How to Do an International Wire Transfer


Moving money from one account to another account is possible through a wire transfer. The best thing about the wire transfer is that money is transferred from one account to another account and you don’t have to do anything at all. Wiring your money is simple. Following is the simple step by step guide that can help you understand the process of wiring your money.
 

Step by Step Guide

 
  • Following is the information you need to collect from the foreign bank.

  1. Full Bank Name

  2. BIC

  3. Complete address of the foreign bank.

  4. You will need IBAN# if sending to Europe.
     

  • Contact the beneficiary of the funds and collect the following information.

  1. Name

  2. Account number

  3. Complete address
     

  • Now you need to determine the amount of money you want to send. Make your account is in credit. You will be charged a fee for international wire transfer.
     

  • Don’t forget to ask for a confirmation after sending the wire. In order to be able to track the wire you need to have necessary information. You can also request the beneficiary bank for an email confirming the receipt of funds.
     

Important Note

 
  • Whenever you need to send the money, keep the cut off time in mind and plan your things accordingly.
     

  • You should know that Bank Identifier code varies depending on the country you are sending your money to. For instance Canadian banks use TRNO.
     

  • You must choose the wire transfer that you can track. Chancing of losing your funds are rare but still you should be able to track your wire.
     

  • If you choose to send the money to a local US bank like JP Morgan and that bank does the International wire transfer, you will have to give an additional account number for the US bank in order to identify the International bank. But in this case your bank will not be able to track the wire beyond the local US bank.
     

  • Generally wire transfers are completed within three weeks. So plan your things accordingly.
     

  • You better stay away from instant wire transfer companies. They are very expensive because they either charge a percentage of the amount or some overhead per dollar transferred.
     

  • There are agencies that deliver funds in the form of a check to the beneficiary. Stay away from such agencies.





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