Wire transfers are a type of electronic funds transfer. They are usually considered the safest way to transfer funds, especially large amounts, to other banks or countries. Most large banks belong to a bank network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT) that helps to verify and process financial messages, such as transfers. In order to make a wire transfer to another country, you will need to get some information from your payee and submit a fee to a major bank to process the transfer. This article will tell you how to make an international wire transfer.
1. Call your bank to see if they do wire transfers. Also inquire what branches near you are available to do wire transfers and at what cost. You can secure a wire transfer fairly quickly, if you have an account at a large bank.
- In order for a bank to do a wire transfer, it must have a reciprocal account with the bank overseas. Many small banks and credit unions do not keep reciprocal accounts, and they may not be able to do this type of electronic funds transfer.
- If you do not have an account with a major bank, you can find a Western Union branch. Western Union transfers can usually be made without an account. The process of getting the transfer is very similar to how you would do it at a bank.
3. Go to the bank branch to make your transfer. Ask for a wire transfer form and fill it out with your account information and all the account information for the payee. Sign the form in front of a bank employee and show them a photo ID.
- If you are using a Western Union branch for your transfer, you will need to bring the money to be transferred, a fee payment and an address where the recipient can pick up the money abroad. The Western Union agent will give you a Money Transfer Control Number (MTCN) to give to the recipient. You tell the recipient the number. They can receive money by going to the specified location, telling them the MTCN number and showing a photo ID.
- Usually, the payment for sending the transfer is given separately from your account at the bank. The payee will have to pay to receive the money as well. This will be taken from the payee’s account.
- If you plan to make frequent wire transfers, ask your bank to receive a Personal Identification Number (PIN) code so that you can make the transfers over the phone or Internet, rather than going into the bank.
- You may be able to send a wire transfer online with Western Union. You must create an online account with Western Union. They will verify your account and funds before you can make the online international transfer.
- Fees from an online Western Union account are likely to be less than the fees required if you go to a branch. However, you can make a transfer more quickly by going to a branch in person, unless you already have an online account.
- Fees for wire transfers will depend upon the bank and the country to which you are sending money.
- Payments within the Eurozone usually cost less than other international wire transfers, thanks to reciprocal economic agreements. However, payments in and out of the Eurozone tend to be more expensive.
Things You’ll Need
- Western Union branch (optional)
- Bank identifier code
- International bank account number
- Bank account