How To: Conduct a wire transfer

Conduct a wire transfer

Has you rent check bounced again for no apparent reason? It happens to everyone, but if you're roommate needs the money fast, you need to fix it fast, and wire transfers are the fastest way to give money to someone else. Executing a wire transfer is as easy as making one phone call.

You Will Need
* Recipient's name and bank account information
* Receiving bank's SWIFT identification code
* Bank account
* Internet access (optional)

Step 1: Decide on the amount of transfer
Determine the amount of the wire transfer. Keep in mind that there are access fees which vary from one bank to another.

Step 2: Collect information
Write down the recipient's name, bank name, account number, and bank routing number. For an international wire transfer you will need the receiving bank's SWIFT identification code.

When time is of the essence, go online to to find a wire transfer service provider.

Step 3: Call your bank
Call your bank or financial institution to authorize the wire transfer and provide the information for yourself and the person on the receiving end.

The transfer will be completed the same day if you get approval from the bank manager and the call is placed before their cut off time.

Step 4: Call recipient
Call the recipient to let them know the transaction was completed.

Step 5: Confirm with bank
Verify with the bank that the wire transfer was completed and request a mailed, faxed, or e-mailed confirmation.

Western Union began offering money wire transfer services in 1871.

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