If you need to get money to someone fast, one of the quickest ways to accomplish that task is through wire transfer. Certainly, both parties have Paypal accounts you should be able to move funds over immediately, but assuming you or the other person doesn’t have an account means looking at using your bank or other financial institution to send funds.
Let’s go through the steps necessary to help you successfully transfer funds almost anywhere in the world:
1. Verify funds — Your account must have sufficient funds in place in to expedite a transfer. Take under consideration the fee you must pay your bank to transfer those funds.
2. Inquire with your bank — Contact your bank to arrange a transfer of funds. These days, most banks provide a form right online, but some banks will want you to go to your local branch, fill out a form and have a bank representative initiate the transfer.
3. Fill out a form — Wire transfer forms may vary from bank to bank, but they all require similar information including furnishing your account name and number, bank address and sending number and date. You’ll also be including detailed information about the bank receiving the funds and the name of the person, their account number and other required details.
4. Review your form — Double check your information for accuracy. If there is something you do not understand, seek clarity from the bank. Make certain that the person receiving your funds has an active account at their bank. Your recipient will likely be required to pay a fee to his bank as well.
5. Submit the form — Hit the submit key or turn the hard copy in to your bank. Once the funds have been received by the other bank you will receive notice from your bank that the transaction has been completed. Verify with the recipient that the funds have been deposited into his account.
6. Follow up — After the funds have been verified as deposited, check your bank statement to see how much money was taken out of your account including the wire transfer fee. Those amounts should match what was indicated on your wire transfer form. Contact your bank if a discrepancy has been found.
Considerations
You can also transfer funds via Western Union and other wire transfer services. Instead of funds being placed in a bank account, those monies can be picked up (with proper identification) at a designated location. Lastly, be on the alert for scams involving transferring money; deal only with people you know.
Resources
Federal Communications Commission: Wire Transfer
Federal Trade Commission: Putting a Lid on International Scams: 10 Tips for Being a Canny Consumer
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