How to Wire Transfer Money

There are really situations in our life that we need to send money and we need it done fast. Sending money as checks or cash will take days, and since you can not used these methods as your option, the best way would be to do a wire transfer.

Several years ago, if you need to wire transfer money, you only have few choices available. You could go to a local bank and ask them to perform a wire transfer for your money, or you could also go to a company which offers money wire transfer. However, at present, there have been more and more companies offering money wire transfer.

Some of them offer the service online. These companies allow anyone to wire money transfer to any destination in the world. All you have to do is to provide these companies with your email address and your credit card information when performing a wire money transfer. Moreover, local banks are now have online presence, hence, most of them allows their customers to access their online banking services which might include the service for wire transferring money anywhere.

Wire Transfer, what is it then?

Wire transfer is a form of money transfer from one bank account to another using the “wire”. The actual process involves a third party such as a bank or any provider that offers to wire transfer money. Since most of the time the transactions are being done electronically; there are no physical exchanges of money when the wire transfer takes place.

The transaction is completely done online. However, even with the constant update of online security, people are still wary about doing an online money wire transfer. They would rather go to a local bank since it is safer for their money to be wire transferred by a bank with a physical address rather than a company which is purely operating online. There are also a lot of wire transfer scams offering instant wire transfer, thus adding to the consumers concern.

Required Information

Although bank accounts from both the sender and receiver are not required to wire transfer money, having one will make the money wire transfer, a little bit faster. So, before you begin to approach your local bank or any institution that offers to wire transfer your money, be sure to have this information handy:

• How much are you going to be sending? If you need to wire transfer money from your account, make certain that you have sufficient funds in your account. Also consider the service costs included. Some financial institutions will charge you higher fees for overdrawn accounts.
• Information of the individual or company that will be receiving the money
• Bank account information of the receiving party. Also include the routing number
• Your bank account information if you would be drawing from funds from your account.

If all the information is already prepared, you are now set to wire transfer your money. The next step would be to get in touch with your local bank or the financial institution that offers wire transfer service. If you want to do it with a bank, it would be a better idea if you have an account with them since most of the banks will not charge fees for their patrons who might need to money wire transfer.

However, if they do charge when you wire transfer money, the fees would be minimal compared to other banks. Inform the bank of the amount you want to wire transfer. In addition, provide them with the details that have been enumerated above.

Additional Information Required for International Wire Transfer

However, if you would like to wire money transfer internationally, you might need these additional information from the foreign bank that will be receiving the funds:

• Bank Identifier Code (BIC)
• The complete address of the bank or the branch address
• The International Bank Account Number (IBAN) if you will have to wire transfer money to Europe

Also, you must need to collect the information of the individual or company who will be receiving wire transferred money:

• The name of the individual or company
• The account number
• The complete address
• And of course the amount of funds that you will be sending

Confirm Receipt of Funds

For every transaction, that is when you wire money through a wire transfer service, make sure to ask for confirmation if the funds have been received. You might want to get a confirmation fax or email from the receiving bank. In addition, it is never a bad idea to call or contact the beneficiary to validate the receipt.

Another important thing to remember is that there is a cut off time for the banks when you want to wire transfer money. Any transactions that are done after the cut off time will be considered for the next day transaction. Hence, you should try to check with your preferred bank or local financial institution about their cut off time.

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