A money transfer is an exchange of cash from one entity to another. Entities might be individuals, firms) both public and private), financial establishments, government units, or any organization. One example of money transfer is sending tuition money and allowances to your kids who are studying elsewhere. Payments of business transactions are another example. You could also send donations or cash gifts to entities. These are all forms of money transfer.
Normally, money transfers are done with the sender going to the bank and depositing the money to the recipient's account. The recipient then personally gets the money from the bank. Another way is by getting the money delivered by some company directly to the recipient. But, this usually takes time. People are moving in fast pace nowadays. Efficiency is highly required and so wire transfer was invented. This kind of money transfer now lets the sender transfer money anywhere in the world and fast! Like money wiring, these instructions will help you know how to accomplish this fast!
- First, let the recipient know the details of your money wiring. Specifically, the amount of money involved, the bank or financial establishment you are accomplishing the task with, and the instructions of how that entity can get the money you sent.
- Then communicate with the bank or establishment you wish to do the wire transfer with. Supply them with the necessary information. At the very least, this would include the recipient’s name and bank account number, entity where you will be sending the money to and its routing number, amount of the money to be transferred. Legal documents would sometimes be required to verify your identity. This would help the bank identify if you have committed illegal money transfers or money counterfeiting in the past or not. This will be the basis if your request for money transfer will be accepted or not.
- After the transfer, ask for the details of the transaction so that you could check its progress if you wish to. Do not hesitate to contact the bank you transacted with if ever you have questions or doubts. It is your privilege as their client. Ask for some confirmation documents as well of the said transaction, such as a receipt or transaction slip.
- Report to the recipient that you have already accomplished the wire transfer. Also, ask for confirmation from the recipient once he or she already has the money that you wired.
To assure security, know the institutions you are making the transfer with. When choosing the establishment you are doing the wire transfer with, make sure that you know the rates they ask for such service. It is also good if you have already had prior transactions with that establishment or know people who have. Since you are dealing with money, you would normally do it with establishments you trust. Efficiency is another thing to look into. You want the transaction to be done fast. Look for establishments that have the same value for time as you do. Some banks offer wire transfer from the comforts of your home. They allow you to access the Internet, or just contact them through phone to do the task. Now you can make the transfer efficiently and conveniently.