The best and easy way to send or receive money is a wire payment (Also known as wire transfer). It is a process of electronic fund transfer from one Bank account to other bank account. This method of fund transfer is very safe, convenient and quick. In most of the European Countries it is called Giro transfer while in some places Wire Transfer is also known as Telegraphic Transfer. In United States
Central Bank wire transfer system is Fedwire.
For International wire transfer banks may charge you transaction fee depending on the amount of money being wired but for transferring money within the country there is no fee charged by the bank. As wire transfer is one of the fastest mode of transferring money so one need not to worry about the fluctuation in the exchange rate as recipient gets the money within hours or a day.
The following information is required for a wire transfer
- Name of the bank
- Address of bank branch
- SWIFT address (Beside swift code different bank codes are required in different countries
(for example American Bankers Association (ABA) Number in United States, International Bank Account Number
- (IBAN) in European countries and IFSC Codes in India.
- Account name of Beneficiary
- Address of Beneficiary
- Account number of Beneficiary
- Type of currency and amount to be wired
The above information is needed for transferring funds via wire transfer but it can vary for different banks.