There are many steps involved in the process of Bank wire transfers that are regarded as most convenient method for transferring funds between different bank accounts. It is very fast and completely hassle free process. You are not required to stand in long queues and fill out various slips for requesting the transaction. Best part is that you are not required to even visit the bank of the branch that might be located far away from your place. You can do wire transfer from the comfort of your home if you have an internet connection and a PC.
A bank wire transfer involved the following procedures:
Customer who wants to transfer the funds via wire transfer needs to get the net banking facility activated on his account. For that he needs to visit the branch of his bank and fill up the request for that along with proof of identity, photograph and other docs. Once your request is approved, you will be sent the net banking login Id and password to your registered postal address. You can affect the wire transfer by simply login to the site and following the instructions.
If you do not have a PC or net connection at home, you can approach the branch of your bank and gives order to the bank for transferring a certain amount of money. The IBAN and BIC codes are required so that bank comes to knows where to send the money.
Once the required information is submitted, the sending bank transmits a message to the receiving bank via a secure system (such as SWIFT or Fedwiro care). It requests to make the payment as per the instructions provided. This message includes settlement instructions and the actual transfer of funds may take few hours to even days.
The sending and receiving bank must hold a reciprocal account with each other. Banks apply the charges for sending as well as receiving the money via wire transfer from the sender as well as from the recipient.