Learning how to wire money can be a valuable skill. You may find yourself in a situation when you need to send money quickly to someone, whether it's across the country or across the world. Fortunately, many services are available for wiring money. These services will assist you with any type of wire transfer that you need to complete.
Deciding On Your Money Transfer Method
You can transfer money in two different ways, either from bank to bank or using a wire transfer service like Western Union. If you transfer money from bank to bank, the fees are normally much lower. However, the person you are wiring money to may not have access to a bank account. If this is the case, you can use a secure money wiring service.
Gathering Your Information
In order to wire money overseas or just across town, you'll need to gather some important information. You'll need to get information from the recipient about where the money is going. You'll need their name, the name of their bank or financial institution, their account number and the routing number for that account. If the recipient does not have their routing number, they can get it from their bank or simply look on one of their checks. The routing number should be at the bottom.
If you are using a money wiring service, you'll just need to know the name of the person you are sending money to. Some money wiring services will give their members account numbers. If this is the case, you'll need the account numbers.
Visit Your Bank Or A Money Wire Service
Next, you'll need to go to your bank or the money wire service office. In some cases, you can use the money wire service's Web site to send money. At the location or on the Web site, you can see what type of fees will be added to your wire transfer. You can pay these fees outright, or you can have their amount added to the amount of money that you are sending to the recipient.
Contact The Receiver To Let Them Know The Money Is Coming
The last step in completing a money transfer is to call the recipient and let them know that the money is coming. This is especially important if your wire transfer is going to an individual who will need to visit the wire transfer office in order to pick up the money. After you notify the recipient, your wire transfer will be complete.
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