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Home Banking Articles How to do a Bank Wire

How to do a Bank Wire

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Sometimes you need to send money quickly and securely. If so, you might use a bank wire to get the job done. The process is fairly easy. Learn how bank wires work and how to send one.

For the basics on how bank wires work and what they are, start at the page below:

 

Sending a Bank Wire

If you already know the basics, you’re ready to start the bank wire process. You’ll need the following information:

  • Recipient bank name (the bank you’re sending money to)
  • Recipient bank ABA number or other code
  • Payee’s account number at the bank
  • Any additional information you should provide (further delivery instructions, etc)

If you’re paying somebody, you can just ask for these details. They may provide an instruction sheet with bank wire instructions spelled out for you.

 

Contact Your Bank

Once you have the information above, contact your bank and ask how to do a bank wire from your account. They may have a form that you have to fill out, or you might be able to start the process online.

Depending on when you submit instructions to your bank, they may complete your bank wire on that same day. Contact your bank after you submit your request to confirm that they have everything they need.

Unlike some electronic payments (such as ACH payments) bank wires cost money. You should expect to pay a fee for the service, and you might even have to pay if you receive a bank wire into your account.

 

Waiting for Credit

Although bank wires are fast, they don’t always show up in the recipient’s account immediately. The receiving bank often has a queue of incoming bank wires, and it can take time for them to move through them all and credit the ultimate payee.

By Justin Pritchard / About.com

 

 

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