How to Conduct a Wire Transfer

A wire transfer is a transfer of money from one bank account to another. The actual transfer is done by the bank, and neither the sender nor the recipient of the money sees or touches the actual funds. Here are a few steps to transfer money from one account to another.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Internet Access
• Computers
• Banks

1. Contact your bank by phone or via the Internet and provide the following information: the name of the person or firm you are wiring money to, the bank's American Banking Association (ABA) routing number (which can be obtained from the recipient's bank), the recipient's account number, the address and phone number of the bank, and the name of the person to whom questions can be addressed.

2. Determine the amount of money you wish to wire and when it needs to be in the recipient's account.

3. Complete the transaction through your bank. Some banks allow you to initiate the transaction via the Internet, while others require you to contact them by phone or fax.

4. Confirm that the transaction took place. Ask for a faxed or e-mailed transfer confirmation or contact the receiving bank to confirm receipt of funds.

Tips & Warnings

• The information you give to your bank should be in writing to minimize errors.
• A wire transfer can transfer funds within a day, provided you initiate it prior to your bank's deadline.
• Make sure the funds are in the account you are wiring from, or the wire will not go through.
• Banks charge for making wire transfers; always ask how much before proceeding.
• Wire transfers are not always immediate. Ask your bank when the funds will be transferred and when they will be received.

[lennywitzz]

on 7/2/2009 If it occurs to be a problem with opening a personal bank account or anything else, you may choose to use some intermediary service like https://wirex.org/. They can accept wire transfers and cash personal checks for you. I had to go for it for a couple of times and that worked fine with them. The options for withdrawals are ePassporte, PayPal and WebMoney.

[uthmantajir]

on 6/12/2009 PingPang, if you are still a member of this page, then please respond to my comment so we can start communicating about this chinese banking stuff. I also have Bank of America and I sent a wire to "Shenzhen Development Bank" located in Shenzhen, CHINA. I was told by the BOA representatives that this bank has a relationship with Bank of America. However, I sent the funds two weeks ago and the money has still not been received in Shenzhen. I was charged $45.00 as well by the BOA. How long did it take for your funds to clear in China?

[goblue81]

on 4/9/2009 I am awaiting funds from someone that received an international wire to their National City account today. The amount was in the millions and the receiving bank here in the U.S. was National City. I'm being told (by the person who owes me the money) that they although they received them, they can not access the funds for up to 7-10 days because of a hold. I called Nat City and was told that it can take several days for the wire to arrive, but once it arrives they do not place a hold on international wires, irregardless of the size. I can't seem to find anything online about a hold on wires. I would appreciate any input. Thx, Steve

[jshegu]

on 1/11/2009 Is it a must for you to open an account before wiring transfer?

[Nano88]

on 10/20/2008 this article really a great and it provides me a useful information about wire transfer.