Do you need a way to send money to loved ones, but worried about the risks involved? Sending a paper check takes a long time and bank transfers are not always a possibility. Luckily, wire transfers are a safe and quick option to send money abroad.
Let’s take a look at the financial advice you need to know to safely and efficiently send money via a wire transfer.
What is a Wire Transfer?
A wire transfer is a way to move money between individuals using electronic banking. You don’t need a third party to transfer the funds. Many times, a bank or non-bank provider facilitates the wire transfer.
There are two main types of wire transfers, domestic and international wire transfers. Domestic transfers are done between parties in the same countries. International transfers occur between another country.
Wire transfers are a good method to send money in a short time. Usually, it takes about two to five business days because the funds need to clear between the banks. International transfers take longer, but domestic wires sometimes process within the same day.
Because they are safe and can send money between almost any two individuals, they are very versatile. Wire transfers are often used to send money to family or friends who are far away. They are also used to send large sums of money, such as for a home purchase.
How to Do a Wire Transfer
The process for how to wire transfer money is very simple. First, you should figure out what provider you will use. You can click here to compare the price to send a wire transfer online.
You’ll need to know the recipient’s full name, address, banking/credit union information, and account information. For an international transfer, you’ll also need their routing number.
Next, you’ll need to fill out the form to complete the wire transfer. Be sure to double-check all of the information so that it goes through in a timely manner.
Best Financial Advice for Wire Transfers
Wire transfers almost always have a fee associated with them. The sender always pays a fee. However, the recipient sometimes also pays a fee, depending on if their bank charges a fee for receiving wire transfers.
An international wire transfer fee is usually more than a domestic transfer fee. There may be other fees, including initiation fees and tracing fees. Comparing the price before you initiate the transfer can help you avoid these fees.
Once the recipient’s bank accepts the funds, you cannot reverse the transfer. It can usually be reversed between the time it is sent and when it is accepted. However, you shouldn’t rely on this. Make sure the amount and recipient’s details are correct before you initiate it.
A wire transfer is a safe process because you need so much information to complete the transfer. Banks are also well-versed in the process, so there is very little chance the transfer will not go as it is supposed to.
Start Your Wire Transfer Online
Wire transfers are a great option to send money to other individuals, even if they are in another country. By following this financial advice, you can be confident that you can safely and efficiently complete a wire transfer.
If you found this article helpful, be sure to read more of our articles with financial planning advice.
