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I need to make a funds transfer - Computers & Internet

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Wire transfers are used to transfer funds through an electronic payment service.
Sometimes, companies make wire transfers to quickly pay suppliers.

The process requires a small amount of paper work.
Wire transfers involve transferring money from a company's bank account into the supplier's bank account.

The funds are available within a few minutes after the process is initiated.
Get recipient information.

Get documentation from the intended recipient that contains his name, company name, company address, bank account number and routing number.

Acquire the information via fax. If a mistake is made, the fax will prove that the information was supplied by the recipient.

Inform the bank officer that you would like to make a wire transfer. If you have never sent a wire transfer, it is best to go to the bank to complete the first wire transfer transaction.

Future transactions can be initiated via fax or though an online banking system. Provide your banking account information.

Expect the bank officer to ask for identification prior to processing the initial bank transfer.
She / He will want to confirm that you are authorized to make a wire transfer from the company bank account.

She / He will then access your account information to confirm the availability of the amount of the wire transfer.

The bank account number, routing number and company name will be listed on the wire transfer request.

Tell the exact amount of money to be transferred.
Make sure the amount is accurate.

Once the money is transferred to the recipient's account, you will not be able to make corrections without the help of the recipient.

For example, if you wanted to send $5000.00 but a mistake was made but instead $6000.00 was transferred, the recipient would have to initiate a wire transfer from his bank in order for you to get the $1000 that was sent by mistake.

Provide the name and address of the recipient.
If a company is the recipient of the funds, provide the company name and address.

Provide the bank account number of the recipient.
Provide the routing number of the recipient.

Review the wire transfer document for errors.
Prior to approving the transaction, check all of the information.

Posted on Nov 24, 2013

  • Brian Sullivan
    Brian Sullivan Nov 24, 2013

    If you do your banking online, manage your own investments or send money to kids in college across the country, you know how electronic bank transfers work, right? You call your bank or use your online "bill pay" service, tell your bank to send money to another bank and it's there the next day. Actually, it is easy--but it's a bit more involved than clicking a mouse. Evolution In the old days, transfers between banks traveled in canvas bags, transferred by armed guards, first by stagecoach, then by armored car. After the establishment of the Federal Reserve System, "Fed" district banks served as clearinghouses. A lot of money movement still happens this way but more and more transfers are being made electronically. Electronic transfers, like physical transfers, must be backed up by the bank's assets, either at the bank or on deposit with the Fed. The Facts Money does not fly through the air. Your bank contacts another bank electronically using the web. Each bank has a "handshake" certificate, using a combination of encryption keys to protect the communication. The transaction is completed and that's it. The complexities are in the "handshakes" keys and certificates used by financial institutions. Banks transfer funds for account holders and investors every day without anyone handling a greenback. Electronic transfers can be posted the same day or may take two to three days, depending on the accounting procedures of the participating banks. Time Frame Electronic transfers have significantly shortened transfer time. Since the transfer of money is direct instead of using an instrument (such as a personal or cashier's check) to complete it, the time needed to verify the transfer is the time it takes for the participating institutions to complete the electronic handshake. By eliminating the handling and verification of paper instruments, you can get Suzy's book money to her in an afternoon instead of a week. Benefits In truth, banks have always transmitted funds between themselves fairly quickly, first by telegraph, then by telephone. The benefit of modern electronic transfers is that it widens the "customer base" to include the people who use the banks. When we sit down to the computer to do a little shopping or pay a few bills, we're using electronic bank transfers and saving the time and paper it takes to send a check or call with a credit card. The advent of electronic banking has made conveniences like ATMs, point-of-sale and debit cards possible that were unheard of just a few years ago. Misconceptions Money should not take three to four days to transfer electronically. Merchants (or other banks) who have a "direct electronic relationship" with a bank can post payments immediately but those who do not must often wait to get a check by mail. Check when you pay bills online to see how long it takes to post a payment. Periods longer than same-day by a certain time no doubt do not have a direct electronic relationship with your bank (or a larger bank that is an affiliate). Longer periods may also be the result of the creditor's own internal organization, too.



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Good news to you my dear,
We are here to inform you that the general director of this office has
ordered us to transfer you total fund to Bank of Africa
for security reasons. Therefore you are advice to contact this Bank and
ask them of your fund and when you will be receiving the total money as we
made an agreement with them to transfer the total fund either Bank to
Bank wire transfer or via ATM VISA CARD to you.
Is now you duty to contact them to inform them the better method which you
will like to receive your fund because they are waiting for you to contact.
Contact them for instructed on how you will receive your fund. Be free and contact
them immediately you receive this message for immediate transfer of you
total fund to you.
Here is the Bank Contact address.
Name: Mr. Daniel Evanse.
Email:( )
Bank Name: Bank of Africa Benin Republic
Do get back to us immediately you hear from the Bank.
Mr. H B Laurent

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