Most people will make a wire transfer sometime during their lives. While some people may feel a little intimidated at first, the actual process used to conduct a wire transfer is simple, easy, and can be completed in a matter of minutes. All that is required for a basic transfer is some information regarding the recipient, your account information, and a few moments of your time.
When many people choose to make a wire transfer, they make use of their local bank. Most banks offer this type of service for a reasonable fee. With some types of bank accounts, the ability to make one or two transfers a month is provided at no charge. Some banks even offer the ability to identify if the payment should be delivered the same day, the following business day, or in three to five business days.
To make a wire transfer through your bank, you will need the name of the recipient, along with his or her bank account information. This will include the name and routing number of the recipient’s bank, as well as the account number and type of account where the funds are to be delivered. Some banks will also require the address of the receiving bank, although that is not always the case with domestic or international wire transfers. Along with this basic data, you will need to identify the amount you wish to forward via the wire transfer, and whether you will use cash or the balance in one of your bank accounts to fund the transfer.
Once all the data is entered, take a moment and look over every detail carefully before you actually make a wire transfer. This means checking the routing and account numbers, as well as the amount you wish to send. Do not authorize the wire transfer until you are sure the data is correct, as any errors could result in the rejection of the transfer by the recipient bank.
There is also the option of using a wire transfer service. When you use an outside service for your wire transfer, you will need to supply the name and address of the recipient, as well as the amount. If the transfer is to be received and issued in cash by the service, the recipient will need to present identification in order for the funds to be released. In situations where the transfer is to the recipient’s bank, most services will require the routing number, account number, type of account, and the exact spelling of the account holder’s name in order to complete the transaction. Just about every institution offering this type of service will provide you with a confirmation or transaction number that serves as proof that the transfer has been executed.
At one time, the only way to make a wire transfer was to visit a bank or wire transfer service in person. Today there are several other options. Many banks and independent wire services now allow customers to initiate transfers in a secure online environment, using the balance in their bank accounts to accomplish the task. In like manner, financial institutions that allow customers to make wire transfers often will process the requests via telephone. Make sure you understand all fees and charges associated before you make a wire transfer, especially if using an outside service, or attempting to execute a wire transfer to another country.