There are times in life when we have to send money, and send it fast. When sending a check or giving cash are not options, you may choose to wire transfer money. Wire transfers are quick, cheap and will allow you to send money anywhere in the world - they are one of the best methods of international money transfer, and they often offer for the transfer money to be picked up the same day.
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Before beginning the process of transferring money by wire, you should have the following information handy:
- How much money you wish to transfer. If transferring from a bank account, make sure that you have sufficient funds to cover the transaction, including any service costs. Fees for overdrawn accounts can be very steep!
- Name of who will receive the money you are sending.
- The bank account number of the party who is to receive the money.
- The routing number of the bank or financial institution that holds the account the money is being sent to. This is also referred to as the ABA (American Banking Association) routing number.
- The bank account number and routing number of the account you are sending the money from.
Once you have that information on hand, you are ready to proceed with the wire transfer. Here's how to send money instantly with wire transfers:
- Contact the bank or financial institution that you would like to use for the wire transfer. It is recommended that you use the bank that has your account as there are fees that go with a wire transfer and they will likely be lower through your own bank. Western Union is the most famous service for money wire transfers.
- Advise the bank how much money you wish to transfer and who you wish to transfer it to. Provide them with the information listed above. If possible, do so in writing as it is easy to transpose numbers if you are passing them over the phone.
- Request a confirmation number or receipt that the transfer has been completed.
It is also possible to transfer money online. Perhaps the most popular website is WesternUnion. Completing a wire transfer over the Internet is done by following the same steps as a bank initiated transfer.
If you need to send money online, you're in luck. Wire transfer have evolved over time and new services like PayPal and Google Check Out have taken the next step in instant money transfer. Both sites now allow you to send money over the Internet to any party with an email address.
If you are looking to wire transfer money in a short time frame, make sure you ask the bank for its deadline and transfer time. Most banks will transfer money the same day requested, but there is usually a deadline that you will need to be aware of if you need the money to be received by a particular time. When you are requesting the wire transfer, ask the bank when the money will arrive.