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What is Wire Transfer

Wire transfer is a method of fund transfer. Wire Transfer is electronic way to transfer funds . It allows you to receive funds directly into your bank account.

You can do international fund transfers with wire-transfer to any of the bank of your choice. You can get and send money with this method . This is very fast, simple, and secure method for receiving and sending funds your payments.

wire transfer working
wire transfer working

How To Do Wire Transfer

Wire transfer is two types. Domestic and international . Domestic transfer means ,send or receive money any where in the country . And international means send or receive money from overseas .

Domestic wire transfer

To do a wire to another domestic financial institution some of minimum requirments are

  • User will need the name of financial institution who will receive the funds.
  • The address of financial institution.
  • ABA routing number of the receiving bank . An ABA number is a sequence of nine numeric characters used by banks. This ABA number is used to identify specific financial institutions within the globe.
  • The name of the account to be credited
  • The beneficiary address and the account number.

International wire transfer

For international transfer minimum requirements are

  • Account number or International Bank Account Number (IBAN)
  • SWIFT/BIC code – CommBank’s SWIFT/BIC code is CTBAAU2S.
  • Full name and address of the recipient’s bank.
  • Recipient’s name, address and bank account name in which fund is transfered.

Who can do wire transfer

All of banks and financial institutions can send and receive fund transfer . For this bank are take some charges from fund sender or reciever , according to there policies .