How to Conduct a Wire Transfer

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To conduct a wire transfer, which is a secure format of sending money from bank to bank, provide a banker with the nine-digit routing number and the account number of the account to which the money is being sent. Wire money to someone in a hurry, which usually involves a $20 charge, with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial advisor Patrick Munro, talking about how to conduct a wire transfer. A wire transfer is a way to get money from one place to another in a hurry and in a secure format bank to bank. Normally, you will present yourself at your current bank and sit down with a bank person, and find out how many dollars need to be sent to where. The banker is going to ask for the aba, or routing number of the bank that you are sending the information or money to rather, and also the account number, so these are two pieces of information that you must have when you go to your bank so that they will have the information to wire transfer the funds to the other bank. The aba number is normally nine digits long, and the account number can be as many as seventeen digits long. Make sure that the charges to wire the money are not exorbitant. The normal charge is twenty dollars, and if you have a full service account there should be some free wire transfers in your package of services on a monthly basis. This is Patrick Munro, talking about the best way to develop a wire transfer.

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