The wire transfer company will prompt you for the code if you do need it and the receiving bank should provide it when asked.įor wire transfers to nonbanks-businesses like Western Union or CVS-you’ll also need the recipient’s name and address, which will be the pickup location. For certain countries you may also need the International Payments System Routing Code. To send a wire transfer to a bank, you’ll need the recipient’s bank account number and routing number if the bank is domestic (or the SWIFT BIC number if it’s international). Destination: bank information or physical address. Recipient: name and contact information.Required information for transfers includes: How does a wire transfer work?īefore sending a wire transfer, you must know where and to whom the money is going. “Wire transfers are a secure method of sending money, as they are processed through a secure network and typically require multiple layers of authentication to complete,” said Tommy Gallagher, a former investment banker and founder of digital banking site TopMobileBanks. On the plus side, however, wire transfers offer a degree of security. There’s typically a fee to send wire transfers even when using your own bank. You can either send directly through your own bank or use a nonbank provider such as Walmart or MoneyGram. Wire transfers can be sent to domestic or international accounts. It can be used for personal or business purposes. What is a wire transfer?Ī wire transfer is a type of electronic payment that moves funds between two different accounts. Yet there are drawbacks, including costly fees and no margin for error-if you get something incorrect, the wrong person may get the cash and there’s little chance of getting it back. Whether you’re making a down payment on a house or sending money to family abroad, a wire transfer can be quick and easy. A wire transfer is a way to send and receive money securely anywhere in the world.
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