In other words, money is transferred from one bank or financial institution to another, wherein the sending and receiving bank follow a set of financial protocols to ensure the funds are deposited to the intended recipient, without having to rely on having a common banking infrastructure between the sender and the recipient's banks, even if they are in different countries. #1: What is a Wire Transfer?Ī wire transfer is an electronic transfer of funds from one person or corporation to another business or individual. Here are the top 10 things you need to know about wire transfers, so you can start sending payments without stress. Whether you’re sending money to your family overseas or sending international business payments, it’s important to know if your wire transfer services are in good hands. Whether you need to pay your suppliers, pay your contractors or pay employees abroad, how much do you really know about wire transfers, the actual process of wiring money, and wire transfer risks? Not an ATB client? Browse our accounts and sign up easily online.Wire transfer is one of the most popular methods of moving money worldwide. We strongly recommend you double-check everything with your bank before you complete the transfer. A European bank, on the other hand, may request details like a Society for Worldwide Interbank Financial Telecommunication (SWIFT) bank identifier code (BIC) or international bank account number (IBAN). Keep in mind, when sending to US bank accounts, the American Bankers Association (ABA) routing number needed is the automated clearing house (ACH) or electronic transfers number, not the Fedwire ABA routing number. Specific countries may require additional routing information, such as a branch code, transit code, international routing number, purpose of payment, etc. You’ll also need information specific to your recipient’s bank, including the country, bank name, account holder name, and the account number and type. Already an ATB client? You’ll need to confirm your address on file with ATB, as well as your recipient’s name and address.
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