Money can be sent to people regardless of the place, for instance, people living or traveling abroad can send money back home and be sent money where they stay. Before the modern means of money transfer were invented, people used to send money overseas using the following traditional ways, these include cash, check, bank draft, money order. Some of the challenges that people encountered while using the traditional money transfer processes is that they tend to be slow, risky and at times some check could not work in certain countries. Nowadays people can send money oversees faster using an international wire transfer. One of the outstanding benefits of international wire transfer is that it enables users to tens of thousands of dollars at once and convert that money into a foreign currency when needed. It is vital for readers to go through this article since it contains the tips to using the international wire transfer as well as the benefits and basics.
First and foremost, it is recommended for people who are not familiar with how wire transfers work to first read through the bank wire transfer basics before they authorize a transfer out of their accounts. In order to understand international wire transfer, you need to know the two main type of transfers. The transfers include a transfer from one bank to another using traditional bank networks and an electronic payment using a money transfer service.
The other step to understand wire transfer involves going through the instructions. It is worth noting that the following information are needed for the account that will receive the funds when sending money using a traditional bank wire , these include recipient bank name, recipient bank ABA number, payee’s account number at the bank, as well as any additional information that one may need to provide.
The information about the recipient can be obtained from the recipient, however, they will have to inquire from their banks. One of the safety measures when using wire transfer services involves avoiding wiring money based on information you get in an email. At times, the recipient might send the instructions electronically, the best thing to do is to contact the recipient and verify the wiring instructions before moving forward.
For people who want to receive money overseas, they need to first ask their bank for wire transfer instructions. Moreover, you need to talk with customer service and verify that you’re using the correct set of numbers and instructions.
In addition to wire money overseas, you can choose to either use cashier’s checks or money order. Cashier’s checks on the other hand are paid out of a bank’s account are the best option for people who need cleared funds. On the other hand, one can choose to use money order though they are not quite as safe.