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.
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 .