A bankwire transfer is a way to send funds electronically from one bank to another. Customers are able to send funds through a domestic wire, which is within the US, or an international wire, which is outside of the US. If you need to move a sum of money from your merchant account immediately and reliably, then a bankwire transfer is the way to go.
Your wire request may happen quicker than your credit card processing, or it may take several hours. The process depends upon when you submit your request and how quickly the originating bank and beneficiary bank finish the order. Make sure you are aware that conducting a wire will require a fee to send and receive. The fee will depend on the bank, type of wire and the destination.
Fraud prevention is an originating bank’s top priority when sending a wire. This is largely because, unlike debit or credit card processing, once the funds have been wired, they cannot be retrieved. Your bank will need to verify your information, identification and the authenticity of your recipient account holder. Some wires must travel from the originating bank to an intermediary bank that acts on behalf of the beneficiary bank. Additional information like a SWIFT code will also be needed if you are sending an international wire. Make sure you have the correct account and bank information for your wire transfer so that it can travel safely to its destination.
Below is a list of typical information needed to submit a bankwire transfer:
-Your name and account information
-Your bank information
-Wire information, amount of transaction, SWIFT code, if applicable
-Intermediary account and bank information, if applicable
-The beneficiary’s account information
-The beneficiary bank information
Your personal banker will be able to assist you with information that you are unable to retrieve for your wire. The best way to be prepared is to call ahead or go online where you have your merchant account, and find out what documentation is needed for the specific wire you need to send. A trained professional can walk you through the process securely and accurately to ensure the success of your wire transfer.