How To Do A Wire Transfer Online

How To Do A Wire Transfer Online? Traditionally, money was transferred by delivering it to the recipient or mailing a paper check. However, this is no longer the case. In reality, an increasing number of transactions, such as paying your bills or sending money to a buddy, are now done online. Consider how you may send money online if you’d rather pay someone without having to ship anything or leave your house.

Wire transfers, money transfer services, and a variety of payment processing systems (Cash App, PayPal, Venmo, Zelle, and others) are all possibilities. Every one of these methods has its own pros and cons.

Wire transfers and how they function

Transferring money electronically is sometimes referred to as a “wire transfer,” although the phrase really has a more technical connotation. When you transfer money straight from one bank to another, it’s an official wire transfer. When you send a wire transfer, the money leaves your bank account immediately and goes straight to the bank account of the receiver.

To submit a wire transfer, just log in to your bank’s website and choose “Wire Transfer” as your preferred method of payment. As a rule, wire transfers can be sent domestically and internationally, however remittance transfers are commonly used for payments made outside the United States.

You don’t have to use a wire transfer if you want to send money from your bank account to another one. Instead of sending money directly from one bank to another, you can utilize the ACH network to enable an automated clearing house transfer. Additionally, you can use wire transfer services or third-party online payment platforms to complete the purchase.

These alternative methods of transferring funds may frequently do it swiftly and at a lower cost than a traditional wire transfer. In many situations, they’re even free. If you’re trying to figure out how to send money from your bank to someone else or a company, have a look at these options.

3 ways to transfer money using the internet

Online bank wires

Most banks allow you to send money both inside the country and abroad via wire transfer. However, this is not always the case. In certain cases, smaller or online-only banks and savings accounts may not provide this option.

In some cases, it may be possible to send money in US dollars or a foreign currency, depending on your bank. Depending on your bank and the time of day you send the money, it will be taken straight from your savings or checking account and delivered the following working day. Transfers made through wire are permanent, and the receiver has immediate access to their funds.

For security reasons, many banks limit the amount of money you may transfer via wire transfer, but the limitations are usually greater than those of other online money transfer options. Using a wire transfer also entails fees, some of which might be extremely high. For example, Wells Fargo charges $30 each outgoing domestic wire transfer, but rates for foreign transfers are clearly stated at the time of the transfer.

For online bank wire transfers, you’ll have to give some basic information, such as:

  • What you need to know about the person you are sending money to The name and address of the bank you’re transferring the money to
  • This is either a SWIFT or BIC number, depending on the location of the wire transfer.
  • Banks and credit unions that receive wire transfers can be identified by using this information.
  • If you’re sending money within the country, you’ll need your account number; otherwise, you’ll need your International Bank Account Number (IBAN). The money will be delivered to the right account if this is followed through on.

Online bank wire transfers are the sole accepted mode of currency transfer in some circumstances, such as when purchasing real estate.

Wire transfer companies

Additionally, wire transfer providers such as Western Union and MoneyGram allow both domestic and international money transfers.

If you want to transfer money to someone else, you may either bring cash to a Western Union location or have money deducted from your bank account. The Western Union app may also be used to send money. More than 500,000 Western Union locations exist across the world, and recipients can even pick up the monies you’ve sent in cash.

You can’t get your money back once it’s been transferred, much like with an internet wire transfer. Your funds may be tracked so that you can know exactly when they have been transferred.

Western Union’s major rival, MoneyGram, operates in a similar fashion.
Some of these wire transfer providers charge lower costs than those charged by banks. To send $400 in cash to someone in Mexico, for example, you’d pay a $19 transfer charge using Western Union, which would deliver the money promptly (as of Feb. 23, 2020). The maximum amount you may send is likewise restricted for your own safety. You can’t, for example, use your debit card to make an internet transfer to Mexico for more than $5,000.

To use Western Union to send money, you’ll need to have the following information available:

  • Name, address, and other identifying information
  • Pay using a debit card, credit card, or even cash if you choose.
  • If you don’t submit your recipient’s name precisely as it appears on their official ID, they won’t be allowed to pick up the cash from the bank.

Scammers frequently request that individuals pay money through wire transfer when they sign up for a Western Union account, so the website provides a warning about fraud. To avoid sending money for unverified emergencies, deposits on rental properties, job opportunities, taxes, or lottery winners, the business recommends that you do not do so. A fraud hotline at 800-448-1492 is also available for assistance if you suspect you’ve been scammed. In most cases, Western Union advises, the money cannot be refunded once it has been transferred.

Online and mobile payment services

There are a lot of online services that allow you to transfer money straight from your bank account to a recipient. Among them are:

  • Cash App
  • Zelle
  • Venmo
  • PayPal

For an extra cost, you may often send money from your bank account, or you can use a credit or debit card. Some providers, like Zelle, allow you to send money in foreign currencies as well, but you’ll need a U.S. bank account for both the sender and the receiver if you do so.

These services have a wide range of ways in which they operate. Zelle, for example, allows you to send money directly from your account to the account of the receiver. It’s possible, though, that funds will be transferred from your bank account into a friend’s PayPal account before they are available for withdrawal.

Both you and the intended receiver must, however, be members of one of these services in order to send money. If you want to send money to a friend, you’ll need to have them sign up for Zelle first. With bank accounts, the transfer is usually free, unlike with other methods of payment. However, compared to a bank wire transfer, the maximum daily amount you may send may be smaller.

These accounts are more secure since they require membership, so you know who your money is going to. Depending on the service, the firm may be able to assist you in obtaining a refund if you are dissatisfied with your purchase. This is not the same as a bank transfer or a wire transfer.

To use an online or mobile payment provider to send money, you’ll normally need the following:

  • Having a subscription to the service. This asks for an email address and other personal details.
  • Details about the recipient’s bank account. Recipients are usually required to belong to an organization that shares their interests
  • Your financial information, such as your bank account or credit card number.

Sending money to other members is simple when you’ve created an account. As simple as providing their email address or phone number, these services are especially helpful for those who are on the go.

How much does it cost to transfer money?

The cost of sending money overseas varies according to the provider you select. If you use Zelle, PayPal, or Venmo and have the money pulled directly from your bank account, you may be able to transfer funds for free.

However, both money transfer services and bank wire transfers often have a fee attached to their use. An international wire transfer through a bank may cost as much as $70; in contrast, depending on your payment method and destination, Western Union charges a range of costs.

About the author: David Krug is the CEO & President of bankovia. He’s a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he’s not reading about cryptocurrencies, he’s researching the latest personal finance software.