A wire transfer is a safe way to make a payment.
A wire transfer is a quick, efficient and secure way for two parties to send or receive money using an electronic payment service offered by financial companies or money-transfer institutions. You can conduct wire transfers domestically or internationally, in virtually in any currency. To effectively complete the wire transfer, have the vendor's correct bank account and financial institution identity codes.
Instructions
1. Ask the vendor for its bank account number and financial institution's American Banking Association code if the transfer is being done with a U.S. institution. The ABA code identifies institutions in the electronic payment system with a Federal Reserve bank account. If you are wiring money to banks in Switzerland, the European Union and the European economic area, you will need the International Bank Account Number and Bank Identifier Code. You may also have to provide the SWIFT code, an identity number given to international banks, investment firms and brokers by The Society of Worldwide Interbank Financial Communication, so ask for this information.
2. Visit your business' financial institution to request the wire transfer for the vendor. You will potentially need to provide the vendor's name, address, account number, their financial institution's electronic payment codes and wire transfer amount, depending upon whether you are doing a domestic or international wire transfer. Specify the date when you want the wire transfer to clear. If you have an online banking account, select the wire transfer option from the services menu and then enter the aforementioned details as required.
3. Inform the vendor that the wire transfer has been completed.
4. Check your financial statements within two days to make sure that the wire transfer went through to the vendor. Ask for or print out a wire transfer confirmation and put it in your files in case the vendor asks for it.
