The 2 Easiest Methods For Making An International Wire Transfer
Posted on: 26 August 2021
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When you're traveling, working, or living abroad, it is very likely that you'll need to send and receive money from those back at home. International wire transfers are a quick and convenient way to exchange money with anyone worldwide. However, when choosing to initiate an international wire transfer, there are many considerations and details that you can easily overlook. By working with a bank or service to process the transaction, you'll be required to provide a significant amount of information and pay a range of potential fees to facilitate the transfer. You'll also have to account for international transfer limits and exchange rates. Due to these various considerations, various digital services exist to help you input the required information and make the process more manageable. Here are the two easiest methods for making an international wire transfer.
Make an International Bank Transfer Online
The first option for making an international wire transfer is to visit your online banking website and attempt to have your bank facilitate the transfer. To complete this process, you'll need to provide your bank with basic information about the recipient, including their full name, address, and phone number. You'll also need to provide basic information about the recipient's account, such as the account type and account number.
Next, you'll need information about the recipient's bank. Specifically, you'll need their bank's name, address, and BIC/SWIFT code. A bank's BIC/SWIFT code can be found on the destination bank's website or using a free online BIC/SWIFT code finder service. This code identifies which bank the recipient's account is associated with and is essentially the international equivalent of a routing number.
Once you've provided the information above, the final step is to select the currency that the recipient desires, submit, and pay your bank's transfer fee. The funds will then travel through a banking network, incurring various fees. The bank fees for sending international wires are usually $30-$50. However, intermediary banks and the recipient's bank may charge the recipient additional fees. The funds should appear in the recipient's bank within 1-3 business days.
Use a Money Transferring Service
The second option is to use a money transferring service instead of a bank. These services require much less information than a bank transfer, but the required information may differ based on the service provider. Some service providers will need either a full name and phone number. Others will just need the recipient's account and routing number. Because these services do not transfer your money using a banking network, you can avoid the associated fees. Fees for international wire transfers facilitated by money transferring services are $5 or less. Money transferring services typically have a longer processing time, with funds appearing in the recipient's bank account within 3-5 business days.
As you can see, international wire transfers can be a complex topic with many factors to consider. However, you should now be better prepared to initiate international wire transfers using these two easy methods. To learn more, contact a service that provides international wire transfers.