How to Make a Purchase by Wire Transfer
Wire transfers are rarely used by customers to purchase items or services. More common are cash transactions or purchases made by credit or debit card. Not every merchant or seller offers wire transfer as an option. For those who will accept a wire transfer, you will need to obtain your back account number and routing number to identify from which account the funds are to be drawn. You also can opt for a professional wire service to complete the transfer using cash or credit.
Other People Are Reading
Instructions
-
-
1
Obtain the seller's account information to target your wire transfer. In most cases, you will need an account number and bank routing number for bank-to-bank transfers. A name and city are sufficient for wire transfers through a commercial transfer service like Moneygram or Western Union.
-
2
Get your bank's routing number. This is the set of numbers on the bottom of your check on the left-hand side. Or visit a local branch or find it on the bank's online site.
-
-
3
Find out what fees are associated with completing the transfer. You can call your bank or the customer service department for the commercial transfer company. Fees for bank transfers are commonly the same no matter the amount transferred.
-
4
Find the location of the seller to determine if you will incur a domestic or international rate for the transfer.
-
5
Initiate the wire transfer over the phone, online, or in person at your bank. Initiate commercial transfers via whatever method is available based on the company you choose. Common information necessary for commercial transfer includes your name and address, the seller's name and city or an account number. Pay the fee to the commercial transfer service at the time of the transfer.
-
6
Record any confirmation information to track your payment and/or keep the transfer receipt.
-
1
Tips & Warnings
Commercial transfer services commonly have a tiered system for determining fees. The amount of the transfer will determine the fee as well as the location (domestic versus international).
