Should you ever need to send funds to someone, you will need to know how to wire money. Traditionally, this could only be done via a bank or money transfer service. These two options remain quite popular, and are widely used on a daily basis. However, there are new options to consider as well.
It is possible to wire money directly from your bank account to that of the recipient. To do this, you will need to visit your local bank branch. You will take along information such as the name of the recipients bank, the branch number, and routing number. Without this information, a transfer cannot be completed. Your bank may offer this service for free. However, most banks charge a small fee for this service.
If both you and the recipient use the same bank, you may be able to simply transfer the money online. Many banks now offer this as a part of their online banking system. Typically, there is no fee for completing the process, with the additional benefit being that you do not need to even leave home to send the money. Again, you will need the account and routing number of the recipient in order to complete the transfer.
If the person you wish to send money to does not have a bank account, money transfer services will need to be used instead. Prior to visiting a transfer office, you will need to decide which transfer office you wish to send the funds to. You will be able to find the location that is nearest the recipient using the company website. Cash or a credit card can be used to wire funds using this method, and the recipient will be notified when the cash is ready to be picked up. The fees for this type of service vary by provider.
In keeping with the times, most money transfer services allow you to wire money using their website online. You will need to create an account with the desired company. Once this is complete, you will need to select the transfer destination, enter the amount you wish to send, and provide your debit or credit card information so that the funds can be debited from your account. In most cases, money can be wired for a flat fee.
Online payment services are another option. Paypal, as well as other similar services, will allow you to send money immediately to anyone that has an account with them. This can be completed by logging in, entering the recipients email address, entering the amount you wish to send, selecting how you would like to fund the transfer, and submitting your request.
Once you know how to wire money, you can then focus on the method that is most convenient for you. Many people make this decision based on the fees that are charged. However, it may also be important to take into account how quickly the recipient needs the money. Some services are indeed much faster than others.