Whether you are in a tight situation or are helping someone out, wire transfers are a fast and easy way to send and receive funds nationally and internationally [source: Seeking Alpha]. Read the steps listed below and learn how to wire money.
- Gather information. If your family or friend calls you in need of money, get all the important information needed to wire the funds. This may include their bank name, routing number and branch number, as well as their bank account number.
- Visit a bank or money-transfer-services office. If you're transferring money from your bank account, visit your local branch. You will have to fill out a wire-transfer form, including the information you collected. If you're transferring money through a money-transfer service, such as Western Union, bring along your credit card or cash. You may also be requested to provide photo identification and a phone number.
- Inquire about fees. Depending on where you go and how much money you send, you may be required to pay a transaction fee. Fees may be deducted from the money you're transferring or they may be added to the sum you're transferring. Fees vary significantly so make sure to inquire before the transaction is completed [source: Hanna].
- Inquire about holding periods. Some money transfer services have a holding period of three to five business days. If the money is needed urgently, this may pose a problem. Ask the customer-service representative if their company implements a holding period.
- Request a receipt. Many banks and money-transfer services will provide you with a confirmation code that will enable you to track your wire transfer online and see when the money is received.