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Q.

How Wire Money Transfers Work and Setup ?

Tags: money, setup, wire money transfers work
Asked by john smarty, 10 May '13 10:20 pm
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Answers (2)

1.

When you do a wire transfer, your bank sends money electronically to another bank. The transfer is virtually instant, and these transfers are among the safest and most reliable transfers available.

Bank Wire Transfer Basics
Sending a Wire Transfer

If you need to know how to wire transfer money, here are the basics:

Get recipient/payee information
Make sure your account has the funds ready
Contact your bank to find out how to wire transfer money ...more
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Answered by anil garg, 11 May '13 09:34 pm

 
  
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2.

Two parties are always involved in a wire transfer: the sender and the receiver. First, the sender must go to a bank or wire transfer facility (many are conveniently located in grocery stores or other retail establishments) and request the sending of the money. The Bank Identifier Code (BIC) or the International Bank Account Number (IBAN) must be presented by the sender so the sending bank will know where the money is going to go. In some cases, the wire transfer facility may already have this information accessible. Once the sending facility has the information it needs, it can send a message to the receiving financial institution using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) or a similar communications system that allows them to release the specified funds to the person receiving the money. The actual transfer of the funds does not happen instantly. In fact, it can take quite a long time--up to several days. However, the receiver is free to pick up the ...more
Answered by jameel ahmed, 10 May '13 10:23 pm

 
  
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