How International Wire Transfers Work
International wire transfers are a method of sending money from one country to another. They are commonly used for various purposes, including business transactions, sending funds to family members or friends overseas, and more. Here's how international wire transfers work: Choose a Financial Institution: You need to have an account with a financial institution, such as a bank or credit union, to initiate an international wire transfer. You can't typically do this as an individual without a bank account. Provide Beneficiary Information: You'll need to provide the recipient's details, which may include their name, bank name, bank address, account number, and the bank's International Bank Account Number (IBAN) or a Bank Identifier Code (BIC/SWIFT code). The specific information required can vary by country and bank. Visit Your Bank or Use Online Banking: You can initiate a wire transfer in person at your bank or use your bank's online banking services. Online b...