Best way to make large money transfer payments
Today, there are myriads of ways of sending money whether to friends or family members. Figuring out whether to use a bank wire, debit card or try to mail money online depends on how much you want to spend or how long the recipients can wait.
Before, sending money used to be a real hassle. It was expensive and slow coupled with any paperwork. However, with the recent advancement of technology sending money has become an easy process that can be accomplished anywhere.
However, for large sums of money, security, and control process offer limited options on how to transfer money.
To move large amounts of money quickly and securely, an online wire transfer can do the job. The process can be fairly easy if you gather the necessary information and provide it in the correct format. However, if you are not sure and are in the dark how to wire transfer, it is prudent to find out and read how to send a large wire transfer online before allowing any transfer of money out of your account.
Best way to exchange large amounts of currency
To send a large wire transfer online, you may need to follow these steps:
- Navigate to your bank's online wire transfer section.
To do this, you must already be set up for online banking. If you are, sign in to your online bank account and go to the wire transfer section. This is always visible on the top toolbar. If you are not set up for online banking, then you will have to visit your banks' offices to set up this kind of service.
- Check your transfer limits.
Transfer limits are set by the account holder or sometimes the bank when setting up an online account. To transfer a large sum of money more than your set limits, you may need to ask your bank to allow it.
- Enter the details of the account receiving the funds.
To send a large wire transfer online, you will need to provide details of the recipient. These are:
i) Recipient name and bank name.
ii) Recipient bank number or code.
iii) Your account number.
iv) Any additional information that your bank may ask.
- Enter the amount you want to transfer
Once you have entered the recipient's information; the currency is automatically set. If not, you will need to select the currency and set the amount to transfer. In most cases, the set currency is in US dollars, however, you will have to double check you are sending money in the correct currency to prevent your transfer from being rejected.
- Pay the transfer fee
Your bank together with the receiving bank will charge a processing fee depending on the amount you want to send. Be prepared at this point because it can get very expensive. Remember that besides the initial transfer fees, there are also additional fees charged by two-three intermediary banks involved.
- Check how long the transfer will reflect on the recipient account.
We all know most wire transfers take approximately two-three business days to reflect on the recipient account. This depends on several factors such time zones and days of the week. You bank web page will show you the estimated time frame once you have completed the transfer.
Many banks are increasingly accepting large wire transactions online, but before you type verify all the details with your bank. Know the bank you are sending money together to the recipient. The online money transfer market is increasingly becoming full of scams and hackers.