While there are convenient ways to send money nowadays, such as PayPal, sometimes the best way to transfer money is still by direct bank to bank transfer. This could be the best alternative, for instance, if you are transferring big amounts of money for a certain transaction. Or, perhaps, you need to transfer money from one of your accounts to another. For this purpose, wiring money to another bank is the safest way to transfer funds. Here's how to wire money to a bank account.
Be ready with the correct information before you start to transfer money between banks. Before starting your wire transfer, be sure you have the accurate information pertaining to the recipient of the funds. Usually your bank would require the following when transferring money:
- Account name. You will need to define the name of the account you are transferring money to.
- Account number. You will need to supply the complete account number of the recipient.
- Bank name and routing code. Oftentimes, this is referred to as the bank’s SWIFT code, which is a unique, internationally-recognized ID that each bank has.
- Exact amount that you wish to transfer
Visit your bank branch. Once you have all the necessary information on hand, you can visit your bank from which you will draw money to be transferred. If you want the money to be transferred directly from your own account to the receiving account, you will then need to fill up a wire transfer form, in which you would also have to write down your account name, account type and number. Some banks also let you directly hand over cash in lieu of withdrawing funds from your own account. Most would require that you have an existing account with their bank or branch, though.
Go online. As an alternative, and if your bank supports this feature, you can also login to your bank’s online banking facility to initiate a money transfer. Most banks would allow transfers between your own accounts, such as Savings Account to Checking Account. Some would allow transfers from accounts within the same banks. Some would allow transfers to other banks, though. If they don't, look into other ways to do money transfers online. It’s best to check with your bank’s customer service first, before trying this feature.
Pay the fee. As soon as you submit your money transfer request (either physically or online), you might be asked to pay a wire fee. This can either be a flat fee, or a percentage of the amount you wish to send. You can have this fee deducted from the money you are wiring to the recipient bank. The recipient might also have to pay fees to his bank, as well. It’s a good idea to ask your bank for the charges for wire transfers. This way, you can compare the fees among different banks or money transfer services.
Ask for a receipt. The bank should give you a printed receipt or slip that confirms that the transaction has taken place. You can email or fax a copy of this to the recipient to advise him of any information he needs to supply his bank, if any. Depending on the type of transaction, bank transfers usually take one to two banking days to complete. Be sure you confirm with the recipient or the recipient’s bank if the money has successfully been transferred. In case a transfer is rejected or doesn’t push through, your bank will return your money, but you might incur additional charges.
There are several ways of transferring money to other people. Online facilities like PayPal and Google Checkout have made payments and even personal transfers easy. However, for the most secure transactions, especially those involving big amounts of money, wire transfers are still the best option.