A Wire Transfer Form is a document that is used to initiate an electronic fund transfer from a sender (which can be an individual or an entity) to a recipient (also known as a beneficiary or a payee). The purpose of the document is to provide the bank with all of the information required to do the wire transfer.
Wire transfer is an easy and convenient method of the electronic transfer of funds. The process usually starts with a sender submitting the form to their bank. After that, the sending bank delivers the message to the receiving bank with the request to effect the payment in accordance with their instructions. After the funds are moved from the sender's account to the recipient's account, the banks may collect payment for their services.
A printable Wire Transfer Form template can be downloaded below.
Generally, banks create separate forms for domestic wire transfers and for international wire transfers. A common domestic bank wire transfer usually requires senders to fill in the gaps in the form, which can include the following:
If the Wire Transfer Form is created for international wire transfers, then the sender should also designate the bank's SWIFT or BIC code. Depending on the country where the recipient's bank is operating, the sender can also designate the Sort Code - for fund transfers to the United Kingdom, or BSB Number - for transfers to Australia. To find out if there is any additional data that should be entered on the form the sender should contact their bank.
Some foreign banks cannot receive a direct transfer from U.S. banks. To solve the situation, the transfer is made with the assistance of a correspondent bank. In this case, the sender should contact the foreign bank and obtain information about the correspondent bank required for the transfer, such as its name, full address, SWIFT or BIC code, IBAN, and account number.
A wire transfer is considered to be one of the fastest ways to send and receive money electronically. By a general rule, it doesn't take more than 24 hours to perform a non-bank wire transfer. Nevertheless, in some situations, it can take from two to five days. It can happen in the case of an international wire transfer, for example. Sometimes even a bank wire transfer can take several days, so if a sender or a recipient is in a time-sensitive situation they should consider doing a fund transfer in advance.
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