If you want to transfer money abroad quickly, the best solution for you is a wire money transfer. There are many providers that you can choose. You should find the service that will be the best for you and solve the problems of transferring money abroad.
How to do a wire transfer?
A wire transfer is an electronic option for sending money. You can choose how to send money. One solution is a traditional method – bank-to-bank transfer.
When you want to transfer money, check how much money you have on your account, and confirm your balance. Then you must provide information about your bank and the bank that will receive the money. Write how much money you will send. Confirm your identity. When your transaction is completed, you will get a confirmation number. The money will be received usually within a day.
If you want to send money overseas, you need Bank Identifier Code or International Bank Account Number for wire transfers within EU. You will also provide information about your bank and the bank that will receive the money.
The second sending option is a cash office. Firstly, find the office that will do a wire transfer. You need to pay a fee for transferring money. Fill in the required information. The office will give you a code for the recipient. Without that code, the recipient can’t take the money.
How to wire money to someone?
Imagine you need to wire money to someone. You will need to provide information such as:
- Which is recipient’s bank?
- American Banker’s Association (ABA) number to identify the recipient’s bank. This number has 9 digits.
- The recipient’s account number
- The amount of money you want to transfer to the recipient.
You will pay a fee for this transfer. The recipient sometimes pays a fee, too.
Sometimes you can have problems with sending money. You can write a wrong digit, and your money will be delivered to the wrong recipient. What should you do if this happens? You need to contact your bank immediately.
Banks also can make a mistake. You can type the right account number, but your transfer will go wrong. Call the bank to give you the proof of the money transfer. The bank must try to recover your money, but sometimes it can be difficult.
You can prevent this problem. Write digits carefully.
Wire money to Walmart
With Walmart, you can easily and quickly transfer money. How can you wire money with Walmart?
- Use Walmart credit card – if you use this card, you will earn rewards. Walmart gives you an opportunity to be enrolled in its rewards program.
- Use Walmart Money Card – this card works like a prepaid card.
Wire transfer fee
You should visit various websites to find out the cheapest service for transferring money. Don’t forget to choose the service that is easy to use.
If you want to transfer money between accounts at the same bank, you usually won’t pay any charges. The fees are usually around $20 to $25 for wire transfers between different banks and up to $45 for the international wire. Transfer from bank to bank is still the most popular option. The biggest problem with this option is that sometimes both a sender and a recipient will get charged a fee. The best solution is to analyze all providers.
Bank-to-bank transfer – you will pay the lowest fees if you use online service. When you use a phone or do wire transfer in person, the fees will be higher.
Non-bank transfer – the money will be received fast, usually on the same day. You can also use cards, but the fees won’t be cheap. Some of the companies give you the opportunity to transfer money in person. The money will be received within a few minutes.
Can you wire money online?
You can do it with online banking. If you want to send money abroad, the money will be delivered in two days. You can send money to more than 200 countries.
These are the tips how to send money online with online banking.
- Sing in to online banking.
- In the transfer’s navigation menu find section send money to someone, and choose the option using their account number at another bank.
- Provide recipient’s bank information.
Unfortunately, you can’t wire high amounts of money online. The fees for international money wire can be higher.
PayPal is another option for online transfers. Both you and your recipient must have PayPal account.
Wire money with Western Union
Western Union is a popular money transfer service. Its fees depend on the method of transferring the money, the currency you use and the country of the money transfer. With this service, you can do a wire money transfer for a cash pick-up. Western Union offers you domestic and international solutions of transferring money.
You can transfer up to $1000 per month and $500 per transaction. Transfer money from U.S. account or use online and mobile banking.
The wire money transfers are reliable and secure. The fees can be high, but with the right provider you can avoid high charges and losing your money. You don’t need to worry about the speed of transferring because your recipient will receive money fast.