International wire transfers help to make money transfers to other countries possible. You may face situations where you are in need of money and you have to get it transferred to your account while on a tour abroad, or someone in another country is in need of money from you. In either case, wire transfers are undeniably useful. You may also have apprehensions about the money so sent;, about if it’ll reach the destination safely. A safe and a common method to send money worldwide is through international wire transfer. This is easy and simple.
There are two different modes of sending money internationally, and we will discuss them here.
Wire transfer between banks
- When you make bank to bank wire transfers, two banks or more can be involved. You have to visit the bank from where you wish to send the money to make the transfer. Tell the banker that you wish to make a wire transfer international. He may help you, or he may direct you to another bank, an intermediary bank, from where it is possible to make a wire transfer.
- Get the essential paperwork to authorize and effect the wire transfer. The paper work may vary with the banks, but the basic requirements, like your account involved, the amount of transfer, the recipient name, the recipient account number, and the recipient bank name and address, are to be handed over with your signature.
- You have to get the confirmation and a receipt for your wire transfer. On the other end, it may have been transferred directly to the recipient bank or may have been transferred to an intermediary bank first and later to the recipient bank.
Wire transfer between consumers
- When it is between consumers, contact the person to whom the wire transfer has to be made. Find out which wire transfer service they have an account with. You will have to make use of the same wire transfer service to affect it.
- Do the paper work required for international money transfer between consumers. It may be different for different wire transfer services, or may vary with countries. If there is a generic form for all wire transfers internationally, that makes it easy.
- Transfer the amount and wait for the confirmation. Get the receipt for your transfer. The wire transfer service and the country of the recipient are deciding factors for the speedy transfer of money. Any way it does not take more than 10 minutes for transfer.
Inform the person that the transfer has been completed, and he can take the money by providing a photo ID.Sean Mckelvey on Google+