If you need to move money quickly and securely, a wire transfer is the best move! Bank Wires allows major banks to communicate various actions or occurrences regarding client accounts.
The term wire transfer has two different definitions, a transfer from one bank to another using traditional bank networks or an electronic payment using a money transfer service.
However, you must understand that there is no way to stop or cancel a transfer, so you must be sure that the person you’re sending your money to is the designated person. This is a very useful thing to know and use, so continue reading on in you are interested! Be sure to check out our Bank Guides to learn more!
How To Send Funds Using a Bank Wire
- Gather information such as the recipient bank name, recipient bank ABA number or other code, payee’s account number at the bank, and any additional information you need to provide
- Contact your bank and ask how to send a wire transfer from your account
- There might be a form that you need to fill out or you might be able to start the process online.
- Contact your bank after you submit your request to confirm that they have everything they need.
How To Receive Funds Using a Bank Wire
- Contact your bank for wire transfer instructions or look for wiring instructions online
- Provide the sender with the necessary information
- Wait for the funds to enter your bank account directly.
Sending a Wire? Contact Your Bank
In order to send a wire, you will need the information collected above. All you have to do now is contact your bank and ask them about wire transfers. There might be a form you will need to fill out. If you want to avoid this, you can always start the process online.
Banks have begun implementing banks wires online, but verify the details with your bank before you start anything. You might be able to send small wires online. A visit to the branch is often required for large dollar amounts. Check with your service provider for limits.
Unlike some electronic payments (such as many ACH payments), bank wires cost money. You should expect to pay a fee for the service, and you might even have to pay if you receive a bank wire into your account. Depending on where you send the money and if you’re receiving or sending, the cost of the wire transfer can range from $0 and $50.
Waiting for Credit
Bank wires are fast, but they don’t always show up in the recipient’s account immediately. The receiving bank often has a large number of incoming bank wires that they must sort through, so that is why it can take some time for them to credit the payee. This can cause issues if the transfers are large and important.
For an safe and easy way to make money transfers, check out Bank Wires! Simply head your bank and ask them about it. You will need the recipient bank name, recipient bank ABA number or other code, and payee’s account number at the bank.
Please note that there may be a fee between $25 and $40. Make sure you are sending it to the correct recipient because there is no way of canceling or stopping your transfer. Be sure to check out our Bank Guides to learn more! Check out our Bank Bonuses, Saving Rates and Credit Card Bonuses!