There are times in life when we have to send money, and send it fast. When sending a check or giving cash are not options, you may choose to wire transfer money. Wire transfers are quick, cheap and will allow you to send money anywhere in the world - they are one of the best methods of international money transfer, and they often offer for the transfer money to be picked up the same day.
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Before beginning the process of transferring money
by wire, you should have the following information handy:
- How much money you wish to transfer. If transferring from a bank account, make sure that you have sufficient funds to cover the transaction, including any service costs. Fees for overdrawn accounts can be very steep!
- Name of who will receive the money you are sending.
- The bank account number of the party who is to receive the money.
- The routing number of the bank or financial institution that holds the account the money is being sent to. This is also referred to as the ABA (American Banking Association) routing number.
- The bank account number and routing number of the account you are sending the money from.