Your Helpful Guide to Understand Wire Transfers
Wire transfer service is an electronic method to transfer payments between two bank accounts, individuals, or financial institutions worldwide. It has become the favorite payment method for most people because it is available, secure and easy to use.
Today, we will talk in details about wire transfers to give you an understanding of how it works and the necessary information you need to know before you wire money.
How Wire Transfers Work?
When using wire transfer service, your money is not physically moved between banks or financial institutions. Instead, it is the information that is passed, such as the recipient’s account number, name, amount of money transferred, etc.
So, when you deposit money upfront to your bank, the recipient’s bank receives all the necessary information from your bank and deposits the funds to the recipient’s account.
After the amount of money has been deposited, the two banks settle the payment in the back end.
Do Wire Transfers Cost Money?
Using wire transfers will cost you money to initiate the process; however, the charges vary from one service to another, according to the amount sent, the recipient’s location, etc.
It is recommended to compare between the wire transfer service providers available in your city to get the best offers and prices.
How to Reduce Wire Transfer Costs
There are many methods you can use to reduce or waive wire transfer charges.
One of these methods is to search for discounted rates offered by different wire transfer service providers. It is important to get sufficient information about the bank or service provider before dealing with.
It helps in knowing which one provides the best exchange rates.
Transferring money to a student account is also a good idea because many banks and financial institutions offer students discounts.
What Information You Need to Start Wire Transfers
To perform a local or international wire transfer, you need to have the following:
The name, address, phone number of the beneficiary (in case the transfer is to be paid in cash to the receiver)
The recipient’s account number
If you want to wire a transfer directly to a bank account, then you need the above information; in addition to, the beneficiary bank account details, such as IBAN number and bank name.
This information can be taken from the beneficiary’s bank.
Mistakes You Need to Avoid When Wiring Money
Typos in providing the account number and the recipient’s name
Any mistakes might get your transfer to be rejected or held.
Not knowing the exchange rate before wiring
If you are going to send money internationally, you better check the exchange rate to know the exact amount of cash your recipient will receive.
Beware of fraudulent schemes
You should know and trust the person you are depositing the money to because there are many scammers out there.
Wire Money with a Trusted Partner: Abu Sheikha Exchange
We always aim at providing our customers with the best and safest wire transfer services across 17 different branches in Amman.
Whether you want to send money locally or globally, you will find Abu Sheikha Exchange at your command.
Western union transfers
Instant Local Outbound and inbound transfers
SWIFT Direct to bank account transfers worldwide
Global Outbound and inbound Transfers
Outbound and inbound remittances via Cash Express to United Arab Emirates
Outbound remittances to Egypt: MISR Bank, ALEX Bank, and Cairo Bank (cash and direct deposits to bank account)