If you're in a bind and you need to quickly transfer money, a number of options are available. But the best option is to send a wire transfer from the bank or other financial institution that holds your account. A wire transfer, sometimes called an electronic funds transfer, sends money electronically from your account and into another.
Talk to the Recipient
Talk to Your Bank Teller
Use a Money Transfer Service
Pay Any Fees
Fill Out Any Required Forms
Get Confirmation of the Transfer
Once you have completed the wire transfer, be sure to call the recipient and confirm that the funds were received. Your bank or money transfer service will give you a transaction receipt with the wiring information on it, so if anything is amiss you can take this back to the institution and ask for assistance in sorting out the problem.
Keep in mind that while wiring money instantly transfers money out of your bank account, it could take a few hours for the transfer to be credited in the recipient's account. There is a wire cutoff time in the late afternoon. Wires made after this cutoff will not be credited until the following business day.
- While wiring money instantly transfers money out of your bank account, it could take a few hours for the transfer to be credited in the recipient's account.
- There is a wire cutoff time in the late afternoon. Wires made after this cutoff will not be credited until the following business day.
Kristen Radford Price began writing in 2005 for her campus newspaper. She has served as a feature writer for the life-and-style section of the "Daily Herald," a contributor to "Utah Valley Weekly," an editor for a small publishing house and now as director of communications for an Internet company. Radford has a Bachelor of Arts in journalism from Brigham Young University.