How to Wire Transfer Funds

Wire transfer fees vary by bank.

Wire transfer refers to a method of electronically transferring funds from one bank account to another bank account. The actual transaction is completed by the bank or banks, so the sender and recipient do not see any transfer of money. Wiring money through banks is a simple and secure procedure. The wire transaction fees of banks vary, but typically fall between $20 and $30 for domestic transfers and $40 and $65 for international transfers, as of 2010.

Instructions

1. Contact the recipient and gather the required information. You will need the recipient's full name, the name of the receiving bank, the branch address, the recipient's bank account number, and the bank's routing number. If the recipient doesn't know his bank's routing number, he will have to find it out by contacting the bank.

   In the case of an international wire transfer, you will also need the recipient's international bank account number (IBAN). According to bankofamerica.com, the IBAN number is the international standard for identification of international bank accounts.

2. Visit the local branch of your bank and tell them that you want to wire transfer some funds.

3. Complete the money-transfer request form that the bank gives you. This form will ask for all the information that you collected in Step 1. The form will also ask for your name and bank account number. Also, you must enter the amount that you wish to transfer on the form.

4. Give the filled out form to the bank agent. The bank will then give you a receipt for the transaction. The amount that you transfer will be subtracted from your bank, along with the bank's fee. The funds will be wire transferred to the recipient's bank account.

References

• Bank of America: Wire Transfer Frequently Asked Questions