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Although these methods might seem like equivalent options, they can vary in terms of cost, speed and convenience.
Taking time out of your day to go to a bank branch such as Chasefor example, click the following article be much more time-consuming than wiring money through an online service such asand the money might not get there as quickly.
Before you send money via wire transfer to friends, family or business associates abroad, read on to find out.
What Is a Wire Transfer?
A wire transfer is an electronic transfer of money from one person or company to another.
It usually refers specifically to the electronic transfer of funds from one bank or credit union account to another.
Wire transfers can be either domestic or international, depending on where your payee is, which might affect the cost and speed of your transfer.
What Is the Cost of an International Wire Transfer?
Many banks claim that they do not charge a fee to transfer funds abroad, but they often offer an exchange rate that is less than the mid-market exchange rate, which is the rate banks use to trade between one another.
The bank takes the difference as its commission.
In addition to offering a low exchange rate, some major banks require that you make international money transfers in person rather than online, which can make the process inconvenient in addition to costly.
The online money exchange tool PayPal makes money in three ways: it how to wire transfer money to bank account a fixed fee, makes a profit on the currency exchange rate and takes the difference when it rounds up the exchange amount.
How Long Does a Wire Transfer Take?
The speed of your online wire transfer depends on how to wire transfer money to bank account method you choose.
Banks can take two business days or more, whereas wire services can take up to six business days depending on your payment method.
At Western Union, for example, payment by credit or debit takes three business days, and payment via bank account can take six business days.
Online money transfer companies such as PayPal and TransferWise also have varying speeds based on the country you are sending to and your method of payment.
With TransferWise, card payments are normally instant for online money transfers, while bank transfers take longer but no more than five days.
Depending on the wire transfer method you choose, you might also need their address, bank account number, and bank transit number or routing number so your friend or family member can effectively receive the wire transfer.
A bank-to-bank transfer can usually be done online, though some banks, such as PNC, require you to make international wire transfers in person.
Online services such or PayPal provide the how to wire transfer money to bank account of allowing you to transfer funds easily from the comfort of your home.
How to Wire Money Internationally With Chase Bank You must have a Chase bank account as well as an online login and password to send money internationally online via wire transfer.
Requests made by 4 p.
EST can be processed the same business day.
How to Wire Money Internationally With Bank of America To send an online Bank of America wire transfer abroad, log into its online banking system.
How Long Does a Bank of America International Wire Transfer Take?
International wires sent by 5 p.
EST are usually received within two business days.
Factors that could cause the transfer to take longer include local bank holidays, delays caused by an intermediary bank or other local conditions.
How to Wire Money Internationally With Wells Fargo To send money internationally online via a Wells Fargo wire transfer, you will need to sign up for an ExpressSend account.
Your first remittance must be done in person; future remittances can be done online or via phone.
In addition to charging a transfer fee, Wells Fargo makes additional money from the currency exchange.
Sending an international wire transfer with Wells Fargo takes one to three business days.
How to Wire Money Internationally With TransferWise To avoid the hidden fees that banks often charge, you might want to consider sending money with.
You can send money via TransferWise using a debit or credit card or directly from your bank, and you can sometimes send money to a recipient using just their email address.
Enter the amount you wish to send.
In addition, the company does not charge intermediary bank fees or recipient fees.
What Are the Best Ways to Send a Wire Transfer?
When deciding which method to choose to wire money internationally, consider which option how to wire transfer money to bank account the most convenient, cheapest and fastest.
A bank that requires you to do your initial wire transfer in person might not be as convenient as an online option, such as PayPal or TransferWise, that allows you to easily learn more here a transfer from the comfort of your own home.
Also pay close attention to fees, both hidden and upfront.
For example, transferring at a bank can cost eight times as much as sending via TransferWise.
Lastly, keep in mind that some methods might be faster than others.
Chase can send a same-day international wire transfer, whereas the other options might take one to four business days for the transfer to be completed, and TransferWise card payments can be processed almost instantly for online money transfers.
Editorial Note: This content is not provided how to wire transfer money to bank account commissioned by the bank advertiser.
This site may be compensated through the bank advertiser Affiliate Program.
This compensation may impact how and where products appear on this site including, for example, the order in which they appear.
These offers do not represent all financial or credit offers available.
TransferWise in detail
You can Sign in to Online Banking and select the tab to send money to your own account, someone else or a business. You can also make an appointment to send a wire transfer at a local Bank of America financial center.
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