Money can be wired from one person to another or from account to account.Western Union is a non-bank transfer service.Sending money by wire transfer can be expensive.You can use your own bank's transfer service to transfer money.You can use a non-bank transfer service to send cash to a bank account.Domestic transfers can sometimes be processed in a few hours, but plan ahead for international transfers.It can take up to 5 days to go through.
Step 1: You can send money online from your bank account.
You can send money to another account, make a payment, or transfer money at each bank.The instructions are provided on the screen.Money can be transferred from one account to another with some banks.If you need help wiring money, visit a branch of your bank or call customer service.An extra fee may be charged by your bank for requesting a transfer in person.
Step 2: Provide a number for the bank.
The person receiving your wire transfer needs to give you their bank's ABA number.The check's routing number can be found on the left side.It's the first 9 numbers.You can find the bank's routing number on the website or through online banking.
Step 3: Give the bank's name, address, and phone number.
This is to make sure the money is going to the correct place.The information from the bank should match the number on the card.Otherwise, the transfer wouldn't go through.You can double-check that the bank's information matches the one you were given on the ABA website.
Step 4: Ask for the recipient's bank account number.
There are two sets of numbers on the left side of a check.It is 12 digits long.
Step 5: The recipient's name and address are listed on the account.
Provide the recipient's full legal name, as well as the address they have on file with the bank.The bank has this information on file.If the information doesn't match, ask the recipient to double-check if they opened the account under a different name or different address.
Step 6: In the description, tell what the funds are for.
The wire transfer can be described.Provide your name so that the receiver knows who the money is coming from and what it is for."Jane Doe rent money" means that the money is going to be used for rent.
Step 7: To wire the money, you have to pay a fee.
You can pay anywhere from 15 to 35 dollars for a domestic transfer.The fee is usually around $30.When you transfer money, there is a fee that comes out of your bank account.The recipient of the wire transfer may have to pay a fee.Fees for receiving a wire transfer can range from 15 to 20 dollars.Fees are reduced for recurring wire transfers.
Step 8: You can link your two bank accounts online to transfer money.
If you have 2 or more bank accounts at different banks, log in to one of the accounts and click on "external transfers or external accounts."There is a link that will allow you to add an external account.If you want to prove that you own both accounts, you need to give your account numbers and passwords for the second account.You can transfer funds between the accounts for free if you have verified that both accounts are yours.Sometimes a small amount of money is deposited into the account at the second bank by the first bank.The first bank will ask you to log in and check the amount to see if you can access both accounts.Look for a link that says "internal transfers" if you have 2 accounts at the same bank.
Step 9: To send money electronically, visit a non-bank wire transfer service.
Funds can be sent using a credit card, debit card or bank account.Depending on the method you choose, different fees may apply.It is cheaper to transfer from a bank account to a card.Western Union and TransferWise are the most well-known wire transfer services.
Step 10: You can transfer cash to a bank account at a physical location.
If you are sending cash, you don't need to give your bank account number or credit card.To send the money, you will need a photo ID.It is quicker to transfer money from an account to cash.
Step 11: Ask the receiver if they have a bank account.
To send a domestic wire, you need their bank's routing number and personal account number.If you want to send an international wire, you need a SWIFT code.Provide the receiver's legal name.The receiver has the option to pick up the money in cash.You don't need to provide a bank account number in this case.The sender has provided a photo ID for the receiver.
Step 12: Send the money with a fee.
The fee depends on the service provider, whether you are sending money domestically or internationally, and if you pay with cash or a card.You can expect to pay anywhere from $5-40.Transfer services have better rates than banks.
Step 13: You can use an international bank's code.
A code from the Society for Worldwide Interbank Financial Telecommunication can be used as an international number.The bank you are sending money to is identified.To get the code for the bank, ask the receiver.The SWIFT code can be found if you have the name and address of the bank.The bank's name and address may be required to confirm the code.
Step 14: Provide the receiver's account number.
The name of the receiver should match the account's name.The account number should be provided by the receiver.Provide the name and address of the business that you are wiring to.
Step 15: The transfer should be sent in the recipient's currency.
Sending in the recipient's currency is a courtesy that allows them to collect the transfer.If you want the customer service representative to send in the receiver's currency, you can choose this option.It is possible that you will have to pay a conversion fee.The conversion fee is often skewed in favor of the bank.
Step 16: There is a fee for international wire transfers.
Domestic transfers are cheaper than international ones because they require more verification.You should expect to pay between $25 and $65.The receiver might have to pay a fee to collect the transfer.
Step 17: The transfer is expected to take a few days.
International transfers usually take longer than wire transfers.Contact your bank if the transfer hasn't arrived in 5 days.You may have to pay a fee if you need to track the transfer.