Question about Computers & Internet
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
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Posted on Jan 02, 2017
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