What is the Process for Bank Wire Transfers?

One of the safest and secure ways to transfer money is by doing a wire transfer. You will need to have a bank account, at the bank where the wire transfer will be done, in order to have the transaction completed. There are other methods of transferring funds but they can prove to be costly. If you are thinking about transferring money from one bank to another then you may want to consider doing a wire transfer. This is one of the most efficient and effective ways to transfer your money. Go to your bank where you have a checking account and a representative will work you through the steps.

You will need to fill out an application including your name address. List the name of the person receiving the money along with their address, routing number, and bank account number. This will make sure they receive the money promptly. Make sure all of the information is correct to avoid any delays. Some applications will require more information and a bank representative may complete the application for you.

Fees/Domestic Transers

The fees can vary from bank to bank. A domestic wire transfer could cost somewhere in the area of $25, give or take a few dollars. If you want to get a wire transfer done you need to visit your bank by a certain time to have it done the same day. Some banks will have a cut off time of 1:00pm and others 5:00 pm, but this can also vary. There are banks that don't have a cut off time, as long as you are there before the bank closes the wire transfer will be processed the same day. If you are there by the cut off time the recipient will receive the money the same day. After the cut off time has passed they will receive the money the very next business day. This process can be delayed if the receiving bank has different processing time frames.

International Terms/Fees

When you do an international wire transfer it will cost a little more. The fee will probably be in the area of $40, depending on the bank. An international wire transfer can take 2 to 3 business days for processing. The time frame can be longer if the receiving bank takes longer to process the request. The cut off times also apply for international transfers. For international wire transfers an intermediary bank may be involved. To expedite the processing the money is first transferred to the intermediary bank and from there it goes to the recipient's bank.

Some banks will allow you to do wire transfers online.

Source:

http://www.bankofamerica.com/deposits/checksave/index.cfm?template=lc_faq_wire#question1

Source: http://www.keybank.com

Source: http://www.chevychasebank.com