0
The person wishing to do a transfer (or someone who he has appointed and empowered financially to act on his behalf) goes to the bank and gives the bank the order to transfer a certain amount of money. IBAN and BIC code are given as well so the bank knows where the money needs to be sent to.
The sending bank transmits a message, via a secure system (such as SWIFT or Fedwire), to the receiving bank, requesting that it effect payment according to the instructions given. The message also includes settlement instructions. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account.
Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is best wire transfer or bank transfer?
A wire transfer is where money is sent to someone else at another location,a transfer is when money is taken from one account you hold and put into another account you hold. It's a different process. A transfer is usually much quicker than a wire. I don't know how helpful this was, but there you go.
What way can you transfer assets from 401k to Roth Ira?
You can have the money automatically transferred from your checking or savings accounts right into your 401K to your Roth ira. Go to irs.gov for more information.
How old do you have to be to take money out of the bank?
If you are getting money from the ATM age requirement is based on if you can followed the directions given. If you go inside you have to be 18 to have an account and you have to be on the account to withdraw money.
How does one go about interac email money transfer?
Interac e-Transfer is an online funds transfer service that enables people to make and receive payments via the internet. The money is not actually transferred via email but rather instructions on how to retrieve the funds are.
How does Western Union money transfer work?
Western Union is a wire money transfer in which one can go into a designated location and send money to a distant location as needed. The recipient can either pick up cash at a Western Union location in their area, or have money deposited into a checking account of their choice. It is basically just an electronic transfer of funds.
When you dip the wire in the water where does the heat go?
when the wire was dipped into the water , energy is transferred to the water.
Can someone e mail you a check?
You can get an EFT or go to pay pal and have money transferred to an account.
How do you wire a dog fence with a gate so the dog can go over the wire without getting shocked?
turn off the box that's connected to the wire.
How do you wire money to United Kingdom?
Use Western Union or go to your bank and ask them to wire the money to the party in U.K. It will cost you a fee either way but that is how you do it. In order to send money via Bank Wire, you will need the routing code as well as the account number of the person you're sending money to. It is not required with Western Union.
How to Wire Money?
If you are looking to wire money, you may find it to be sort of mystifying at first if you don't know exactly where to go or what to do. In the event that you do need to wire money, there are a few things to keep in mind before you ever step foot out the door. First, you need to know how much you want to send, and whether the company performing the wire will wire that much. For example, there are a few international names in the wire transfer business that will not wire more than five thousand dollars at once. If you need to wire more than this, you will need to wire the maximum they will allow at one location, then go to another location to wire the rest.
Should I use an American credit card in Canada or is it wiser to use American money?
Definetly money. Your card could corrupt or get chopped up in Canadian Bank machines. And, you can go to a bank and get the American money transferred in to Canadian money.
How is radiaton transferred?
RADIATION IS TRANSFERRED by energy btw do u go to shallow
Why is the psp go worth the money?
well it probably is if you have the money,but if you have a psp 3000 you probably be better off not getting it.
What is the process for getting a bank money order?
Go into a bank and tell a teller that you would like a money order. Easy.
Where does the money from fair trade go?
It's suppose to go towards getting woman and children out of slavery in factories.
What is best wire transfer or bank transfer?
A wire transfer is where money is sent to someone else at another location,a transfer is when money is taken from one account you hold and put into another account you hold. It's a different process. A transfer is usually much quicker than a wire. I don't know how helpful this was, but there you go.
Why is there a red circle forming around the area where a rusty wire poked it?
Because it's getting infected... go to the doctor ASAP!
