How to Send a Wire Transfer Safely

Sending money using a wire transfer is fast and convenient.

A wire transfer, which is an electronic transfer of money from one account to another, is safe and convenient if it is conducted through regulated channels, such as a bank or other financial institution. Because fees are associated with wire transfers, most transfers are performed when a substantial amount of money is changing accounts or when the wire is sent internationally.

Instructions

1. Identify and select a bank or money-transfer agent you trust to complete the wire transfer. Obtain background information on the agent you choose to be assured it is reliable. A wire transfer cannot be reversed. When the money arrives at the recipient's account, you are unable to reverse the payment unless the receiving account owner completes another wire transfer to your account, which would require additional transfer fees.

2. Complete a wire-transfer form at the bank or money-transfer agent that you choose. The form should include your name, name on the bank accounts of both the sender and the recipient, bank account numbers of your bank and the recipient's bank and the bank routing number for both banks involved in the wire-transfer process. A few reputable websites, such as moneygram.com and westernunion.com, offer online wire-transfer services. These two agencies have been in business for many years.

3. Request a copy of the wire transfer receipt from the bank if one is not provided. This receipt acts as proof that the transfer has been completed.

4. Contact the recipient to make sure the funds have been picked up or are located safely in his account.

Tips & Warnings

• The United States Post Office also offers money transfer and international money order services.

References

• Bank Of America: Wire Transfer FAQ
• Consumer Action

Resources

• Post Office Wire Transfer Information