How to Send Money by Wire Transfer

Wire transfers are fast and also economical. In this mode of money transfer, the money is moved from one bank account to another bank account through electronic means. Therefore the actual money is not handled by anybody, not even sender or receiver. A third party, a bank or wire transfer service, accomplishes the transfer.

Procedure to Transfer Money through the Wire Transfer

If you already have a bank account then you can readily start the following procedure, otherwise first you will have to open the bank account.

Step 1 - Get in touch with your bank. You can make a call by phone or through internet.

Step 2 - The bank will need following information for wire transfer – name of the beneficiary, the routing number and the account number of beneficiary, the phone number and address of the bank of the beneficiary. Further the information of your bank account, from which you are initiating the transfer, like account number and routing number is required.

Step 3 - Next is to decide how much amount you are transferring and date on which you want the transfer to establish.

First check that you have sufficient funds in the account. Or else the transfer will fail. Since these transactions have charges and they vary with amount of transfer, ask about the charges of the transfer also.

Step 4 - Once the bank obtains all the required information, the transfer will get through.

Step 5 - Even if the transaction is carried out online, some banks will not need any further approval. Some banks may need your approval by phone or fax before initiating the transfer.

Step 6 - After sending wire transfer, confirm whether the transaction is completed or not. For confirmation, receiver should enquire at his bank for transfer.

Normally, the money transfer by wire transfer is completed within a day or two. Your beneficiary should be able to collect money within two business days.