Conducting a wire transfer is one of the safest ways to transfer money from one account to another. Since you don't actually physically hold the funds, you don't have to worry about the dangers of bringing large amounts of money with you. Wire transfers are safe and easy, and if you have some funds you wish to transfer to another account, simply follow the steps below.
- Contact the bank. Begin the transfer by contacting the bank you are dealing with. You can do this by calling them via phone, or by going online. The bank will then ask you to provide some information. You will be asked to provide details on the individual or company your are wiring the funds to, the American Banking Association routing number of the recipient's bank, the account number of the recipient, the address and number of the bank where you are wiring the funds, and contact information of the individual who will facilitate the transfer. Have all these items ready before you contact the bank so you won't have a hard time looking for these details during the conversation.
- Prepare the funds you will be wiring. Find out how much money you need to transfer, and make sure that your account has that amount available. Make sure that you also know when you need the account wired and inform the recipient about it.
- Complete your transaction. Once you have all the details ready, complete your transaction with your bank. You may be asked to go to the bank to facilitate the transfer in person, or you may be asked to make a call or fax some documents for verification. Whatever the bank asks you to do, make sure that you follow through so there won't be any snags in your transaction.
- Ask for confirmation. Once the transaction is completed, ask for documents to prove that the transaction has taken place. The bank could either fax or email you the documents stating that the transfer has been confirmed. You may also ask the receiving bank to contact you once funds have been received. You should also contact the recipient of the funds and show them the details of the confirmation, as well as confirmation from them once they have received the transfer.
Once your transaction has been completed, thank the individual who has assisted you in your transaction. This shows them that you appreciate their efficiency in transferring the money without hassle. Remember that banks will charge you for facilitating a wire transfer. For the safety and security of such a transaction, the fee will well be worth it. Ask your bank on how much they will charge you for the wire transfer so you can prepare the money for it as well. Note down details of your transactions. Keep everything in writing so you can refer to them if you need to. Banks may complete the transfer within a day of your request, but make sure that you still confirm with the bank when you will be receiving the funds.