Wiring money is safe and secure, but it can be expensive so it is important to get your transference information scrupulously correct, to avoid further expense.
When it comes to sending money to bank accounts in other countries, businesses often resort to bank or nonbank agencies such as Western Union or TransferWise for wiring funds.
What You Need
You'll need the following from the person you’re sending money to:
Your bank or nonbank provider may let you wire the transfer in various ways, such as through your smartphone, online or at a bank branch. Costs and delivery times vary for each. Expect around $25 for transferring money within your country (a “domestic wire”) and around $43 for transferring funds to a foreign country (“an international wire”).
The process is fast. Domestic wiring can take as short as minutes; International wiring can take as short as 5-7 business days.
Your transaction, too, is secure. Government agencies, such as the Consumer Financial Protection Bureau (CFPB) regulate your transaction. You can be sure that your all of your money arrives.
Wiring is one of the most expensive ways of sending money, especially through banks. Aside from which it is very easy to run up recurring costs for even one missing or misspelled letter or digit. For that reason, make sure to get your numbers and spelling of the name of your recipient correct, you may need to pay extra to resend.
Finally, wire transfer are irrevocable they can never be reversed so you may want to confirm the identity of your recipient and learn how wire transfer scams work to avoid becoming one of so many victims.