A wire transfer is a process of transferring the money from one bank account to another. This process is very secure and safe. During the actual transfer of money, the procedure is done electronically and hence the sender and receiver do not see it happening actually.
Steps for transferring money from one account to another.
(1) You should contact your bank branch by making call to them. Alternatively, you can also contact them via Internet and offer the following information including the recipient person’s name or firm name you are wiring money to, the recipient’s account number, the bank’s American Banking Association (ABA) routing number, the address and phone number of the bank. One can get the details about the routing number by contacting the recipient’s bank. You should also mention the person’s name who will address the questions.
(2)You should determine the amount of money you are going to send by wire and also decide upon the estimated time frame when it is received in the recipient’s account. You should complete the wire transaction through your bank. There are some banks that permit you to initiate the transaction over the Internet. There are some other banks that need you to contact them by phone or fax for initiating the transaction.
(3)Once the transaction is done, you should get the confirmation that it has taken place. You can ask for a faxed or e-mailed transfer confirmation. Moreover, you can also contact the receiving bank for confirming the receipt of funds.
You should ensure that the information provided by you to the bank for initiating the transaction should be complete in all respects and should have minimal errors. The time frame of wire transfer is not fixed and it can transfer funds in a day or few days. You should also check that there are sufficient funds in the account for making the wire transfer. You should also enquire about the various charges applied by the banks for the wire transfer.