How to wire transfer money

Wire transfer of money is one of the most secure and extensive used methods of transferring money from one account to another. The money gets transferred to the recipient within the same business day without any delay. Money can be wire transferred from one bank account to another bank account wirelessly or by depositing cash at the office. Here are the simplest ways to wire transfer money securely.

Prerequisite:

Before starting wire transfer, you need to know what wire transfer is and what are the possible ways to wire transfer money? Basically wire transfer is electronic funds transfer system which transfers money from one account to another instantly. There’s no other means of faster money transfer than wire transfer. You can wire transfer your money either from bank to bank or at the cash offices. Most of the banks provide reliable wire transfer services and charge a little processing fee. Money transfer via banks needs both the sender and recipient to be possessing bank accounts at their respective banks. While as for sending money via cash offices, having a bank account isn’t required. This way of transfer takes a bit longer time than bank to bank transfers and mostly deals with cash payment. But obviously bank to bank transfer is more secure than cash offices because it’s always under electronic surveillance and doesn’t have to deal with cash money.

Method 1: Bank to Bank Transfer:

1. Before sending money, check your account balance and make sure you have adequate amount of money to send via bank to bank transfer.
2. For sending money to a particular person, you will need to collect the info regarding the person like recipients name, bank name, ABA code (American Banking Association) / IFSC code (India). For international bank to bank money transfer few more codes like BIC and IBAN are required.
3. After that you need to contact your bank and confirm that whether this bank transfer service is available via online means. If not, then you will need to visit the branch holding your bank account for further processing.
4. You will be provided with a form at your bank which you have to fill up with the required info regarding sender as well as recipient.
5. You will need to show your identity card issued by the state in order to complete your transaction.

Method 2: Cash Office transfer:

1. The charges applicable at the cash office will be dependent on the amount of money you are sending. So, before moving on, check the charges which you have to pay. Perform your wire transfer at any well-known organisation which has good level of reliability.
2. You can either complete your transaction at their office or over phone or website. Each medium has its own specific applicable charges.
3. You will need to give all the info regarding the recipient which is the name of person, destination.  The money transfer company will provide you with the unique identification code which you have to give to the recipient, once recipient is able to tell the code along with ID, that person will be handed over with the money you sent.