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Executing a wire transfer is as easy as making one phone call.
Step 1: Decide on the amount of transfer
Determine the amount of the wire transfer. Keep in mind that there are access fees which vary from one bank to another.
Step 2: Collect information
Write down the recipient's name, bank name, account number, and bank routing number. For an international wire transfer you will need the receiving bank's SWIFT identification code.
Tip
When time is of the essence, go online to to find a wire transfer service provider.
Step 3: Call your bank
Call your bank or financial institution to authorize the wire transfer and provide the information for yourself and the person on the receiving end.
Tip
The transfer will be completed the same day if you get approval from the bank manager and the call is placed before their cut off time.
Step 4: Call recipient
Call the recipient to let them know the transaction was completed.
Step 5: Confirm with bank
Verify with the bank that the wire transfer was completed and request a mailed, faxed, or e-mailed confirmation.
Did You Know?
Western Union began offering money wire transfer services in 1871.
