Sending funds via an international wire transfer isn’t something most people will do regularly, but the process doesn’t have to be intimidating.
Why Use International Wire Transfers?
An international wire transfer is a fast, easy, and safe way to send funds to another country. There are many reasons why you might need to initiate an international wire transfer.
Perhaps you need to send money to friends and family members traveling abroad, pay tuition for foreign schools, or buy a retirement home in a new country. Whatever your reasons, there are a few things you will need to know to begin your wire transfer.
Bank-to-Bank Transfers
A bank-to-bank transfer is one of the most secure methods of transferring money internationally. To initiate an international funds transfer from your bank, you will typically need to provide the recipient’s full name and address along with their banking information.
When sending money internationally, this means providing the official name and contact information of the receiving bank. You will also need to have the recipient’s international bank account number and SWIFT or BIC codes for the bank. For security reasons, you may be asked to provide the reason for your transfer.
Sending a wire transfer via your bank may be the most secure method, but it will likely also be the most expensive and, potentially slowest, option for sending money internationally.
Online Transfer Services
If you are looking for a fast and affordable way to initiate an international wire transfer, a service that allows you to transfer money online is a great option. The information required to send funds online will depend on which service you choose to use.
For some online financial transfers, like those via PayPal, you will need only your bank account information and to ensure that both you and the recipient have an account with the service. For others, you may need to provide the recipient’s bank account information to allow for a deposit directly into their account.
Whatever service you choose to use, online transfer services are generally less expensive and more convenient than bank-to-bank transfers.
In-Store Transfer Services
Services like Western Union and MoneyGram allow senders the flexibility of sending money directly to a bank account or to a local store location where the recipient can receive the funds in cash. Whichever method you choose, you will need to show your government-issued photo ID.
If you choose to send the money directly to a bank account, you will need to provide the recipient’s official contact and banking information. For international transfers, the banking information includes their international account number and their bank SWIFT or BIC codes.
If you decide to send the funds to a local store location, you will need to provide the recipient’s contact information exactly as it appears on their government-issued ID.
Choosing a transfer option that will best fill your needs will depend largely on your specific circumstances. Whichever option you choose, be sure to research the associated fees and risks to ensure your transaction is processed as smoothly as possible.
