If you are getting ready to make your first international wire transfer online, you may think that you have to walk into the physical location of your bank to do it.
But in reality, making international transfers of money is easier today than it ever has been before, and it can be done online through your bank’s website.
Here are the five steps you will need to follow if you want to make an international wire transfer online:
Step #1 – Confirm The Transfer Limit
The vast majority of banks have a limit on the amount of money that can be transferred. While you may have heard the limit is quite large and in the hundreds of thousands of dollars, that’s usually only true after you’ve already completed multiple transfers with the bank.
If this is your first time transferring money, the limit should be closer to five thousand. Regardless, so long as you submit an amount of money under the limit, you’ll be fine,
Step #2 – Enter The Bank Details Of The Recipient
There is a variety of information concerning your recipient that you will need to provide to your bank to complete the transfer.
This information includes the following: the name and account type of your recipient, the name and the address of your recipient’s bank, the account number of your recipient, and the SWIFT or BIC code of your recipient’s bank. Have all that information ready to go.
Step #3 – Choose the Amount and Currency For The Transfer
When you choose the country for your recipient, the currency of their country should be set automatically. Otherwise, you’ll have to select the currency yourself. Chose the amount that you would like to transfer as well, and double check both.
Step #4 – Pay The Transfer Fee
You will always have to pay a fee with an international transfer fee. The fee is usually a flat rank set by the bank and can range anywhere from forty up to eighty dollars. Meanwhile, you will also have to pay the fee of the receiving bank, which should be a smaller amount at ten to twenty five dollars or so.
Step #5 – Make Sure The Transfer Goes Through
At this point, once you’ve sent the money, the only thing left to do is to confirm that the transfer goes through.
Wire transfers will take a number of business days (usually two to five) before going through, but you can watch the progress on the website of your bank as they will track the transfer status. The reason for the long waiting time is because the money is not transferring directly from your bank to the recipient’s bank.
Making An International Wire Transfer Online
Hopefully now the process of making an international wire transfer has been simplified for you so you will be able to do it on your own without any major hassles.