Wire Transfer | A Fast way To Send Money

Many times come when you have to send money either for business purposes or to some friends, relatives etc. There are many methods to send money. If you want to send it fast then wire transfer is a good choice. It is a cheap method through which you can send money anywhere in the world. The receiver can collect the cash on the same business day.

Wire transfer is an electronic method of sending money. If transfer is from bank to bank then no actual transfer of cash is taken place. Balances of respective accounts are adjusted electronically. As in this case a person is either adding or withdrawing a fund. This process can be done directly through the bank or third party is involved which have their special outlets and payment is made on their outlets in a cash form. Western union is acts like a third party.

 Information Required Transferring the Money

Following information is required to transfer the money.

• Make it sure that if you are sending money through bank account , then it has sufficient amount of money and extra charges.

• Name of the receiver .

• Account number of the receiver .

• Routing number of the bank or the financial institution.

 

Processes of Transferring Money

After having proper information you can send money through wire transfer.

• Contact with your bank or financial institution like western union, money gram etc, through which you want to transfer money. In case of bank, an account is mandatory but when you use financial institution then you can use cash, money order, debit or credit card to transfer the money. 

• Provide the bank or financial institution the above information and let them know how much amount you want to transfer.

• It is good to ask a receipt or confirmation number that transfer has been completed.