Wire transfer means sending money from one financial institution to another via electronic ways. The transfer is digital and it can be used for funds transfer in your country and cross borders too. Th…
Wire transfer means sending money from one financial institution to another via electronic ways. The transfer is digital and it can be used for funds transfer in your country and cross borders too.
The entire process of wire transfer is quite simple. Sender request the funds transfer from a bank where the process of wire transfer is initiated. The sender will be asked to provide information required and after that the instructions and details are forwarded to inter-bank telecommunication system (S.W.I.F.T) by telex. The receiving bank confirms receipt of instructions and then the said money is transferred to the beneficiarys account. This entire process of transfer is completed in less than 4 working days.
The sender must be able to give following information to successfully send money via wire transfer:
Sender and receiver information which includes names, bank account numbers and address etc
Recipient bank information: branch and address
Bank identification code: every bank that has SWIFT has this code too
International Bank account number
Providing this information at earliest possible will help in quicker processing of your funds transfer request. The efficiency of entire transfer depends on whether you give complete information or no. So, it is best to give proper details without any haste. One thing to remember is that in case you miss any detail, your transfer request would be incomplete and many be withheld. So, this step is very important.
Wire transfer is a quick way of sending money and a secured one too. This is why it is one of the most preferred methods of people around the globe for transferring money to or from one country to another.