International Wire Transfer

An international wire transfer is a way to move funds electronically, relatively quickly. This can be done through many methods such as the Federal Reserve Wire Network or other payment systems. Wire transfers can be a great way to move money to others, however there is a cost associated with this.

People often do this for family or friends overseas as well as for business transactions as well too. Normally wire transfers are for large dollar amounts. There are different ways to send out wire transfers.

Wire transfers are able to be performed online if your bank offers that feature. If you do not have online banking, international wire transfers can be done at your local bank as well. They are convenient as well since people can transfer money to your bank account just by knowing your account information.

There are of course fees associated with moving most kinds of money. The fees are pretty steep, so this is mostly reserved for large dollar transactions to make it worth it. You can expect to be charged at least $20 for sending a wire in the United States and about half of that to receive a wire. If you want to send international wires, it may be double that cost.

To be able to send an wire transfer out of the country you will need some information about the person you are sending money to. First, you will need to know the name of the bank! Quite obvious, and easy to obtain.

You will also need more information which will take some digging to discover. Find out what the bank’s identifier code is (BIC), and the full address of the bank. For cases where you are sending money to europe, you will need what is called the IBAN #, which is an acronym for international bank account number. To complete the forms for an international wire transfer, you will need basic name, and contact information from the person you are sending money to as well. The bank will have you sign some agreements and have you pay the processing fee. Finally, you will receive a copy of the transaction from the bank. If you are doing it online, there will be copies of the receipt available as well.