Wire transfer is electronic fund transfer process across the network administered which is approved by thousands of bank across globe. Wire transfer takes places from one person/entity to another person/entity within same or different financial institution. Wire transfer is safest mode of electronic fund transfer especially large amount transfer and wire transfer in countries oversea. Depending upon the size of transfer there is nominal commission which financial institution charges.
Steps for Wire Transfer
Login into bank account and go to wire transfer option.
Enter the beneficiary bank information which includes SWIFT (Society for Worldwide Interbank Financial Telecommunications) or BIC (Bank identifier code), Account number or International bank account number (IBAN) etc.
Specify the currency and amount of transfer.
Pay bank fees for processing international wire transfer.
Wait till the wire transfer takes place. Most bank takes between one to two working days for wire transfer.