How to Conduct a Wire Transfer

Series Summary

Personal finance is the application of financial principles to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time, while taking various financial risks and future life events into account. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies and income tax management. In this free video series on money management, a registered financial consultant offers advice on credit scores, paying bills and investing. Find out how to open bank accounts, how to uphold a good relationship with the bank and how to stay on top of paying bills. Get information on building good credit, building a house with no credit and canceling credit cards. For the smartest money management, use this helpful personal financial guide.

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."