Sending international wire transfers sounds easy, but the reality is that sending money abroad does require some extra steps compared to sending it domestically.
While it may depend on where you send your wire transfer to, the laws of that country and yours, and the amount, don’t worry! This short guide will tell you all you need to know about transferring money internationally.
Let’s get started!
What Is a Wire Transfer?
Banks and credit unions perform wire transfers, which is moving money through electronic means. It can be done by sending money abroad or even within your own country.
In other words, you can move money via a wire transfer from one banking institution to another.
What Are International Wire Transfers?
International wire transfers are how you can send money from one bank in one country to another. For example, let’s say you have family in another country. You want to send them money, but you’re not sure how.
Depending on international wire transfers is the safest way to ensure that your money gets to where you want it to. The only thing is that you need certain, correct information to make sure it gets where it needs to be.
How Do International Wire Transfers Work?
There are some steps you need to follow to make sure you send your money safely and effectively.
First, you will need to provide the following information to your bank, where you are initiating the wire transfer:
- The bank account you’re taking money out of
- The name, address, bank, and bank account of the recipient
- The recipient’s bank routing number
You need to be prepared to pay a fee. It can vary between $15 and $30 depending on where you are sending it.
If you are sending more than $10,000, then your bank will report your wire transfer to the IRS. This is to help avoid money laundering. Cyber attacks are on the rise in the US. In fact, residents of Nevada lost nearly $45 million in 2020 due to cyber attacks. That doesn’t mean you shouldn’t have faith in electronic wire transfers.
Other than that, sending money internationally is rather quick. In most cases, the recipient will have your money in their bank account within two to three days.
Other Ways to Send Money Abroad
There are other ways besides international wire transfers to send money abroad. You can try www.transferly.com/send-money-with-wise for one good alternate method. You may find it cheaper than wiring directly from your bank account to an international bank account.
There are also other alternatives like Venmo, Cash App, PayPal, and more. Sending money electronically is always safer than sending a check or cash.
Use International Wire Transfers to Send Money
If you need to send money from your account in your country to an international bank account, then international wire transfers are the way to go. That said, make sure you get all of the information correct. Otherwise, the money may be lost and never arrive.
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