A Step-by-Step Guide on How to Wire Money

Did you know it’s recommended that you have 4 bank accounts? If you’re a money-savvy person, you just might already have that many!

In any case, regardless of how many bank accounts you have, there will come a time where you’ll have to wire money either between your own accounts or to someone else’s. And if you don’t know how to do so, it might seem like a daunting task to handle.

If you’re wondering how to wire money, then you’re in the right place. Here’s a quick guide on how to do so!

Find a Reputable Provider First

You might think that your only choice for wiring money is your bank. But think again!

Not only can you wire money with banks, but also non-bank entities. A great way to explore your options is to use a reputable site like www.transferly.com, which will help you find the best way to send money, based on the amount and currencies you want to transfer.

Get All Relevant Information

You can’t complete a wire transfer if you don’t have some key pieces of information. So don’t get stuck here! You’ll need to get:

  • Your official ID
  • Bank account number
  • Recipient’s full name, contact information, bank information, and bank transit number

Do note that if you opt for a non-bank provider, you might not need the recipient’s bank account information.

Read All the Fine Print

Before you commit to making either a national or international wire transfer, you’ll want to read all the fine print. Otherwise, you might be in for a nasty surprise.

First, check all the associated costs, which will vary depending on what currencies are involved, how much money you’re transferring, and more. Note that international wire transfers will typically have higher fees.

Then, you’ll want to double-check the exchange rate, as well as the expected transaction completion time.

Fill Out the Wire Transfer Form

When you’re satisfied with learning the details of your transfer, go ahead and fill out the form. Make sure to do so carefully, as one error can make the whole transaction go wrong.

Go slowly and double-check each line. At the end, you’ll get another chance to look over the details before confirming the wire transfer. Don’t just automatically hit “next” here!

Save Your Receipt

Once you’ve confirmed the wire transfer, save the receipt. You’ll usually get it on the last page of the transfer and/or sent to your email.

Take a screenshot of the final page and save it, and mark your email receipt as “important” or star it. That way, you can easily access it in the future if needed.

Know How to Wire Money Easily

By knowing how to wire money, it’ll be easy when you need to do so. As long as you find a reputable entity to transfer with, and you do your research on fees and exchange rates, you’ll be able to make wire transfers with ease!

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