- There are two ways to transfer money: through a bank or through a wire transfer service.
- When you “transfer money” you To transfer money instantly which means you won’t be able to reverse the payment and you probably won’t be able to get your money back. For this reason, you want to be completely sure of the recipient.
- You’ll also want to make sure you’re clear about all charges before initiating your bank transfer.
For quick money in a pinch, using a wire service can be a good option. The trick is to understand how the transaction goes and what fees may apply.
Bank transfers take place immediately, which means the money leaves your account immediately. Since this is the case, there is no real way to cancel a wire transfer and you will not be able to get a refund. Make sure you absolutely want to send the money – and know who the money is going to – before you create one.
Here’s what you need to know about wiring money.
How to transfer money
1. Choose a service
Bank transfers generally come in two forms: a transfer between banks or via a monetary service, such as Western Union. Before choosing which one to use, do some research.
There are more fees below, but in general, a wire transfer to a bank account tends to cost less than using a service like Western Union (depending on certain factors). However, depending on which bank you have, using a Western Union type service to transfer money may be more convenient as there are physical stores, as well as locations in other locations, such as many. grocery stores and convenience stores, and that tends to last longer. hours.
Note that although Western Union provides both, a wire is not the same as a money order. A wire transfer is an immediate electronic transaction, while a money order is like a more secure version of a paper check.
2. Avoid scams
If you buy something through a company that asks you to wire money to make a payment, beware. Keep in mind that the money you transfer usually comes out immediately, and there’s no real way to cancel.
There aren’t really any safety nets for the money you send via wire transfer, so it can be difficult to claim your money back. It’s best to only transfer money to people you know and trust.
3. Decide where the bank transfer will come from
You can usually send money directly from a checking account, or you can sometimes use a credit card. When you use a credit card, this is often treated as a cash advance, which means that it comes with certain fees from the credit card issuer.
4. Gather the information you need
The information you need will depend on the service you decide to use with, but in general, you’ll want to collect:
- the name of the bank where the money will be received
- the routing number of the recipient
- your bank account number
- any other instructions that might be needed, such as anything related to delivering cash
Your bank will likely also provide you with a wire transfer instruction sheet if you need more information or have questions about details.
5. Contact your bank or wiring department for instructions.
You can call or visit your wiring department’s website to determine the best way to begin the transaction.
If you need to fill out some forms (most likely), you may be able to start at home before you go anywhere. In some cases (such as with small wire transfer amounts), you may be able to complete the entire transaction online without ever leaving your home.
6. Check the additional charges
Whether you’re using a credit card or checking account, wire transfers almost always cost money (in addition to credit card transaction fees), so be sure to educate yourself on what fees you might be charged. before completing the process. This research can also help you determine which service is best to use.
Even if you are submitting a bank transfer online, be sure to follow up with the company you used to make sure everything went as planned and to verify exactly when the transfer will take place.