Wiring money is a relatively simple process, in the sense that neither you nor the recipient actually handles the money; the entire process is completed by your respective banks. But you still have to pay close attention to the details and make sure the numbers are correct, or you could slow down the process and potentially cause a serious glitch before the money ever reaches your intended destination. With a few precautions and a good idea of the process ahead of time, wiring money safely is no problem.

The Transfer Process

Before initiating the transfer, there are a few pieces of information that will be necessary. Along with your own bank account and 9-digit routing number (both of which can be found along the bottom string of numbers on every check in your checkbook), you need the name, account number and routing number of your recipient. Try to collect it all beforehand so you'll have everything prepared when you go to the bank or wiring center, or when you visit the website you plan to use; if you wait until you arrive to find the necessary numbers, you'll waste more time and increase your chances of relaying incorrect information. Tell the representative how much you plan to send and give him the information you've collected. Once the transaction is completed, ask for a confirmation receipt or number in case you have any questions or if something happens to halt the transfer.

PayPal

If you do not have the recipient's bank account or routing number, or he does not wish to release that information to you, PayPal is an alternate website that allows you to send money to someone with only his email address. However, this method is not as fast as a wire transfer, and the recipient will still need to release bank account information to PayPal to withdraw the money.

Warnings

If you plan to transfer money via the Internet, be certain the site is legitimate. A favorite trick of scammers is to set up a website that looks like your bank or a trusted wire transfer company and make the URL address very similar to the real company's address, with only a slight difference. Once you input your information, they obtain access to both your bank account and the account of your intended recipient. If you accidentally fall for this scam, alert your bank or transfer company immediately to prevent any financial problems. It's also important to ensure you have sufficient funds in your bank account before initiating the transfer, or you may face a stiff penalty from your bank.

Source:

Guide To Wire Transfers

More Information:

Western Union

Paypal