Wire transfer...

Pay by Wire Transfer: Wire transfer is a method of transferring funds electronically. It could be done by a bank account transfer or by a transfer of cash. Wire transfer method could be adopted to transfer university funds or to pay for services and goods. There could be different rules applicable in different companies to pay by wire transfer, but some of the common requirements are the account number, name of the bank, purchase order number and name of the base country. It is important to follow the prescribed format while mentioning the name and account number, to ensure proper automated processing and classification of the funds transfer message.

Wire transfer of money: Wire transfer enables you to transfer money from one account to another. The entire transaction is taken care of electronically, by the bank. You need to provide written instructions to your bank, specifying all the necessary details. Generally, a money transfer takes place in a day. However, you need to intimate the bank about the transaction beforehand. It is important to ensure that the necessary funds are in the account. Banks charge for wire transfers, hence it is very important to make enquiries about the charges in advance.

Instructions:The following instructions help in a wire transfer:

• You need to contact your bank and provide information on the name of the person or firm the money needs to be wired to, routing number of the bank, with the American Banking Association, account number of the recipient, his bank address and contact number and the name of the person who would be responsible to handle queries.
• Before you choose wire transfer decide the amount of money you need to wire and the date by which it needs to feature in the recipient’s account.
• The transaction should be made through your bank. Some banks permit the initiation of the wire transfer online, while others request phone or fax contact.
• Make sure that the transaction is completed on time. You could ask the bank to send you a transfer confirmation, by fax or e-mail. After wire transfer you should contact the receiving bank, to confirm receipt of bank funds.
• More often than not, the transaction is slow via wire transfer, so you may be required to remind the banks about the date of receipt of money.

Bank wire transfer: Bank wire transfer is a convenient way of transferring funds from one bank account to another. It is a message sent to the receiving bank, requesting them to effect payment as per the given instructions. It is used for domestic and international transactions, where the direct exchange of cash or check is not involved. The wire transfer could be made to help relatives, rescue travelers or pay for a business or bank transaction. A bank is considered to be the safest means of transferring money, but you could also wire transfer through private organizations like the Western Union.

International wire transfer: International wire transfer is considered the safest, most effective and timely method of transfer of funds between countries. Though it is expensive, it enables the customers to transact in U.S. dollars or any other foreign currency. It provides the facility of tracing the transactions, since it is done electronically. Both the account holders must have a valid and proven identity. It is unsafe to send money through wire transfer, to an unknown person, as it increases the chances of a fraud. Wire transfer in case of international transfers does not require the actual relocation of cash.