How to Wire Money

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The best way to wire money is by going to a bank and filling out the appropriate forms for where the money is going. Learn about fees that may be involved in the process of wiring money with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro, talking about how to wire money. Wiring money is very, very important as a way of moving money between markets, and the best way to wire money is to initially go to your bank. They know you there, and a, you basically talk to a teller who will have you fill out forms, depending on where your money is going domestically or internationally. You need to have the information for the other bank at the other receiving end. What that is is ABA routing numbers and things of that nature, who it's going to be going to and what currency or denomination they want to receive the money in. If it's going internationally, say to England, you'd, would be in pounds, sterling. If it's going to one of the European countries, it would be in Euros, and therefore you'd have to convert the currency from American dollars to the foreign currency. It's important to make sure that all the paperwork is together, and there's normally a fee to wire the money. It's called a wire transfer fee. Depending on the size of account that you have with your bank, they may waive that fee, but more often than not, there's a small fee for this service. This is Patrick Munro, financial adviser, talking about how to wire money.

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