Maybe a close friend needs a helping hand, or perhaps your son has to purchase textbooks for a last-minute class he squeezed into with the professor's approval. Whatever the circumstance, sometimes waiting a few days to get money is not an option. Learn how to wire money from a checking account and send cash today.
Set up your checking account to send money to another person's checking or savings account. If it is your first time wiring money, you may be required to go into your financial institution's local branch to authorize wire transactions. Some banks and credit unions require their customers to complete official documents that permit transferring of funds from the customer's account into the account of someone else in another financial institution.
Show proof of identity and ownership of the checking account. After the initial paperwork and verification process, you can make future wire transfers from your checking account over the telephone, depending on your bank or credit union's policy. Some financial institutions allow you to initiate transfers over the Internet.
Provide the transit routing number from the recipient's financial institution. Each bank or credit union has a distinctive code that differentiates it from all other institutions. Double check with the person who will receive the money that the number is correct to avoid delays from lost funds.
Supply your bank or credit union with the receiver's personal checking or savings account number. Verify the account number is accurate to prevent unintentionally crediting the wrong person's account. The turn around time for correcting an error can be problematic for both you and the person awaiting the funds.
Pay a fee to your bank or credit union, which ranges from $10 to $25 for sending a wire transfer domestically, or over $25 for international transactions. The person receiving the money may also experience a fee. You can decide if you will include extra money to cover the fee on their end, or have them take it as a loss. For example, if your bank charges you $10 and the recipient's bank charges $12, you can send $512 if you agreed on transmitting $500.
Verify receipt of the funds. By contacting your financial institution and the person to whom you are sending funds, you can determine if he or she has received the money within the one to four hours normally required for processing. Some banks or credit unions process wire transfers during specific times of day. They may send and receive at 11:30 a.m., 2:30 p.m. and 4:45 p.m., or from 8 a.m. to 6 p.m. By checking with the recipient prior to sending the funds, you can coordinate the best time for you to initiate the wire transfer if they are pressed for time.
There are no limitations for the amount of money transferred; however, additional steps may be required for security purposes. There are no limitations for the number of transactions you can initiate, but when it is not urgent, it may be more cost efficient to mail a check. A SWIFT Code number may be required by some banks for the completion of wire transfers.
Don't money launder. B.S.A. (Bank Secrecy Act) is a federal law intended to discourage the usage of currency in illegal transactions. Government regulations require money-transferring agencies to record information for all wire transfers that exceed $3,000 per banking day.