Tuesday 11 October 2016

How To Make An International Wire Transfer

Wire transfers are a type of electronic funds transfer. They are usually considered the safest way to transfer funds, especially large amounts, to banks in countries overseas. Most large banks belong to a bank network in Belgium called the Society for Worldwide Interbank Financial Telecommunications (SWIFT)[1] that helps to verify and process financial messages, including wire transfers. In order to make a wire transfer to another country, you will need to get some information from the recipient and pay a fee to your bank to process the transfer.

Method 1. Making An International Wire Transfer Online

1. Log into your online banking profile. Before you can do an international wire transfer, you will need to have online banking services set up through your bank. Use your username and password to log into your online banking profile and complete a wire transfer from the comfort of your home.


2. Look for a wire transfer option. Most major banks have an online wire transfer option. Do a search for international wire transfer options on your bank’s website, or look for the wire transfers section on the top toolbar of your bank’s website.
If you cannot locate the online wire transfer page, call your bank for more information. They can direct you to the right page.


3. Activate your wire transfer limit. Some banks require you to specify a limit for international wire transfers, as transfers over a certain amount (usually $5,000) require you to call your bank to authorize a large transfer.
You may then need to confirm your identity by agreeing to have your bank send an access code to your cell phone. You will use this access code to activate your wire transfer limit. You can then start making international wire transfers online.
4. Enter in the recipient's banking information. To complete an international wire transfer, you will need specific information from the recipient of the transfer, including
The full name and address of the recipient’s bank.
The recipient’s name, address, and account name (savings, checkings, money mart, etc).
The recipient’s account number, or International Bank Account Number (IBAN). Your recipient should be able to get this information from their bank, or from their banking statement. The recipient’s account number will depend on where their bank is located in the world. For example, an account number at a Canadian bank will appear differently than an account number at an Australian bank.[4]
The recipient’s bank’s SWIFT/BIC code. Your bank will require the recipient’s bank’s SWIFT/BIC code in order to identify which bank they are transferring your money to. The recipient should be able to get their bank’s SWIFT/BIC code by asking their bank for this information. Your bank may also be able to locate the recipient’s SWIFT/BIC code based on the recipient’s account information.
5. Specify the currency and amount of the transfer. The recipient’s country’s currency should appear automatically once you enter in the recipient’s information. But if you want to change the currency to a specific one, use the dropdown menu to adjust it. You can then choose the account you are transferring the money from, and enter in the amount of money you would like to wire transfer.
Most banks encourage you to transfer money in the currency of the recipient’s country. If you are not sure what the recipient’s currency is, you can send the amount in U.S. or Canadian dollars.

6. Pay your bank’s fee for processing an international wire transfer. Most banks charge an international wire transfer fee ranging from $40-$50 per transfer. A list of fees for the top 10 U.S. banks can be found here.
The receiving bank may also charge a small fee to process the wire transfer, ranging from $10-$20. The recipient of the transfer can ask their bank about the exact fee for receiving and processing a wire transfer.The recipient would then pay the processing fee for their bank to process the transfer.
7. Check how long it will take for the wire transfer to go through. Most banks estimate between one to two days for wire transfers to go through. However, your bank should specify how long the transfer will take at the end of your online session.
You can check the status of the wire transfer by logging into your online bank account and looking up the wire transfer. There should be a note when the transfer has gone through successfully.
Method 2. Making An International Wire Transfer In Person

1. Call your bank to confirm they do wire transfers in person. Most major banks are able to process wire transfers in person at a branch location. However, you should confirm with your bank that they do this in person service.

2. Bring in the recipient’s banking information. To process the international wire transfer, you will need to show the banking attendant the following information:
The full name and address of the recipient’s bank.
The recipient’s name, address, and account name (savings, checkings, money mart, etc).
The recipient’s account number, or International Bank Account Number (IBAN). Your recipient should be able to get this information from their bank, or from their banking statement. The recipient’s account number will depend on where their bank is located in the world. For example, an account number at a Canadian bank will appear differently than an account number at an Australian bank.
The recipient’s bank’s SWIFT/BIC code. Your bank will require the recipient’s bank’s SWIFT/BIC code in order to identify which bank they are transferring your money to. The recipient should be able to get their bank’s SWIFT/BIC code by asking their bank for this information. Your bank may also be able to locate the recipient’s SWIFT/BIC code based on the recipient’s account information.

3. Ask the bank teller to walk your through the wire transfer process. The teller should take the recipient’s information from you and ask you a series of questions to complete the wire transfer. You will need to confirm:
The currency in which you are sending the funds to the recipient.
The account from which you are sending the funds to the recipient.
The amount of funds you are transferring to the recipient.
Most banks encourage you to transfer money in the currency of the recipient’s country. However, if you are not sure where the recipient is located or what currency the recipient would like the funds in, you can send the amount in U.S. or Canadian dollars
4. Pay the international wire transfer fee. Most banks charge an international wire transfer fee ranging from $40-$50 per transfer. A list of fees for the top 10 U.S. banks can be found here. Ask your teller to confirm the fee amount before you complete the transfer.
The receiving bank may also charge a small fee to process the wire transfer, ranging from $10-$20. The recipient of the transfer can ask their bank about the exact fee for receiving and processing a wire transfer. The recipient would then pay the processing fee for their bank to process the transfer.
5. Check how long it will take for the wire transfer to go through. Once the teller completes the wire transfer process, she should let you know how long it will take for the bank to process the wire transfer and for the recipient to receive the funds. Most banks estimate between one to two days for international wire transfers to go through.

6. Consider an international wire transfer through outside services. If you are concerned about your bank’s fee for international wire transfers, you can go through another wiring service like Western Union. The fees from Western Union are usually less than the fees charged by your bank, around $10-$15 per transfer. But the transfer may take more time if you use an outside service like Western Union instead of your bank.

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How To Cash Money Orders


Money orders are used in place of cash to make payments. Since money orders are prepaid, the payee is guaranteed to receive the full amount, rather than risking a bounced check or bad credit card number. To cash a money order, all you have to do is find the right place to either deposit it or exchange it for bills. Read on to find out everything you need to know to cash a money order.

Method 1. Choose Where To Cash The Money Order

1. Determine where the money order is from. Money orders may be issued by the United States Postal Service (USPS), banks, grocery stores, convenience stores, credit unions and cash advance stores.
A money order's place of origin is usually indicated with a logo or stamp in one of the corners of the paper. Look for the USPS logo, a bank logo, or the name of another institution.
If it's unclear where the money order came from, ask the person who gave it to you where he or she got it.
If you can't figure out where the money order came from, that's OK. You won't be able to take it to the post office, but you can take it to your bank or another institution that cashes money orders.

2. Find a place to cash it. Money orders can typically be cashed at the same locations where they were purchased. If you have a bank account, you may also choose to cash it there. These practices are followed internationally.
Go to your bank. A bank in which you have a checking or savings account will cash a money order. Some banks will require you to have enough funds to cover the amount of the money order. You can also deposit a money order into your bank account.
Go to the post office. The post office will cash money orders that were purchased from a post office. Larger post offices have more funds to cash larger money orders, so if your money order is for a huge amount, choose the bigger branch in your area.
Go to a grocery or convenience store. Most grocery and convenience stores that sell money orders will also cash money orders. Their fees are usually low, and sometimes they cash checks for free.
Go to the credit union that guaranteed the funds. For example, if the money order is from the L&N Federal Credit Union, any L&N Federal Credit Union branch will cash the money order in full.
Go to a check cashing store. Use this as a last resort, since check cashing stores usually charge higher fees than grocery or convenience stores.
If you have a money order from a foreign country, you may have to have it cashed in that country and then wired to you. Banks usually charge steep fees for this service, so if possible, make sure money orders are made out to you in the currency of the country in which you plan to cash it.

Method 2. Cash The Money Order


1. Bring identification. Since the money order has been made payable to a specific payee, you will need proof that you are the payee. Bring your driver's license, passport, or another identity card to prove you are who you say you are.

2. Present the money order. Walk up to the teller, post office worker or cashier and tell him or her that you have a money order to cash. He or she may ask to see your money order and your ID.
Before you hand over the money order, ask the person helping you what the fee will be. Even though you've already done research, it's important to make sure you're on the same page with the institution's representative so no miscommunications occur.
Don't be afraid to turn around if you aren't comfortable cashing your money order with a certain institution. If the person helping you quotes a fee that's higher than what you had anticipated paying, try a different bank, grocery store, or convenience store.
3. Receive your cash. After the person helping you processes your money order, you will receive the amount of the money order in cash. You can usually request to receive bills of a certain size. Count the money to make sure it's all there before leaving the institution.
You might want to ask for a receipt, just in case you miscounted the money and later realized the place still owes you cash.
If you deposited the money order at your bank, you can ask for part of the money order to be given to you in cash.

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