How An International Wire Transfer Is Conducted
If you support someone who lives overseas, there may be occasions in which you need to send money to them quickly. An international wire transfer works similarly to a domestic wire transfer. The difference between these two types of transfers is that an exchange rate may need to be calculated with a foreign transfer, and a transfer could potentially take a little more time to complete than a domestic one.
A Safe Way To Send Money
Mailing a check or cash to someone who lives overseas is risky and could even result in funds being lost while they are en route to their destination. Sending money overseas is safe and secure, provided that the money will be sent from one reputable bank to another one.
The cash that you are sending will not switch hands during the exchange process. Instead, a bank will guarantee that you have the funds available. Afterward, this amount will be deducted from the account where the money is originating from and will be credited to the account that it is being sent to.
A Step-By-Step Process
It is important to compile information about the recipient, including their full legal name, their current address, and their banking information. A contact number should also be available. This information may be requested by the banker who will be assisting you with the money transfer. A banking institution that will be sending funds will require you to fill out an international transfer form.
Before you begin this process, learn about the exchange rate for the money that you will be sending. Just because you will be sending a few hundred dollars in United States currency does not mean that the person on the receiving end will receive the same monetary denomination. Upon calculating the exchange rate, you can relay this information to the recipient and they will be well-aware of the amount of funding that they will receive.
Upon completing the paperwork that the originating bank requests from you, you will receive a transfer slip that indicates that the transfer has been made. This slip is a piece of proof that the money is actively in transit. You can track the transfer or wait for the person on the receiving end to receive the funds. Let the recipient know when a transfer has been made. This will alert them to the fact that they will soon be able to collect the money that you have sent to them.