How to Conduct a Wire Transfer
In order to provide optimum convenience along with maximum security to the account holders, the banking sector has shown considerable improvement. In this regard, one of the best facilities that banks have offered to their clients is to transfer the funds from one bank account to another electronically.
Wire transfer is a process where an individual transfers money from his/her bank account to the other person’s account. There is no restriction about the location of the account and money can be transferred anywhere in the world. This facility not only saves the time of customers but also allows them to perform their daily transactions in a more efficient way.
Unlike old days, when customers used to visit the bank and fill in the form to transfer money to another person’s bank account, they can now perform the same task with the help of a few clicks. This not only helps people in getting familiar with the latest technology but also enables them to transfer the money safely and in time.
In this process, neither the sender nor the recipient has to physically touch the money but the bank virtually transfers funds from one place to another. For this, you will be asked to provide little information about you and the recipient. Make sure you have it to complete the process smoothly.
Instructions
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1
In order to perform wire transfer, you would have to inform your bank about it. You can do that through the internet or via phone.
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2
After contacting your bank, the relevant officer will ask you to provide the information about yourself to verify the account. He/she will also ask you the details about the receiver so the money could be wired to his/her account. You will be required to tell the name of the receiver, his/her account number, address and contact number. You will also have to give the phone number of the receiver’s bank and American Banking Association’s (ABA) wiring number.
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3
Now, you will be asked about the amount you wish to wire in the recipient’s account. Do not forget to mention the date at which you want the money to be transferred.
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4
Make sure you finish the transaction in a proper way, as some banks allow you to wire the money online while others prefer to do this on phone.
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On that particular date, you should ask the recipient to confirm that whether he has received the money or not.
