International business transactions, freelance payments, and e-commerce stores all rely on wire transfers to send and receive money. The providers compete for the customer’s attention, offering better speed, better customer experience, security, and lower fees than the competition.
You can send and receive money this way with the help of an intermediary bank or opt for a non-bank wire transfer. In both cases, you need to give and receive important details to complete the transfer.
So what do you need to wire money? Read on to learn all about this process and how to find the best providers for your needs.
How to Use a Wire Transfer
Wondering how to receive a wire transfer from your sender? Ask your bank to issue you a SWIFT/IBAN number of the sender is from another country. If you’re sending money to someone, you’ll need their bank information, and you’ll be responsible for the fees unless you agree otherwise.
If you want to use non-bank wire transfer like WesternUnion, TransferWise or MoneyGram, you’ll get an identification number from your sender. Then, go to the nearest wire transfer point, show it to the employee, and get your money.
Domestic vs. International Wire Transfer
Domestic wire transfer means an exchange of money between domestic bank accounts. Domestic transfers have lower fees and all you need is the name and bank account of your recipient to send money.
International bank transfers have higher fees and you’ll typically need a SWIFT/IBAN number to complete the transfer. Make sure to talk to your bank so they can approve the money you expect to receive and prevent unnecessary delays.
Depending on the provider, it may take several days for the money to arrive. With services like WesternUnion, you can withdraw the money as soon as you receive them.
If you don’t have a bank account in another country, virtual services like Banq24 support international money transfers in multiple currencies. This way, you can work with international clients and receive money from anywhere in the world.
Wire Transfer Safety and Security
Banks and wire transfer companies have implemented safety and security features to protect your money and identity. However, money scams happen every day so you should also be cautious when it comes to your senders/recipients and the places you enter your bank account information.
Also, wire transfers are non-reversible, which means you can’t get your money back from the recipient. Always double-check that the amount you’re sending is correct. Also, wiring money directly from your credit card can cost you a lot in transfer fees, interest rates, and cash advance fees.
What Do You Need to Wire Money? Now You Know the Basics of Money Transfers
What do you need to wire money? A working bank account, your account information, and the sender’s or recipient’s bank information. Then, you just pay the fees and wait for the transfer to complete.
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