Typically, wire transfers involve the electronic movement of money across banking networks or via money transfer agencies around the world. You don’t need to handle cash, nor fill out physical paperwork. But you do need to have money in your account or available credit to send it to someone else. And then, the recipient financial institution will indicate that the money has been credited to the receiving account.
The lack of cash makes wire transfers a much safer way of moving money, especially large amounts of it. However, the transfer process is digital. That makes it necessary for you to obtain a bank wire transfer receipt. The bank wire confirmation receipt will come in handy should complications arise and something happens to the funds you send.
Read More: How to Transfer Money Between Banks Online
What Is Needed to Obtain a Wire Transfer Receipt?
To obtain a money transfer receipt, your wire transfer must occur first. That cannot happen if you don’t have the relevant information required to send the money.
Below is the information you must include for a wire transfer process to be valid.
- The amount of money you intend to transfer
- The reason why you are sending the money
- Your recipient’s full name and address
- The full name of the recipient’s bank and its address.
- The recipient’s account number, type and bank routing number
You may also need to provide the SWIFT or BIC code, which is an eight-character code used to identify business parties involved in a wire transfer or other international financial transactions.
Also, you may need to produce an International Bank Account Number, or IBAN, code if you are sending money to a recipient within the European Union and those in countries such as Switzerland and Lichtenstein. Such codes may have as many as 34 characters. So, ensure you inquire from your recipient what their IBAN code is and write it down to avoid making mistakes.
Remember, various countries have their own ways of doing things, which may be very different from the wire transfer rules you are used to. For those reasons, it would be wise to contact the recipient bank to confirm the requirements before sending funds to someone or a business. Otherwise, you may not have a bank wire transfer receipt to refer to.
Read More: What Is an Online Bank Transfer?
How to Obtain a Copy of a Wire Transfer
Below are the tips you can implement to get a wire transfer receipt.
- If you opt to perform a wire transfer online, you will receive a wire confirmation receipt once the process is complete. These are usually known as electronic receipts. You can obtain a physical copy of that receipt for your records by downloading and printing the digital version. And you can also save the PDF version in your digital files.
- When you send money via a transfer agency such as Western Union, you can visit the company website and request a copy of a money transfer receipt by following the instructions available via the knowledge resource center. Alternatively, you can call company representatives, follow the given instructions and wait for a copy of the document.
- The third option is to fill out a wire transfer form in person at your local bank. Include your personal information as well as the relevant details of the recipient. Submit the required forms and all other necessary documents and wait. Once the processing is complete, request a copy of the wire transfer from your bank’s representative. Keep that physical copy for future reference. And scan or screenshot it to ensure you have a backup digital copy.
Read More: What Is the Routing Number on a Check?
Always keep your money transfer receipts when you send money electronically. You just never know when you will need to use them as reference points.
I hold a BS in Computer Science and have been a freelance writer since 2011. When I am not writing, I enjoy reading, watching cooking and lifestyle shows, and fantasizing about world travels.