Bank Wire Transfer Information
Wire transfers are used as a method of transferring money from one bank to another. Money can be moved quickly and efficiently using wire transfers. To complete a wire transfer, there are certain stipulations to which you must adhere.
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Application
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To complete a wire transfer, go to a bank and fill out an application form with your name and address, and also with the recipient's name, address and bank account information, including the routing number.
Domestic Terms
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If the wire transfer is domestic, it will cost between $20 and $25, but it can vary from bank to bank. Domestic wire transfers take one day to complete. Usually a customer needs to visit the bank before a certain cut off time to have it completed the same day. It can be longer based on when the receiving bank processes the transfer.
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International Terms
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International wire transfers cost approximately $40, but this can vary from bank to bank. International wire transfers take two to three business days to complete, but this depends upon the receiving bank.
Intermediary Bank
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With an international wire transfer, an intermediary bank may be involved. The money is first transferred to the intermediary ban,k which in turns transfers the money to the recipient's bank.
Safe/Secure
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Wire transferring is a safe and secure method for sending your money.
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