Wire Transfer is normally a kind of electronic fund transfer. It is actually considered to be the safest way for transferring large international fund. Majority of the banks in the world has its roots linked to a bank network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT) that helps in verifying and processing financial messages like transfers. Following are few easy steps to make your international wire transfer.
Step 1
Contact your bank and check if they do wire transfers. Inquire about any other branches nearby along with the charges. Note that you can secure a wire transfer very quickly if you have an account at a large bank.
For a bank perform wire transfer, it must have a reciprocal account with the bank overseas. If not so, find a Western union branch. Here transfers can usually be made without an account. The process is almost similar to a banking transfer.
Step 2
Now you will have to fill in information like the Bank Identifier Code (BIC), International Bank Account Number (IBAN) and contact information from the payee for the transfer. Cross check this information in case of any mistake. You do not always get refunded for a wire transfer.
Step 3
Ask for a wire transfer form and fill it out with your account information and all the account information for the payee. Sign the form in front of a bank employee and produce a photo ID on demand.
But, if you are using a Western Union branch for your transfer, you will need to bring the money to be transferred, a fee payment and an address where the recipient can pick up the money abroad.
Step 4
Pay the bank for the transfer. The payment is generally done separately. The payee will also need to pay for receiving the money which will be funded from the payee's account itself.
Step 5
All you now need to do is waiting. The funds transfer will take anywhere between a few hours to 5 business days.
Step 1
Contact your bank and check if they do wire transfers. Inquire about any other branches nearby along with the charges. Note that you can secure a wire transfer very quickly if you have an account at a large bank.
For a bank perform wire transfer, it must have a reciprocal account with the bank overseas. If not so, find a Western union branch. Here transfers can usually be made without an account. The process is almost similar to a banking transfer.
Step 2
Now you will have to fill in information like the Bank Identifier Code (BIC), International Bank Account Number (IBAN) and contact information from the payee for the transfer. Cross check this information in case of any mistake. You do not always get refunded for a wire transfer.
Step 3
Ask for a wire transfer form and fill it out with your account information and all the account information for the payee. Sign the form in front of a bank employee and produce a photo ID on demand.
But, if you are using a Western Union branch for your transfer, you will need to bring the money to be transferred, a fee payment and an address where the recipient can pick up the money abroad.
Step 4
Pay the bank for the transfer. The payment is generally done separately. The payee will also need to pay for receiving the money which will be funded from the payee's account itself.
Step 5
All you now need to do is waiting. The funds transfer will take anywhere between a few hours to 5 business days.
