believeinhelp

The trick to starting something new, is that you n The trick to starting something new, is that you need to start small and start slow.
Kind of like riding a bicycle for the first time. If you hop on with no experience and try to go fast, most likely you will lose balance and fall off rather quickly.
However, if you take an approach that moves more in line with patience and trying to find momentum, you will find better results. #patience #getbackup #goals #focus #inspirationalquotes #inspiration #inspirational #positivity #positivevibes
Let’s stop making excuses and go execute. It’s Let’s stop making excuses and go execute. It’s just a matter of will. Get after it. #mindset #positivevibes #goals #goalsetting #mindsetiseverything #mindsetmatters #quotes #quoteoftheday #quotesdaily
Invest time on yourself to prepare you for the fut Invest time on yourself to prepare you for the future. Taking the time to learn new trades will open opportunities of growth.
#growthmindset #growth #investing #investinyourself #time
It’s those small little things that need to be e It’s those small little things that need to be executed on the day-to-day, that really add up and create results.  #organization #motivation #discipline #goals #mindset
People who are willing to provide you with positiv People who are willing to provide you with positive feedback are rare and should be kept close.
Society will provide you with PLENTY of negative information and feedback. There is no need to seek more negativity than what the world is going to give you.
#positivevibes #positivity #healthyrelationships #relationshipgoals #goals #success
It’s true! We can NOT pour from an empty glass. It’s true! We can NOT pour from an empty glass. So make sure to fill your glass up today. So you can share with others. #self #selfcare #selflove #priorities #loveyourself #goals #discipline #commitment
Once you have clear concise goals you have to move Once you have clear concise goals you have to move to the HOW #goals #betteryourself #mindset #mindsetmatters #goalsetting #improvement #selflove #selfdevelopment #selfimprovement
Being proactive about crushing your goals is all y Being proactive about crushing your goals is all you need to do. #goals #goal #goalsetting #goaldigger #success #successquotes #successmindset #successful
There is no magic formula you just have to take th There is no magic formula you just have to take that challenging first step. #life #lifestyle #change #challenge #believe #believeinyourself #youareworthit
Load More... Follow on Instagram
  • Home
  • About
  • Contact
  • Home
  • Lifestyle
  • Family
  • Health & Wellness
  • Personal Finance
  • Work-Life
  • Inspirational Corner

Believe in Help

  • Home
  • Lifestyle
  • Family
  • Health & Wellness
  • Personal Finance
  • Work-Life
  • Inspirational Corner

Personal Finance · November 5, 2020

A Personal Bankers Take On What You Need to Complete A Wire Transfer

What you can expect when initiating your wire transfer

A lot of people are not familiar with wire transfers. They can be intimidating, especially when its your first time. If you need to make a wire transfer today or tomorrow you came to the right place. From a Personal Banker perspective, I have the inside scoop.

As a Personal Banker, I processed hundreds of wire transfers and a common theme that I saw, was that not many knew what a wire transfer entailed. In addition to that, they didn’t know what was required.

All of these tips are to help you have a smooth experience. Not being prepared creates a headache for the banker processing the wire, his or her manager and for the wire transfer department. Of course, you will also be in the mix too. You need to make sure you have the proper information necessary to process your wire transfer beforehand. 

If this is your first time going to make a wire transfer don’t sweat it. This should pretty much cruise you through your process.

Not only will you know what is typically required, you will feel more confident you won’t lose your money. Yes, this is possible. That’s why I decided to create this. Just keep in mind, every bank has its own process.

Here is a bankers behind the scenes tips of what you need to know about wire transfers

Intro

This is where you walk in, give your name and wait to be called by a banker who has the authority to initiate wires. Not all do. The banker will call you over to their office to greet you and ask you what they can do for you. Once you say you need to do a wire transfer, they will scream in their own heads — Nooooooo!!! Their knees will buckle and they’ll wish they could pass it on to the next banker. 😂 Just kidding. Ok — no I’m not.

A good banker on the other hand, uses this as an opportunity to get to know more about you and your financial behaviors. The banker will begin the preliminary questions and feedback as to what they will need from you in order to process your wire correctly. 

Bank account

Before anything, in order to initiate a wire transfer you will need to go to your bank where you hold your funds. You cannot go to a random bank and just initiate a wire transfer. You need to go to the bank that has the funds you want to wire. I have had clients who have done this. This is uncommon information and a process that is very new to some and that’s totally understandable.

Need To Be An Owner Of The Account

You need to be an authorized owner of the accounts in order to wire funds to begin with. What does this mean? It must be your account, that you operate.

If you are a beneficiary on that account, you cannot make a wire transfer. Only an authorized owner has the authority to release funds.

I have wired millions of dollars over time, and when you are moving this sizable amount you must be the owner of that account. If you own that account with your partner, you can wire funds. You don’t need the other owner of the account to be present or consent. Keep that in mind. 

Wire Instructions 

This is probably the most sensitive part of the wire process other than you signing your funds away. In order to make an accurate wire transfer, you will be responsible to bring accurate wire instructions. The banker is going to process what you bring them. Try to get a printed wire instruction sheet directly from the recipient. If you get this, you are golden. 

Within these wire instructions you will need to ensure that you have the following: 

  • Recipients Account Number
  • Name and Address of the Recipient
  • ABA/Routing Number
  • SWIFT (International Wire Transfers Only)
  • Notes (optional)

If you are coming in with written wire instructions, do your best to revise and verify that the written instructions you have are accurate. 

Release of Funds

Releasing funds from an account can be risky. The bank wants its protection, so they will have you sign a document attesting that you have reviewed the information and everything is correct. Once you hit submit, that money is gone very, very, quickly. Be prepared to sign. 

You Will Get A Wire Receipt KEEP IT

At the end of your wire transfer process, the banker should hand you a wire receipt. This receipt is highly important. Do not throw it away. File it and keep it for your records. The bank does have their own copy that they can recover, but you should keep your own. 

Proper Identification

The amount of the wire transfer may require extra identification. Make sure that you take two forms of identification with you. From my experience, a major debit card or credit card should suffice for a second id. A great practice is to call your bank and ask them what identifications they require to initiate a wire transfer. 

Be Patient

Initiating a wire transfer sucks for both of us. It sucks for the banker because here we are putting our jobs on the line when we key the information in and release the funds and it is a slow process for you. This is not an in and out quick process. So please don’t show up to your local bank in a rush to send your funds out because the place you are sending it to is about to close or has a deadline. Plan it out!

Plan and organize yourself

Don’t show up without instructions, and then call your friend to read you the account number over the phone as they are driving. I can’t tell you how often something like this happens. Get all of your information together prior. Get any instructions that you need directly from the recipient.

Fees

There are fees associated with wire transfers. They can be steep. The banks that I worked for, charged 25 dollars or so for domestic wire transfers and 50 dollars or so for international wire transfers.

If you own a business account and are sending money from your business account, you can expect a heavier hit with the wire transfer fee. 

There are 2 different fees associated with wire transfers. You have your initiation fees and you have your receiving fees. That’s right, your bank can charge you for receiving a wire transfer. So choose your bank wisely and consider other options of transferring money such as online banking or Zelle are both great options if you don’t need to send a high amount. If you have a good relationship with the banker, they can sometimes waive your fee or refund it to you. 😉

Routing numbers can be found online

Often times clients are scrambling for their information. While I don’t recommend you take this route due to risk, you can resort to finding somethings online if you find yourself in that situation..

A quick google search for your banks SWIFT code or Routing number can be done and sometimes it works. Just depends on how attentive the banker is who is assisting you.

If you can, avoid this by getting a printed wire instruction directly from the recipient. An email works well too, print it out and take it with you to your local bank. Often times, you don’t even have to do or say much if you walk in with printed wire instructions.

Hope this helps!

In: Personal Finance

Join Our Community

You’ll Also Love

simple ways to improve your personal finances11 Simple Ways To Improve Your Personal Finances
Tips to teach your kids about money13 Tips To Teach Your Kids About Their Financial Future
how to get approved at a bank13 Tips On How To Get Approved At A Bank
Next Post >

11 Simple Ways To Improve Your Personal Finances

Recent Posts

  • 8 Tips To Help You Adopt A New Mindset
  • 5 Reasons Why You Should Never Quit On Yourself
  • 7 Ways You Can Make 2023 Your Best Year Yet
  • 1 Effective Approach Towards Success That You Can Start Today And Repeat Tomorrow
  • 5 Tips On How To Recover From Work-Stress

Join Us

Categories

  • Home
  • Lifestyle
  • Family
  • Health & Wellness
  • Personal Finance
  • Work-Life
  • Inspirational Corner

Reader Favorites

  • 5 Powerful Quotes That Will Change Your Perspective On Life
  • inspiration 3 Great Mini Inspirational Stories To Lift Your Spirits
  • earn self respect How To Earn Self-Respect And Develop Self-Discipline Along The Way

trending now

  • 5 Powerful Quotes That Will Change Your Perspective On Life
  • inspiration 3 Great Mini Inspirational Stories To Lift Your Spirits
  • trees 8 Things That Can Change Your Life In 12 Months
  • kick ass in life 6 RULES TO KICK ASS IN LIFE

instagram

Follow @believeinhelp

believeinhelp

The trick to starting something new, is that you n The trick to starting something new, is that you need to start small and start slow.
Kind of like riding a bicycle for the first time. If you hop on with no experience and try to go fast, most likely you will lose balance and fall off rather quickly.
However, if you take an approach that moves more in line with patience and trying to find momentum, you will find better results. #patience #getbackup #goals #focus #inspirationalquotes #inspiration #inspirational #positivity #positivevibes
Let’s stop making excuses and go execute. It’s Let’s stop making excuses and go execute. It’s just a matter of will. Get after it. #mindset #positivevibes #goals #goalsetting #mindsetiseverything #mindsetmatters #quotes #quoteoftheday #quotesdaily
Invest time on yourself to prepare you for the fut Invest time on yourself to prepare you for the future. Taking the time to learn new trades will open opportunities of growth.
#growthmindset #growth #investing #investinyourself #time
It’s those small little things that need to be e It’s those small little things that need to be executed on the day-to-day, that really add up and create results.  #organization #motivation #discipline #goals #mindset
People who are willing to provide you with positiv People who are willing to provide you with positive feedback are rare and should be kept close.
Society will provide you with PLENTY of negative information and feedback. There is no need to seek more negativity than what the world is going to give you.
#positivevibes #positivity #healthyrelationships #relationshipgoals #goals #success
It’s true! We can NOT pour from an empty glass. It’s true! We can NOT pour from an empty glass. So make sure to fill your glass up today. So you can share with others. #self #selfcare #selflove #priorities #loveyourself #goals #discipline #commitment
Once you have clear concise goals you have to move Once you have clear concise goals you have to move to the HOW #goals #betteryourself #mindset #mindsetmatters #goalsetting #improvement #selflove #selfdevelopment #selfimprovement
Being proactive about crushing your goals is all y Being proactive about crushing your goals is all you need to do. #goals #goal #goalsetting #goaldigger #success #successquotes #successmindset #successful
There is no magic formula you just have to take th There is no magic formula you just have to take that challenging first step. #life #lifestyle #change #challenge #believe #believeinyourself #youareworthit
In order to improve your life and your conditions, In order to improve your life and your conditions, you need to first understand that everything is your fault.  #getafterit #go #mindset #mindsetmatters #quotes #positivevibes #positivity #positivethinking #mindsetshift
Load More... Follow on Instagram
  • Privacy Policy

Copyright © 2023 Believe in Help · Theme by 17th Avenue