In order to send a wire transfer using your bank account, you will
need to contact your bank. Usually for the first time, you will need
to visit the bank in person for identification purposes. Once you have
completed their requirements and if your bank offers the service, you
will be able to sign a Wire Agreement and receive a PIN which will
facilitate future wire transfers via the phone or internet.
How to Conduct a Wire Transfer
"A wire transfer is a transfer of money from one bank account to
another. The actual transfer is done by the bank, and neither the
sender nor the recipient of the money sees or touches the actual
1. Contact your bank by phone or via the Internet and provide the
following information: the name of the person or firm you are wiring
money to, the bank's American Banking Association (ABA) routing number
(which can be obtained from the recipient's bank), the recipient's
account number, the address and phone number of the bank, and the name
of the person to whom questions can be addressed.
2. Determine the amount of money you wish to wire and when it needs to
be in the recipient's account.
3. Complete the transaction through your bank. Some banks allow you to
initiate the transaction via the Internet, while others require you to
contact them by phone or fax.
4. Confirm that the transaction took place. Ask for a faxed or
e-mailed transfer confirmation or contact the receiving bank to
confirm receipt of funds.
>> The details...
"General Description: A wire (also known as a ?telegraphic transfer?,
?TT?, ?EuroGiro?, or a ?Swift?) is similar to a normal EFT to a
recipient?s bank account. Some banks will send wires in cases where
the sender and / or the recipient do not hold an account with them; in
such cases the recipient usually picks up the cash in person, at an
overseas branch of the same bank at which the wire was sent.
The sender pays a bank, post office, or specialist international money
transfers service provider or their agent, to send a wire to the
recipient on his or her behalf. The sender usually pays for the wire
with cash or via EFT. Although in some countries the term wire is used
when referring to electronic money transfers within a country, that is
not the usual international practice, so in the Guide wire always
refers to international electronic money transfers. (Note: Other
financial institutions, such as credit unions, can sometimes be used
for sending wires.)
Commentary: A wire is a good option if the transfer is somewhat
urgent, and if a clear record of the sending of the transfer is
required. The sender must provide the transfer service provider with
the name of the recipient, the recipient?s account number (usually),
the recipient?s bank?s Swift address, or BIC (Bank Identifier Code),
or EuorGiro address, and other required recipient account details. For
the sake of security, the sender should keep a receipt and details of
the wire?s number, date of issue, etc.
Senders and recipients should also check that a wire from a particular
bank or other service provider in a proposed currency is readily
acceptable for deposit into the recipient?s bank account, or postal
service savings account, or able to be cashed over the counter.
Sending Location: World-wide, over the counter at a bank, post office,
or an international money transfer agent, via online banking or phone
banking, or with an online service provider.
Arrival Location: World-wide, into the recipient?s bank account,
usually. Sometimes in cash, over the counter at bank branch.
Exchange Rates: Competitive rates usually, that can be even better if
the amount to be transferred is large. Also, bigger banks and other
service providers, that do a lot of foreign exchange transactions,
will often offer better exchange rates that their smaller competitors.
Sender Fees: Usually a fee per wire of about US$15, often more and
sometimes less, irrespective of the amount being transferred. Extra
fees may be charged if the wire has to go through an intermediary bank
to get to the recipient?s bank. A wire is usually more expensive than
Recipient Fees: Recipients? banks usually charge a fee for receiving a
wire. Those fees vary and may be several US$ or more. Extra fees may
be charged if the wire has to go through an intermediary bank to get
to the recipient?s bank.
Currencies: Full range.
Speed of Delivery: Medium: In most countries it takes an average of
one to five working days for the wire to be processed and the funds
deposited into a recipient?s account. Wires to some countries can take
weeks to process. Also, time periods may be extended if the funds have
to go via an intermediary bank, or the amount sent was not in the same
currency as that of the recipient?s bank account. Check with the
sender?s and recipient?s banks about how long it may take to process a
Set-Up Lead Time: None.
Ease of Use: Very easy.
Sender Bank Account: Not usually required, however some banks will
charge higher fees if you do not have an account with them.
Recipient Bank Account: Usually required.
Sending Limits: Usually no upper or lower limits. A minority of
countries impose controls on funds going overseas
Receiving Limits: Usually no upper or lower limits.
Service Providers and Agents:
Banks, some post offices and some credit unions:
Phone or enquire directly at your local branches, or visit their web sites
(Note: Some banks with branches in more than one country offer senders
the option of sending a wire to a branch overseas, where the recipient
who does not have a bank account can collect the cash over the
counter. In some cases the sender does not even need to have an
account with the bank. Also, in some cases a bank will accept a wire
sent from another overseas bank entirely, and pay the cash over the
counter to the recipient. Identification must however be provided to
the bank by both the sender and the recipient. You can check with your
local branches of banks that have branches overseas, to see if they
offer this type of service. The Arab Bank is one example of a bank
that offers this type of service.)"
How do I set up a wire transfer?
If you wish to send a wire, you must visit your local Wells Fargo
store to provide an original signature; wire instructions cannot be
accepted through email or fax. Only signers on the account with proper
identification may initiate a wire. While at the store, you can
complete a Wire Agreement and order a PIN that will allow you to
initiate future wires over the phone or set up recurring wires that
will be sent to the same account on a regular basis. You will receive
your PIN by mail within 10 to 14 business days. Your Wells Fargo store
representative can give you all the details.
If you wish to receive a wire, you have two options:
* Use Wells Fargo?s FedWire routing transit number, 121000248 for
* Use Wells Fargo's Swift code: WFBIUS6S for international wires
For any of the above options, you must provide the following
information to the originator of the wire:
* Bank Name: Wells Fargo Bank, N.A.
* City/State: San Francisco, CA (regardless of where your account is located)
* Routing transit number 121000248 or SWIFT address: WFBIUS6S
* Account number: Your 10 digit Wells Fargo account number
(including leading zeros)
* Account title ? the name or title of the account as it appears
on the bank statement
There are fees for sending and receiving wire transfers. Please
inquire with a banker at your local Wells Fargo store for fee
If you are sending overseas wires, foreign currency wire transfers are
available. For assistance with Foreign Currency Wire Transfers, call
1-800-786-5593 or visit your local Wells Fargo store and speak with a
banker. You can also download a wire transfer form online prior to
visiting your local store. (Go to
https://www.foreignexchangeservices.com, select ?Products? and scroll
to the bottom of the page.)
Sending a Wire
Visit any Citibank Financial Center & ask for a wire transfer form.
You can also wire funds online.
The minimum you can send is $1.
There is no maximum amount if you initiate the wire at a Financial
Center, but if you're sending the wire online, there may be a maximum,
depending on the type of account that is the source of the transfer:
Citigold®. There's no limit to the maximum dollar amount for
outgoing online wires.
All Others. The maximum for each outgoing online wire transfer is
$50,000. In addition, the total amount of all wires you send in a
single day cannot exceed $50,000.
Receiving a Wire
Once Citibank receives an incoming wire, the funds are credited to
your account in their entirety & you can access them no later than the
next business day.
>> Additional Links of Interest
?International Fund Transfers?
Subject: Transferring money between banks.
Subject: Online banks
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