How to Wire Transfer Money

Do you need to send some money fast? A wire transfer is the easiest way to send someone money. There are different ways to complete a wire transfer some of which are free and some of which will cost you money. Learn different ways to wire transfer money!

Difficulty: Easy

Instructions

Things You'll Need:

• name of person you are transferring money to
• your bank information and theirs (if you are transferring it to a bank)
• western union location/wire transfer location if using a service

1. Type! Determine the type of wire transfer you will make. You can either make a wire transfer within your own bank, from one bank to another, or using wire transfer service like Western Union. Each service gets increasingly more expensive so think carefully about your options when considering doing a wire money transfer.

2. Time! The next important consideration for making a wire transfer is time. Depending on the amount of time you have for the other person to receive the money will greatly influence your choices. Western Union as well as transfers within your own bank can happen almost instantly, however bank to bank wire money transfers take significantly longer.

3. Making a Wire Transfer within your Bank! This is the easiest option to wire transfer money. All you need is your account information and the receiving party's account number. Just go to the bank (or online in many cases) and tell the teller (or online menu) the account number and amount and your wire transfer will happen instantly.

4. Making A Wire Transfer From Bank to Bank! To make a wire transfer from one bank to another you will basically follow the same steps as making them within your bank but will also need the routing number for the other person's bank. There normally is a nominal fee for doing a wire transfer from one bank to another.

5. Using A Service! The last way to wire transfer money is to make a money transfer using a service like Western Union. You can do this either at a local branch or online but there is a fee. However, some advantages are that it can happen almost instantly and the person doesn't need a bank account to receive the money. They could just go the their local Western Union and pick up the money you wire transferred.

Tips & Warnings

• The more time you have to make the transfer the less it will cost!
• Always talk to your bank before doing a transfer at a check cashing location - it is much cheaper!

[WordWhizKid]

on 3/16/2009 Thanks for the info, I didn't know how to do this. 5*s!