send or receive money - Internet wire transfer
tips & advice
In the past, if you wanted to send money electronically through a wire transfer you only had a small number of options available to you. You could use the services of a company such as Western Union , or you could go to your local bank to conduct the transfer . But at the present time more and more companies are set up to provide wire transfer services , especially online.
Companies such as MoneyBookers or PayPal , for example, allow almost anyone to send money worldwide through their website -- and all you need is an e-mail address and a credit card . In addition, most local banks that provide online banking services currently allow their patrons to send wire transfers through the Internet .
So what precisely is a wire transfer ? Basically, a wire transfer is the transfer of money from one bank account to another. A third party, such as a wire transfer service provider or a bank , always conducts the transfer . Because the transaction is carried out electronically, the money is never physically seen or touched by the person who receives or sends the money .
Internet wire transfer
Even with the introduction of communications technology and alternative online banking services , however, most people prefer to carry out a wire transfer through the traditional route. This remains true for many reasons, but the main reason is that it is easier to trust a bank that has a physical presence outside of the web and a well-known name than a new company that operates almost exclusively over the Internet. In addition, if you already have a bank account, a wire transfer is very simple to accomplish.
Typically, all you have to do is contact your bank by phone or through the Internet. You must then provide the bank with the following information: name of the person or company to which you want to send money , as well as the routing number, account number, address and phone number of the recipient's bank . The next step is to determine the total of money you wish to transfer and when the transfer needs to be carried out.
After the bank receives this information, the money wire transfer will go through. Several banks allow this to occur immediately if you have initiated the transaction online , while other institutions require that you fax or phone them before proceeding.
After you have sent the money wire transfer , it is a good idea to confirm that the transfer has gone through. This is the only method you will know whether or not the intended recipient received the funds. You should make sure you have sufficient funds in your account as well, otherwise the money transfer will not go through.
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