How to do a wire transfer, What is the procedure or method or steps followed.

The process in Wire transfer or fund transfer

Wire transfer is the safest, fastest and easiest way of fund transfer in the world. In order to perform international wire transfer, you must know the folowing steps in detail. please go through the quick steps given below..

How to do a wire transfer, What is the procedure or method or steps followed.

STEP 1
Please check with your bank about the wire transfer facility, few localized banks doesn't have the international wire transfer sending / receiving facility. Also inquire about the wire transfer charges for sending or receiving the funds from overseas.

STEP 2
Get the correct Bank SWIFT-BIC codes from the bank. You need to submit the SWIFT-BIC informational along with yur account details and bank address.

STEP 3
If you are sending money, please visit your bank, request for wire transfer application form and fill the receiver information along with the account name, country , swift-bic codes, currency name, etc,.

STEP 4
Pay the amount for the transfer along with commission ( varry between banks normally from $20 to 60$ / transaction) and get the transaction number for follow up.



STEP 5
Generally the process would take place 5 to 7 business days befor the fund get transfered to the receiver account. If someone makes frequent wire transfers, then they can receive bank Personal Identification Number (PIN code) code, so that they can make transfers over the Internet or telephone.

Wire transfer / online fund transfer / direct electronic transfer is the easiest, fastest and cheapest mode of fund transfer for bulk amount transaction. If you need further clarification and problem with bank wire transfer, you may please contact your corresponding bank.

Speed of Transaction:

Unlike traditional methods that might involve physical paperwork or go through multiple intermediaries, online wire transfers are processed electronically, allowing for faster execution. Depending on the countries involved and the banks, transfers can be completed within a few hours to a couple of days.

24/7 Accessibility:

Online wire transfers can be initiated at any time, unlike traditional banking hours. This means you can send money outside of regular business hours or even on weekends and holidays, which helps avoid delays.

Reduced Need for Physical Visits:

You don't need to visit a bank branch or other financial institution to initiate the transfer. Everything can be done from your computer or mobile device, which saves time and effort.

Automatic Currency Conversion:

Many online transfer services automatically handle currency conversion, eliminating the need for manual calculations or separate conversion services. This can streamline the process and reduce errors.

Tracking and Notifications:

Online platforms often provide real-time tracking of your transfer and notifications about its status. This transparency helps you stay informed and reduces the time spent on follow-ups or inquiries.

Efficiency of Digital Records:

Online transfers generate digital records instantly, which can be more easily tracked, stored, and managed compared to physical paperwork. This makes it easier to manage your financial records and quickly access necessary information.