Wire transfers are a popular method of sending money electronically from one person or entity to another. Normally wire transfer starts from one bank to another and is usually used to transfer money abroad. Wire money transfers typically need to provide your bank with the recipient’s name, bank account number, and the receiving bank’s information. Additionally, there is some information required like address, mobile number, bank’s routing number or SWIFT code for international transfers.
Wire transfers are known for their speed and security, therefore people make more interest in it along with it being a more convenient option for sending money both domestically and internationally. Some banks may charge a fee for this service, so it’s very important not just to check the fee but also read guidelines before going to make financial purchases. Be sure to double-check all the details you provide to avoid any errors in the transfer process. There are few steps required to complete before going to make Wire Money? Let’s see later,
What is Wire Money?
Wire money transfers is the process of sending money electronically from one person or entity to another. Through Wire money it is possible to make a money transaction between banks in the U.S as well as other International financial institutions or non-banking financial providers. Ex: Western Union.
Usually Wire Money is applicable in situations in which you need to move large amounts or large payment transactions. Here you have to pay some sort of fee to send or receive a wire transfer, and the amount of time it takes for a money wire to process can vary.
How to Wire Money?
There are certain steps needed to do you Wire Money. Below 7 steps will help guide you through the process of wiring money.
1. Gather Information
Information gathering is the most crucial aspect in the Wire Money transfer. Without accurate information either your money will not be sent or sent to someone’s account. So, it is very important to know the recipient’s full name, account number, bank name, and routing number. So, it is very important to cross check twice before going to send the amount. Also, ensure you have all the necessary information on fees and exchange rates from your bank.
2. Visit Your Bank or Use Online Banking
Based on your convenience either you can visit the nearest Bank or use the official website or online banking service of a bank to transfer your money. Using online banking could be more convenient and also you can check on the spot what are the terms and conditions, price and other guidelines required to the Wire Money transfers.
3. Provide Details
Once you visit the official website or bank your next step is to provide accurate information of recipient’s including their account number and bank details. Recipient details also include address, name of recipient’s, routing number for the recipient and mobile number (optional). Details also include transfers of Government Issue ID and funding sources like debit or credit cards.
4. Review terms and condition and Verify Information
Double-check all details to ensure they are accurate before submitting the request. It is very important to cross check terms and conditions of a bank. It always varies from bank to bank and sometimes volume of money too. Once you sign up the terms and conditions of the process you should obey by it so it is very important to read carefully before taking money transfer.
5. Authorize the Transfer
After carefully completing the above steps you can move to a very important stage of transfer of money. You may proceed with the wire transfer or else you can provide additional verification. Wait until your money transfers to recipient’s accounts.
6. Pay Wire Transfer Fees
As we said earlier, you will most likely pay a fee to transfer Wire Money, irrespective of bank or non-banking provider transactions. Transfer fees always depend upon your volume of transaction. When you transfer money from a bank account, the fee is automatically deducted from your account. If you are transferring from a non-bank transfer service, this fee may be charged by debit card, credit card and your bank account.
7. Wait for the transfer process
Remember, after the completion of your money transaction and fees, you may have to wait some period of time, usually it will take a few hours and during the weekend some days. It usually depends on the where and how much amount you are sending. Better idea is to check the transaction details before leaving the bank or websites. If you have any problems and queries you are going to check it there.
