Wiring money to someone’s bank account is a great way to pay back money that you owe, provide payment for services or products, or to send money to someone who for whatever reason, needs funds deposited directly into their account. Once banking and verification information has been confirmed, the process of sending the wire is extremely simple, and the recipient can usually expect the funds in anywhere from one to three days. It may take a bit longer depending on the bank.
The most common way to wire money to a bank account is via a bank wire transfer. If you plan on sending money to someone’s bank account, you first need to go to your own bank and ask them for the paperwork necessary for a money transfer. Make sure you have all of the recipient’s banking information including their full name, bank name, bank account number, and the bank’s IBAN, BIC and routing numbers. This information will tell you bank exactly where the money needs to be sent. Once the paperwork has been filled out, the transfer will begin. Your bank will send a message via the SWIFT or Fedwire system, a secure bank-to-bank network that banks use to safely talk to each other. The message will tell the recipient’s bank that a fund transfer is in progress.
Although the transfer may take place right away, the funds might not be available to the payee or a few days. There is also a fee associated with sending bank wires. The sender has to pay a fee, and often, the receiver may have to pay a fee to receive the funds. The convenience and safety of a bank wire often override the expense of sending one or receiving one, especially if the transfer involves a large amount of money. Due to the amount of identification verification needed, it’s an extremely safe and efficient way of sending money directly to a recipient.
You can also send a bank wire via Western Union. Usually, Western Union money transfers are instant. You go to a Western Union Center, or to the western union website, and hand over the funds, which are then wired to the recipient. As soon as the transfer is made, the funds are available to the recipient.
If you need to send money to a friend’s bank account with Western Union, the process is very easy. First, you’ll need to set up a Western Union profile. Then, determine how much money you want to send, and enter the amount. You will be funding the transfer with money form your Visa, MasterCard credit card, or a banking debit card. A US bank must have issued the debit card. Next, you’ll be entering in the payee’s information. You will need the recipient’s full name, the bank routing number, the recipient’s bank account number and the recipients bank name. The recipient info needed mentioned above is for bank transfers that take place within the US. For transfers to other countries, you should check with Western Union about requirements and restrictions. Once you have all of the information you need, you’ll finish filling out the form, and Western Union will complete the transfer. You will get something called an MTCN (Money Transfer Control Number). Keep that number close at hand, it’s your receipt. The money transfer to the recipient’s account will take anywhere from 1 to 3 days.