Wire transfers are a fast and secure method of payment between two parties-people, businesses or even governments. The wire transfer company will prompt you for the code if you do need it and the receiving bank should provide it when asked.įor wire transfers to nonbanks-businesses like Western Union or CVS-you’ll also need the recipient’s name and address, which will be the pickup location. For certain countries you may also need the International Payments System Routing Code. To send a wire transfer to a bank, you’ll need the recipient’s bank account number and routing number if the bank is domestic (or the SWIFT BIC number if it’s international). Destination: bank information or physical address.Recipient: name and contact information.Required information for transfers includes: How does a wire transfer work?īefore sending a wire transfer, you must know where and to whom the money is going. “Wire transfers are a secure method of sending money, as they are processed through a secure network and typically require multiple layers of authentication to complete,” said Tommy Gallagher, a former investment banker and founder of digital banking site TopMobileBanks. On the plus side, however, wire transfers offer a degree of security. There’s typically a fee to send wire transfers even when using your own bank. You can either send directly through your own bank or use a nonbank provider such as Walmart or MoneyGram. Wire transfers can be sent to domestic or international accounts. It can be used for personal or business purposes. What is a wire transfer?Ī wire transfer is a type of electronic payment that moves funds between two different accounts. Yet there are drawbacks, including costly fees and no margin for error-if you get something incorrect, the wrong person may get the cash and there’s little chance of getting it back. Whether you’re making a down payment on a house or sending money to family abroad, a wire transfer can be quick and easy. A wire transfer is a way to send and receive money securely anywhere in the world.
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