When it comes to transferring money to our dear ones living in other countries, we opt for bank wire transfer. Since we wish to send our money safely and securely, we choose this option. Nowadays, PayPal renders this service. However, the transaction of wiring money was not quite simple before. Several formalities and procedures needed to be satisfied in order to deliver money to the right hands.
Bank wire transfer requires liquid cash, identification details, application for wire transfer, details about the person to whom the money would be transferred etc. All the above are the data required to accomplish the task. When the bank does not have a branch in the country to which you wish to send money, you would have to utilize the help of an intermediary bank. Intermediary bank information would definitely be required during the process to ensure a safe transit.
Information required while sending money
The person sending money will have to furnish information including the ID number issued by the State or driving license. Card transactions are allowed only for large retail stores and in other cases, people ought to give cash for transfers. You need to fill in detailed information and in the application form, you need to provide the name of the receiving person, his contact number, his physical address without post office box number and you may have to provide a code number as well. Please note that the code number that we give is just optional. When you give a code number, the sender too should have the same code in order to obtain funds.
Information that need to be provided while receiving money
The person accepting the money should offer certain information including the identification information. The receiver should have the address, telephone number as well as the code of the sender. This will help the bank to confirm that they are offering money to the appropriate person. The receiver should also know about the amount that is transferred. The receiver will receive the money send as liquid cash.
Bank wire transfers
The receiver would have to go the bank for accepting the payment. Other information that needs to be submitted includes bank name, routing number, state and city, bank account number etc. In case of an intermediary bank acting as an agent, the intermediary bank information needs to be offered.
Wire transfers are quite essential to ensure that the money reaches the right person without any confusions or delay. Even though PayPal offers a similar service, there are lot many people who still make use of wire transfers to ensure safe and secure transfer of money.
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