Wire Transfer Process

In this electronic age everybody wants to have their work quickly and same applies to transfer of money between two parties. Wire transfer refers to process by which banks transfer money from one account to another account through electronic medium. The process through which bank effect the wire transfer is explained below -

1. Wire transfer process starts when the person or a company approaches the bank and request or order the bank to transfer certain amount of money into the account of other person or a company.
2. Banks then demands the account number and IFSC or BIC codes so that bank can transfer the amount to the beneficiary.
3. After bank receives the code and account number it transmits the message through SWIFT which is the acronym for Society for Worldwide Interbank Financial Telecommunication, to the bank in which the beneficiary account is there.
4. After receiving this message which contains the payment instructions, the receiving bank will begin the process of transfer of money from sender’s account to beneficiary account, which may take 12 hours to 48 hours.

For effecting the wire transfer both sending bank and receiving bank should have mutual account with each other so that receiver does not have any problems, Banks charges fees from clients for providing wire transfer facility.