (POA) on file, the Finance Office can act on your behalf in many practical and helpful ways to make life easier for you while you are on the field. These include ALL banking transactions within your Commerce Bank accounts (including wires), endorsing checks, signing grant forms for MKs, employment verifications for loans and mortgages, to name just a few. However, if your POA is not current, we are ONLY able to make deposits into your Commerce Bank account. To check on your POA status, you can reach out to Wendi: wpage@bbfimissions.com
Notarize.com is an accepted resource for obtaining a virtual notary on your BBFI Power of Attorney. Ask Wendi for details.
mytoolbox.world is your go to site for most things informational. Here, your End of Month Statement can be viewed at any time; Closing Dates for transactions/contributions can be viewed on the Missionary Connection calendar; you can review the Medical Plan and BBFI policies, access an Office Contact List, PCW Worksheets, Quarterly Report information and much more!
bbfimissions.com is the home page for the BBFI Mission Office. Check out the recent update to the page…it looks great!
worldinitiativenetwork.org takes you to the World Initiative Network (WIN). Check out the new program and contact the WIN office if you could benefit from partnering with a WIN missionary in your respective ministry.
dinkytown.net is a very resourceful site full of financial calculators.
ramseysolutions.com is Dave Ramsey’s website. You will find lots of tools and resources on this site to help you get, and keep, your finances on track.
prayercast.com provides powerful resources around “praying for the nations”.
joshuaproject.net highlights the need for the Gospel among the People Groups of the world.
thebridge.bbfimissions.com/mc takes you right to the site where all information relevant to our missionaries can be found.
