What information is needed for a wire transfer?
Wire transfers are an efficient way to send electronic funds to people and organizations across the globe. There are different methods for sending wire transfers. These include bank-to-bank transfers, wire transfer stores like Western Union, or online money transfer services.
The cost and speed of the wire transfer will depend on the delivery method you choose. The type of information required will also vary based on the wire transfer service.
What wire transfer information is required for bank-to-bank transactions?
Banks are one of the most secure methods of sending wire transfers. Although, they can be slower and more expensive than other money transfer services if you’re sending an international wire transfer.
To send a wire transfer by bank, you will need to provide the recipient’s details by filling out a form online or in a branch. This can include personal details, such as their name and address, as well as the recipient's account information.
You will need both routing numbers and account numbers for domestic wire transfers. For international wire transfers, you will need to know the recipient’s SWIFT, BIC or IBAN code. You will also need to input the amount you are sending and may need to give a reason for the transfer.
What information is needed to wire money using online transfer services?
Online transfer services can offer a faster and more affordable alternative to banks for customers sending international transfers. You will need to register and verify an account with your chosen online financial service.
Depending on the service you choose, you may need to provide the recipient’s personal and banking information, as you would with a bank-to-bank transfer. Some e-wallet services like PayPal allow you to transfer funds using only an email address. You will need to ensure the recipient also has a registered account.
What information is needed for wire transfer services in-store?
Store services like Western Union allow customers to send funds to a bank account or another store location for collection in cash. If you want to transfer money to the recipient’s bank account, you will need their personal and banking information.
If you’re making a cash transfer, you may need to show your government-issued ID at the store and provide the recipient’s name, country, address and contact details. Make sure the name you give for the recipient is the same as it appears on their government-issued ID or they might be unable to collect the funds.
The recipient will need to know the branch or store location of the pickup, provide a tracking number and show their ID. Cash transfers can be less secure than other methods, as you cannot always verify that the correct person has made the collection.
Is it possible to track a wire transfer?
Being able to track your wire transfer can give you peace of mind that the recipient has received the funds. For bank-to-bank transfers, you will need to register for online banking to be able to track the payment progress. The recipient will get a notification when the funds are available, so will need to check their account regularly.
In-store wire transfer services will provide a tracking number that the sender tells the recipient. The sender can use this number to check the progress of the transfer if they have set up an online account. The service will email the recipient to notify them when the funds are ready to collect.
Online transfer services will email both parties when the transfer is complete. The sender and recipient will also be able to login to their accounts for updates.
Find out about wire transfers with Brex Cash.