Wire Transfer

Wire transfers, also known as money transfers, are an effective way to electronically transfer funds from one person to another. As an international student, understanding the wire transfer process is important because it will allow you to have continued financial support from family or friends while you are studying outside your home country. Wire transfers allow you to move money quickly and securely, making it ideal for sending large amounts of funds to cover expenses such as tuition and housing. The process uses a SWIFT number, also known as a bank identifier code, to transfer money from a bank in your home country to a bank in the country you’re studying in. Not only are wire transfers secure, but they are also very accessible.

Most people may be intimidated by the idea of sending a wire transfer due to the amount of paperwork that must be completed. However, by staying organized and gathering all necessary documents, you will be able to efficiently complete this process. It is important to keep in mind that the exact process is going to vary depending on the bank and company that you use to complete the transfer. Be sure to contact them and verify any additional information you need to gather.

To get started, a few general items you will need include:

• Account holder’s name, full mailing address and institution number
• Account number
• Branch number
• SWIFT code and routing number (international wires)

When sending a wire transfer to Corban, it is important to be aware of any wire transfer fees. Fees are charged whether you are sending or receiving funds, and the amounts vary if the wire is domestic or international. Wire transfer fees may vary depending on your bank, but can range from $15-$50 and take 3-5 business days. If you are using a third party bank, there may be additional fees that are withdrawn from the amount that you send. This means that you (or whomever is sending you funds) may have to send more than the amount you initially need so you do not come up short. Make sure you confirm the fee with each company involved and factor that amount into the amount you send.

If you need to transfer tuition directly to your college or university you will want to confirm with the school if there are specific wire transfer companies you should send the funds through.

Pros of Wire Transfers

Wire transfers are known for being safe, secure and fast. This is the main reason why people wire large amounts of funds. If you need to send funds domestically or from one European country to another, wire transfers may be the fastest way to send a large amount of money. In addition, since the funds go from one bank to another bank, and then directly into your recipient’s account, it is very safe to wire money.

Cons of Wire Transfers

Sometimes is it more expensive to send funds internationally than it is to send them domestically. In addition, once you send a wire transfer, you cannot reverse the transaction if you change your mind. Scammers, in particular, may take advantage of this last point. Even though it is secure to transfer funds from one bank to another, there are often scams involved when transferring large amounts of funds.