Moving Money

When you transfer money from one bank account to another, it is called a wire transfer.  This is done electronically so neither party involved actually touches the money. It is an easy process and starts with a visit or phone call to your bank.  They will ask you for information such as the person’s name and bank name and account number of the receiving party. 

They will ask for the amount you want to transfer and the date that you wish it to be done. Some banks will let you do this yourself over the Internet and others will need for you to contact them by phone.  Once the wire transfer has been done, ask for proof of the transaction.  This can be a faxed or emailed confirmation that the money was sent to the correct bank and person. 

It is possible for wire transfers to be done the same day as long as you request it before the bank’s deadline. These transfers are not immediate so ask when the bank will transfer and when to expect it to be received.  Each bank will have its own fee for this process so ask about the cost before beginning.