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Your Helpful Guide to Understand Wire Transfers

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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 – or even better, waive the whole charges. In this case parents don’t have to pay twice.

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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

What Information You Need to Start Wire Transfers

To perform a local or international wire transfer, you need to have the following:

  • The recipient’s account number
  • The routing number of the receiving bank (recipient’s bank)
  • The name, address, phone number of the beneficiary (in case the transfer is to be paid in cash to the receiver) 

If you want to wire a transfer directly to a bank account, then you need the above information; in addition to, the beneficiary ban 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 account to be blocked or even send the money to the wrong person.

  • 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.

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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)
  • TRANSFAST outbound remittances

 

Find Your Nearest Branch

Abu Sheikha Exchange, Your Trusted Partner.


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