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Key Takeaways: This article discusses the five steps to wire money overseas and the precautions that one needs to keep in mind during the process.
Wiring money is one of the fastest ways to transfer money both domestically and globally. It may take anywhere between 24 - 48 hours.
Any electronically conducted transfer of money can be called a wire transfer. Traditionally, it refers to bank-to-bank transfers using any network such as SWIFT or Fedwire. However, it can include other types of transfers as well.
A wire transfer is useful to send and receive money anywhere in the world. It is safer and faster than traditional options. Most banks have the facility to transfer money online.
You can request a wire transfer online via your internet banking portal or offline at the bank branch. You must provide the beneficiary’s bank details, i.e., name, email ID, mobile number, bank account number, SWIFT code, etc. Ensure you enter the correct information in the application form.
You can follow the below steps to make a wire transfer.
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Though it is difficult to estimate the exact cost, these factors will help you in better understanding the costs involved.
By keeping these in mind, you can have a rough estimate of the total transfer cost. Another important point to remember is that these costs may get deducted from the final amount credited to the receiver. Many banks follow this, so please check with your bank if they can credit the full amount and bill you separately for the transaction.
Wiring money is a straightforward process. Yet, it may cost you a lot if you don't take these precautions.
Domestic Wire Transfers generally take anywhere from 1 to 3 days to transfer money. Wire Transfers are quicker if both sender and beneficiary hold accounts in the same branch, even if they are in different branches. Transferring funds to a different bank than the sender’s bank can take slightly longer.
Domestic Wire Transfers are also relatively quicker than International Wire Transfers. International Wire Transfers are typically conducted via SWIFT, and may sometimes involve intermediary banks. The intermediary banks help with encrypting the Wire Transfer messages. Once the beneficiary bank receives the instructions regarding the Wire Transfer, the transfer process begin. This process can take up to a week. Hence, International Money Transfers require longer durations.
Wire Transfer time can increase if there are errors in the details provided. In such cases, the bank may deny the Wire Transfer request, and you may have to start the process all over again. Holidays such as bank holidays and weekends can further delay the transfer process.
One thing that you must keep in mind is that wiring money is impossible to undo. So, be a hundred per cent sure before proceeding.
Final Note: Wire transfer, if done carefully, makes the process of transferring money abroad a breeze. You can now transfer joy to your loved ones with faster remittances.
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