From time to time, persons need to transfer money from one account to the next so someone else can receive it. This type of transaction saves persons time and energy, from having to physically move funds around (country to country wire transfer is extremely popular). So if you are seeking information on how to go about sending these wire transfers this article can show you how it can be done.
Things you will need
- Bank account numbers
- Cash (if necessary)
- Get in contact with the foreign bank you want to transfer funds to and collect the information needed to start the transaction such as the full name of the bank, the Bank’s Identifiers Code (BIC), the full address of the bank and branch.
- Also get the information on the person who you are transferring the funds to such as the person’s full name, full address and bank account number.
- Decide on the amount of funds you want to send and ensure that the funds are available in your account, if not you can place additional funds into your account. Most banks charge you a fee for making an international wire transfer.
- Once the money is sent off to the recipient, a confirmation should be provided to you. This provides you with all the necessary information on the transaction. There should also be a confirmation through means of a receipt from the bank of the recipient to show that transaction was indeed made.
- Each country normally has a different Bank Identifiers Code (BIC) so make sure you get the right one according to the region.
- Try as best as possible to use a wire transfer system that allows you to keep track of the pending transactions. Sometime the funds can get misplaced so you will need to be reimbursed.