A wire transfer is a method for transferring funds to another person's bank account. This transaction can be made from your primary checking account to that of the recipient, or by giving the financial institution cash. There is typically a charge for receiving a wire transfer and sending a wire transfer. Typically, the charge to send international wire transfers is the highest; however, fees vary depending on the financial institution you use. Before completing a bank wire transfer, it helps to have a few tips.

Gather the Required Information

The first step in conducting a wire transfer is gathering the necessary information. Get the full name of the person receiving the funds (as it appears on the bank account). A bank account number and routing number will also be needed for the payee.

Contact Your Bank

One way to wire money is by using your primary financial institution (where you have a checking account). In most cases, they'll charge a small fee compared with an outside institution. If you prefer to use a financial institution other than your own, most banks and credit unions will wire money (for a fee). Private companies such as Western Union also perform these services. Provide the financial institution the payee's information and funds if they aren't coming directly from the account, and they'll perform the transaction.

Online Wire Transfers

Depending on your financial institution, wire transfers may be completed online. These features are typically found in the "online banking" section of the company's website. Once you've logged on to the site, click on the "transfer" section. There should be an option labeled "outside transfers" or "bank wires." If you don't see this option, give your bank a call. Not all financial institutions offer this service. If this option is available, you'll need to enter the required information (payee account number, name, routing number and dollar amount). Most banks will allow you to choose a wiring speed. Wiring money can be completed the same day or take a few days. Typically, the faster the money arrives to the recipient, the higher the fees.

Source:

Bank of America: Wire Transfers

Western Union: Wire Transfers