How to Send a Wire Transfer to Another Country
Wire transfers can be an easy way to send money overseas. By sending a wire transfer, you can send money directly to the recipient's bank account securely and quickly. Most transfers clear into the recipient's bank account in one to two business days.
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Instructions
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Understand wire transfers. Although the services are similar, wire transfers are not conducted via companies like Western Union or Moneygram. These services offer cash transfers. Wire transfers are conducted via banks, and the money is deposited in the recipient's bank account.
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Gather the necessary information to send the transfer. You will need to know the recipient's full name, the name and address of their bank, and their account number and routing number. You will also need to know the full amount you want to send, in terms of either your currency or the recipient's currency. If you know the amount you want to send in the foreign currency but do not know the equivalent amount in your own currency, the bank will do the conversion for you and tell you the cost of that amount of foreign currency is in terms of your currency. When you send a wire transfer, you lock in the exchange rate at the time of you initiate the transfer, so you don't have to worry that fluctuations that happen before the transfer is complete will change the amount of money you have sent.
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Visit the bank. Most banks do not require you to be one of their customers to send a wire transfer, but if you use a bank in which you are not an account holder, be prepared to pay cash in the amount of the transfer plus transfer fees. All banks charge a fee for international wire transfers, but fees are usually higher for non-customers. If you are a customer at the bank you are using, you can transfer the money directly from your account. Note that although fees vary from bank to bank, there is generally a higher charge for international wire transfers than domestic wire transfers.
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Complete the paperwork. You will need to provide all the information you gathered about the transfer destination, and depending on the bank and whether you are a customer, you may need to provide your name, account number and address. You may also need to provide photo identification.
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Tips & Warnings
Paperwork procedures vary from bank to bank. Call the bank before going to complete the transfer to find out if they have any special rules, including their transfer daily limits.
Your bank may allow you to set up wire transfers online.
International wire transfers are widely available, but double check with your bank that this is a service they provide.
References
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