To wire money, follow these steps:
- Choose the provider: Decide whether to use a bank or a nonbank money transfer service.
- Gather necessary information: You will need the recipient’s full name, address, their bank’s name and address, account number, and for international transfers, the bank's SWIFT code or IBAN.
- Check costs and transfer method: Compare fees and options such as online, mobile app, phone, or in-branch transfers. Domestic wire fees average around $25 and international transfers can be $40-$50 or more.
- Fill out the transfer form carefully: Provide correct and complete recipient details to avoid delays or lost funds.
- Confirm and send: Review all details and fees before submitting the transfer.
- Save the receipt: Keep proof of the transaction for your records and tracking.
Wire transfers are fast and secure, ideal for sending large sums domestically or internationally. Domestic transfers typically arrive the same day, while international ones may take 1-5 business days depending on banks and countries involved.
