Want to know how to do a wire transfer? We have you covered
Wire transfer is essentially sending money from one bank to another. Wire transfers are generally used to send money overseas. Let us say you are sending money to your child studying abroad. You ask yourself, how do I send a wire transfer? The answer to your query lies in this article.
We list out five steps on how to make a wire transfer.
1. Choose your bank: Most banks offer wire transfer services. Choose a bank, where you have an account and sufficient funds. Wire transfer services are mostly provided online. Your bank’s website will have a wire transfer option. You would need to log in to internet banking. Otherwise, you may need to visit your bank’s branch. Call up the bank’s customer care if you require more details. Ask them how to do a bank wire transfer.
2. Get an idea of the fees: Wire transfers involve charges. There will be a flat foreign currency conversion charge. Your bank will mostly not have a remittance charge. In some cases, they may charge a flat fee. Intermediary banks may levy a remittance fee. You will also have to pay service tax on the amount transferred. The tax depends on the transferred amount. It varies between 1 per cent to 0.1 per cent of the transferred amount.
3. Gather all the information you need: You will need some information to do a wire transfer;
- Your bank account number
- The name of the recipient
- The recipient’s bank name and address
- The recipient bank’s SWIFT code
- The recipient’s bank account number
- Any other information your bank requires for wire transfer.
4. Fill up the wire transfer form: Now that you have the necessary information on how to do a wire transfer, you will have to fill up the wire transfer form. The process can be carried out online or offline. Follow the instructions closely. Make sure that you enter all information correctly. The home currency is automatically selected when you enter the recipient’s bank details. Otherwise, you may need to select the currency. Enter the correct account number so that the money goes to the intended recipient. Once you have filled up the form, you have to pay the required charges.
5. Follow up: Once you have done the wire transfer, keep the receipts. Wire transfers take 24-48 hours. You will be able to track the status of your transfer. As soon as the intended recipient receives the money, the process is complete. Wire transfers are mostly used to send money overseas. Domestic wire transfers take a day. International wire transfers may take up to five days or even more.
We have discussed all the steps regarding how to wire transfer money. Now, you can do International Money Transfer easily!
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