Sending money via wire transfer is one of the most commonly used money transfer options available today. This method makes it possible for you to send or receive money quickly and safely. It is also the best option when you are making a significant transaction, like purchasing a home, because the money will be transferred to the recipient’s account almost immediately.
But you may be wondering, how do I wire transfer money? In this article, we’ll cover the ins and outs of wire money transfers so you can understand the whole process.
What Is A Wire Money Transfer?
A wire money transfer is the electronic transfer of money from your account to a recipient’s account. Traditionally, wire transfers involved a domestic bank-to-bank transfer, where money was sent from one bank to another through a secure network such as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or Fedwire.
Today, the term “wire money transfer” applies to different money transfer methods, including international transfers. For instance, you can now wire money from the United States to recipients overseas through international wire transfers. You can also send a wire transfer through credit unions and other companies that offer financial services.
How Do I Complete A Wire Transfer?
Unlike writing a check or depositing money into a bank account, a wire transfer is very difficult to undo. Therefore, you need to be careful when making a wire transfer to avoid losing money. Only start the transfer when you know you have all the correct details required for sending the transfer. Here is a simple guide on how to make a wire transfer.
Decide Which Institution To Use For The Wire Transfer
In the past, only banks provided wire transfer services, but today many institutions offer the service, including credit unions and online financial institutions. So, you need to start by deciding which service provider is perfect for the transfer.
The service provider you should choose depends on the amount of money you want to transfer and the location of the recipient. Sometimes you will have to visit the service provider’s office in person to make the transfer, but others will offer an online option, through their app or website.
Check The Transaction Fees
A few years ago, domestic money wire transfers cost about $27.50 for the sender and $15.50 for the recipient. The fee for international transfers was even higher, ranging from $40 to $50. The emergence of credit unions and online money transfer services has significantly lowered the cost of money wire transfers. But it’s important to compare transaction fees from different service providers before you make the final decision.
Check The Information For Accuracy
Before you wire the money, check the recipient’s information for accuracy. For instance, check their name, account number, their bank’s name and address, routing number, bank identifier code, and any other information necessary for the wire transfer. This helps you avoid sending money to the wrong person.
Fill Out The Transfer Form
When you are filling out the wire transfer form, follow the instructions given by the service provider. Make sure the information you provide is correct because if the money ends up in the wrong account, it will be very difficult to get it back.
Keep The Receipt
Regardless of the wire transfer service provider you use, you must be given a receipt after the transfer goes through. Keep this recipient safe because you might need it later if there is a problem with the transfer.
How to Make Wire Transfers Easy
Realistically, the easiest way to set up and make a wire transfer is through your transfer provider’s app or website. Most financial institutions now offer this option and they have made the whole process streamlined and effortless. Some even allow you to save your recipient’s account information, so you’ll only need to enter it once. That way you won’t need to worry about accidentally getting it wrong. If you’re looking for an even more convenient way to transfer money, check out the Instant Money Transfers from our high yield account offered at Cashero. Our transfers happen instantly between Cashero users and we’re available in more than 160 countries. Learn more about what a high yield savings account is and see what life is like when your money works for you.
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