Wire Transfer is also commonly known as Foreign Telegraphic Transfer in some countries. Wire transfer is a type of electronic fund transfer (EFT). It is considered one of the safest ways to transfer funds to other countries, especially for a large amount of money.
In order to successfully make a wire transfer to another country, you will need to get some information from the recipient. The required information is the recipient details such as name, address, and contact number. Recipient banks information such as bank name, bank location & address, account number and swift code are also needed. Please remember that bank swift code is very important for wire transfer.
To perform wire transfer, you have to visit your bank and there will be a fee to the transaction. Some banks, especially the large banking corporation, offer wire transfer through their internet banking. The advantage of wire transfer through internet banking are you will be able to do it at the comfort of your home or office without visiting the bank. Sometimes, the fees are cheaper too.
All you have to do is completing the wire transfer form & pay the fee. The recipient should be able to receive the money within 1 to 3 days time.