How to Make an International Wire Transfer

An international wire transfer happens when one bank in one country electronically sends money to another bank in a foreign country. The actual funds don't typically arrive for three or four business days after a wire transfer is made. Wire transfers are extremely secure for the recipient, but can be risky for the sender. The first step in international wire transfer protection is knowledge. You should always know what information you need and when to give that information during a wire transfer. Information is power. This article was created to guide you through the process of an international wire transfer so you won't feel clueless your first time.

Instructions

1. Call your desired bank and ask if it performs international wire transfers. Although most banks offer this service, there are some banks that do not. Credit unions sometimes perform international wire transfers, but not always. It is best to call and ask before traveling to the branch location.

2. Visit the bank in person and provide the name of the desired recipient, her bank's routing number, the bank's address, the bank's phone number, the account number of the recipient and the name of a contact person. Although this can be done over the phone most of the time, you should do it in person the first time so you don't make any mistakes.

3. Tell the bank when the money needs to arrive in the recipient's account and how much money to send. The bank can then let you know how long the transfer will take. It could be several days before the recipient gets confirmation of funds.

4. Authorize the bank to take money out of your account and wire it to the international bank. Many times, the bank will give you a PIN for completing future transactions over the phone.

5. Wait for a faxed confirmation from the receiving bank. This will prevent dishonesty from the recipient of the funds. You can offer this as proof of receipt.

Tips & Warnings

• Wire transfers are not free. Typically, it costs about $15 dollars to send money as of May 2008. The recipient usually has to pay a fee as well.

• Be extremely careful when sending international wire transfers. Almost always, this money cannot be reversed or refunded. Be 100 percent sure that you trust the recipient or don't send any more money than you can afford to lose.

References

• National Securities Clearing Corporation

Resources

• Read this Article in Spanish