Wiring money can be a fast way to move large amounts of money within the U.S. and abroad. Here’s a quick tutorial on how to wire money. Show + See a summary of the steps 1. Decide which provider to use. Banks and money transfer companies offer wire transfers. 2. Gather the information. You’ll need your recipient’s name, location and bank account information to start. 3. Check costs and choose the transfer method. You might be charged different amounts for sending online and in person. 4. Read the fine print. You have the legal right to ask for details. 5. Fill out the form carefully. Mistakes could derail your transfer. 6. Save the receipt. It has helpful information in case there’s trouble with the transfer. 1. Decide which provider to useBanks and nonbank money transfer providers can help you send wire transfers. With bank wire transfers, both the sender’s and receiver’s financial institutions are involved. Transfers within the U.S. may be processed the same day, but expect international ones to take at least a few days. Nonbank money transfer providers Companies such as Western Union allow you to move funds in the U.S. or internationally. You can transfer money between bank accounts, send cash for pickup and, in some cases, pay bills via wire transfers. The transfers can take minutes to several days, depending on the service and delivery method. A wire transfer is irrevocable and a cash-based one can be anonymous, so never send funds to anyone you don’t know well. The Federal Trade Commission has tips on how to avoid wire transfer scams. SoFi Checking and Savings Deposits are FDIC Insured Upgrade - Rewards Checking Deposits are FDIC Insured Current Account Deposits are FDIC Insured Chime Checking Account on Citibank, N.A.'s website Citi Priority Account 2. Gather the informationIf you’re using your bank to transfer money, be sure to have your:
Nonbank providers might not require bank account information, depending on which delivery option you choose, but they will require the recipient’s name and location. 3. Check costs and choose the transfer methodYour bank or nonbank provider may let you send a wire transfer in several ways, such as online, through telephone banking or at a bank branch. The methods can vary in cost, so compare prices before making a decision. The median cost at banks is $25 for sending wires domestically and $45 internationally. Many nonbank providers have online tools that let you estimate the cost of a wire transfer before sending. » Not sure if you need a wire transfer? Check out other ways to send money 4. Read the fine printBefore sending international wires, you have the right under federal law to ask for details about the exchange rate, total fees and taxes collected by all parties, the delivery date and the amount expected to be delivered abroad (separate from fees). 5. Fill out the form carefullyWhether you speak with a bank teller or fill out a form online, be precise while providing the information needed. A misspelled name or a missing digit can prevent the recipient from getting the money. 6. Save the receiptGet confirmation of the transfer in a receipt, which should include a transaction number, so you can save it and refer to the specific transfer if any issues arise. |