Home Business Tips

How to Make a Wire Transfer

• Steps:
  1. Contact your bank by phone or via the Internet and provide the following information: the name of the person or firm you are wiring money to, the bank’s American Banking Association (ABA) routing number (which can be obtained from the recipient’s bank), the recipient’s account number, the address and phone number of the bank, and the name of the person to whom questions can be addressed.
  2. Determine the amount of money you wish to wire and when it needs to be in the recipient’s account.
  3. Complete the transaction through your bank. Some banks allow you to initiate the transaction via the Internet, while others require you to contact them by phone or fax.
  4. Confirm that the transaction took place. Ask for a faxed or e-mailed transfer confirmation or contact the receiving bank to confirm receipt of funds.
• Tips:
  • The information you give to your bank should be in writing to minimize errors.
  • A wire transfer can transfer funds within a day, provided you initiate it prior to your bank’s deadline.
• Warnings:
  • Make sure the funds are in the account you are wiring from, or the wire will not go through.
  • Banks charge for making wire transfers; always ask how much before proceeding.
  • Wire transfers are not always immediate. Ask your bank when the funds will be transferred and when they will be received.

Finance 2005-12-27 Home Business Tips