How To Transfer Money To Different Accounts

How to Transfer Money to Different Accounts Moving money from one bank account to another is known as wire transfer. The transfer is conducted by the banks. There is no need for the receiver or the sender to physically handle the cash.

How the Transfer is Done Call your bank and provide the relevant information. This will include the person or organization’s name to whom the funds will be sent and the routing number. You can get this from the receiving bank. You must also provide the bank's phone number, address and the account number of the recipient.

The bank may also ask if you can refer them to a person in the receiving bank to whom they can address inquiries. You must also state how much cash you want to transfer and when.

The Transaction Process The transaction can now begin. Some banks perform the process online, while others by phone. Get in touch with the recipient bank. Ask if they received the cash.

Tips Double check the information you provide to both banks. A single error can delay or cause other problems with the transfer. Most transfers are done within a day, but other banks take longer. Ask them first.

How to Transfer Money to Foreign Banks from America Decide how much cash you will wire to the bank abroad. The majority of US financial institutions don’t send funds in foreign currency. This means you have to convert the USD into the foreign currency so you get the exact amount.

Call your financial institution and ask what the requirements are for wire transfer. The transfer will cost money; ask how much. Some institutions will do the transfer online. Others will require you to visit a branch.

Provide the requested information about the foreign bank. This includes the bank name, the account number, the routing number, bank address or bank branch address and IBAN if you are wiring to Europe. Next you will have to pay the fee required for the transfer.

You also have to provide your institution the authority to move the funds. Ask how long the transfer will take. This will vary depending on the bank. Get in touch with the receiving bank to confirm the transfer. In some cases it may take a week or longer.

Most banks have a cut off time. If you submit after the deadline, the funds will be sent the following day. If you are transferring money internationally, choose a service where the transfer can be tracked.

References: http://www.howtotransfer.com/how-to-transfer-money.html http://www.howtotransfer.com/