A wire transfer is an electronic transfer of money. In the case of a bank-to-bank transfer, no actual cash is exchanged, but electronic balances in the respective accounts are adjusted accordingly. This is a very secure way to transfer funds, as positive identification of both account holders is required.

How to wire transfer money :

Step 1: Contact your bank that you would like to use for the wire transfer. It is recommended that you use the bank that has your account as there are fees that go with a wire transfer and they will likely be lower through your own bank.

Step 2: Advise the bank how much money you wish to transfer and provide them with Receiver's First Name, Last Name, Bank Name, Bank Account Number, Swift Code and Bank Address. If possible, do so in writing as it is easy to transpose numbers if you are passing them over the phone.

Step 3: Request a confirmation number or receipt that the transfer has been completed. Usually the transfer should be placed over in within 3 or 5 business days.