How to Wire Transfer Money using Checking Account?

Do you want to transfer money urgently? And no mode except mail is available to you? Then you can use wire transfer method to transfer your money efficiently.

Wire transfers are used to transfer money from one bank account to another account. This is the most effective method of transferring money. The transfer of money is done between the banks. You never have to handle cash or cheque. So it is safer than posting cheque or money.

Wire Transfer Using a Checking Account

Step - 1: Create a checking Account

For transferring money through wire, you will need a checking account (Regular savings account) with a bank. So first open a checking account at a bank. Request some information regarding wire transfer from bank so that all your requirements of transfer are accomplished.

Step - 2: Collect Receiver’s Bank Information

Collect the receiver’s bank information. The information you will require is the complete name of account holder, the name of bank, account number and routing number. Every bank and financial institution has a unique routing number or code. This code separates the bank from others.

Once you know all the detail and correct information, it will save your time afterward.

Step - 3: Look for Wire Transfer Charges

Find out the details of the fees. Sometimes both sending and receiving banks charge fees separately. After you know the expenses for transferring money, you can take decision by comparing with others. Also, to the total amount to be sent you can add the extra amount that will be deducted as transfer charges at both the sending and receiving point.

Step - 4: Make an Online Wire Transfer

The next important step is the procedure of wiring money online. By visiting the bank’s official website, log into your account. You can find wire transfer in bank service section. If you are permitted to do wire transfer online, you can go further and fill out the details of recipient as required.

Otherwise open an account with PayPal. Then transfer your money which is in checking account of bank to Paypal account. Then you can use PayPal to transfer it to the recipient’s bank account.

Step - 5: Confirm the Transaction

When your transaction is complete, inform the receiver about it. The processing of the wire transfer might take two or three days. But you should ask the bank about the transfer time. After that tell the recipient to enquire at his/her bank about the transfer. When you compare the amount transferred and amount received, you can calculate the amount charged by both banks. If you find any disagreement, immediately inform both banks.

If you request the bank to commence the transfer prior to your bank’s time limit, the funds can be transferred in a day also.