Title Topics: Wiring Money – A How-to (And Why Should I?) Guide

Posted by Amrock

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Wiring money … how is it done, where does it go and what
benefits will it provide me? These are common thoughts running through the mind
of someone who’s attempting to wire large amounts of money for the first time.
Let us assure you, wiring money is secure, quick and reliable. Here’s your mini
guide on wiring money.

What is a wire
transfer?

 

Wiring money is more properly referred to as a bank wire
transfer. It’s a method of payment that happens through an electronic funds
transfer from one bank to another. Unlike
when you deposit money in someone’s account, there is no physical cash movement
in this option, only the balance in each account is modified. Since the
identification of both the parties is confirmed prior to transfer, it is
considered a safe method. The popularity of wire transfers can also be
attributed to their speed and convenience. This is the method used when closing
a mortgage on a home.

 

 How do I complete
a bank wire transfer?

 

1.
Assemble the information you need. This includes
the recipient’s name, bank name, the bank’s American Banking Association (ABA)
code and the recipient’s bank account number.

 

2.
Approach your bank and place an order to
transfer a specific amount to your recipient.

 

3.
Complete the wire transfer form. This can
sometimes be found online, but if not, you can get one from your bank’s branch.
There is a spot on the form for additional optional information. We suggest that
you fill it out, identifying the address of the subject property.

 

4.
Verify required additional information. A state
issued ID or verification information will be required to complete the
transaction.

 

5.
Pay any required transfer fees, which will vary
by bank or credit union. When your transfer is complete you will receive a receipt
either at the bank, by fax or email.

 

 What are the
benefits of wiring money?

 

·
It’s a great way to get money from A to B with
minimal delays

 

·
Funds are typically available within hours of
the closing (cashier, certified and personal checks require a minimal 10 day
hold to clear funds)

 

·
There are virtually no geographic limitations

 

·
There is no need to go to the bank to deposit a
check

 

·
Because bank wire transfers are used for important
and large transactions, many system are in place increase security and reduce
fraud

 

·
It’s often the cheapest method for transferring
funds between bank accounts

 

 What are the
disadvantages of wiring money?

 

·
The buyer and the seller may accrue a variable
fee for the transaction
Any questions or comments? Please let us know!