How to Wire Money Online Using a Checking Account
Wire transfers are a convenient method of making paperless financial transactions. They enable you to deposit funds from your bank or credit union into someone else's account. The use of personal checks and cash are eliminated, and money can be sent securely from long distances. If you have a checking account at your financial institution, you can arrange wire transfers through a simple process and start taking advantage of their benefits immediately.
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Instructions
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Verify first that your financial institution offers online banking. If so, call or visit the local branch that you have a checking account with and authorize wire transfers. You may be required to complete some official paperwork to transfer the funds depending on your bank or credit union. Provide identification as proof that you are the account holder. After your account has been verified, you will be granted permission to make wire transfers from your checking account.
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Register for online banking on the website of your financial institution. You will be prompted to create a username and password, then provide basic information and account details to identify your checking account.
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Familiarize yourself with the online banking system to arrange the wire transfer. Ask the recipient for his account number and the transit routing number to the financial institution where he would like the funds deposited. It is a number that identifies a particular branch, and it can be found on a deposit slip or as the first nine digits at the bottom of a check. Receive a confirmation for the transaction, and wait for the funds to clear.
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Expect a finance charge once the transfer has completed. As you will have online banking enabled, the fee will automatically be deducted from your account and appear on your online banking statement. It ranges from $10 to $25 depending on the policies of your financial institution.
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Consider registering for a free PayPal account if online banking is not an option for you. You and the recipient will both need to become members for a successful transaction. It simply requires that both parties establish an account from which you want to send and receive electronic transfers, similar to the process required for online banking. PayPal is more convenient in that every time you want to wire money to another member, you simply enter their email address rather than all of their banking information. It's a one-step alternative to online banking, but charges similar transaction fees.
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