The quickest way to get money to someone a town away, or a continent away, is to wire money. There are two basic ways a person may effectuate a wire transfer. The first is to wire money directly from the sender's bank account to the recipient's bank account. The second option is to use a wire transfer business. Both options can transfer small or large sums of money in minutes; however, using the traditional bank to bank method is significantly more secure and generally more cost effective.
In order to wire money from one bank to another, the sender must usually have a bank account from which to wire the money. Most banks are well-versed in wiring money and should be able to walk the sender through the process with ease. The sender will need information, however, from the recipient, including the name on the recipient's bank account, name of the bank, and account number.
If the money being transferred is being wired internationally, there are a number of additional considerations. In most cases, a transfer of money over a specific dollar amount, which varies by country, will trigger a reporting requirement. The sender will need to complete the appropriate paperwork explaining for what the money is being used, as well as the identity of the sender and receiver. In addition, the sender will need to confirm that both banks are capable of facilitating an international money transfer.
Once all the paperwork has been filled out, the sender simply pays the fee required to wire money from his or her bank and the bank will initiate the transfer. In most cases, a bank-to-bank money transfer will be completed in less then 30 minutes. The recipient will usually not be required to do anything on his or her end as the money is being transferred directly into his or her own bank account.
For a sender or receiver who does not have a bank account, there are a number of well-known wire transfer businesses that offer to wire money as well. Although the transfer itself may be as quick as a bank, there is frequently more paperwork required and the fee may be significantly higher. In most cases, the sender must fill out a form and produce identification in order to wire money from a money transfer business. Once the fee is paid and the paperwork complete, the money will generally be available at a corresponding money transfer business where the recipient is located within 30 minutes. The recipient must also produce acceptable identification in order to pick up the wired money.
