Despite best intentions, sometimes wiring money can be necessary. Fortunately, it’s usually not a difficult process, but timing can be important. Requirements Before automatically contacting a sending bank or organization, you should have a few things on hand: Available funds for transfer. This may seem a ridiculous itemization, but approximately 3% of transfers are canceled due to lack of sufficient funds. Transfer fees amount. Most banks and money wire organizations charge a fee for both initiating and receiving a money transfer. Know what fees are involved. Know whether the receiver has funds to remit any receipt fee that may be incurred. Account information. If wiring into a bank account, have the full name on the account, correct and full name of the receiving institution, the account number, and the routing number. Receiver Information. If wiring funds to a commercial transfer organization, have not only the name of the receiver, but also the exact location, including address, at which the funds should arrive. For example, if using Western Union, know the Western Union address where the recipient will pick up the money. Transaction dates. Ensure you know the timing of both the transmission and receiving availability. If initiated late in a [...]
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