When sending a check or giving cash are
not options, you may choose to wire transfer money. Wire transfers are
quick, cheap and will allow you to send money anywhere in the world -
they are one of the best methods of international money transfer, and
they often offer for the transfer money to be picked up the same day.
In order to fund your account via wire transfer please contact our accounting department to receive our full bank details.
What is a wire transfer?
A
wire transfer is an electronic payment service for transferring funds
by wire (for example, through the Federal Reserve Wire Network or the
Clearing House Interbank Payments System).
Before beginning the process of transferring money by wire, you should have the following information handy:
1. How much money you wish to transfer. If transferring from a bank account, make sure that you have sufficient funds to cover the transaction, including any service costs. Fees for overdrawn accounts can be very steep!
2. Banc De Binary's Full Corporate Name and Bank Details.
3. The bank account number of Banc De Binary.
4. The Routing number, SWIFT Code, and IBAN of the bank or financial institution that holds the account the money is being sent to.
5. The bank account number and routing number of the account you are sending the money from.
What is a SWIFT Code # and what is it used for?
The
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is
an industry-owned co-operative supplying secure, standardized messaging
services and interface software to nearly 8,100 financial institutions
in 207 countries and territories. SWIFT members include banks,
broker-dealers and investment managers. While not always required, a
Swift Code number may be required by some banks for the completion of
wire transfers.
What is an IBAN number?
The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe and a maximum of 34 outside of Europe (German IBAN: 22 characters). At present, the United States does not participate in IBAN. Therefore, Bank of America does not have an IBAN number.
Once
you have that information on hand, you are ready to proceed with the
wire transfer. Here's how to send money instantly with wire transfers:
1. Contact the bank or financial institution that you would like to
use for the wire transfer. It is recommended that you use the bank that
has your account as there are fees that go with a wire transfer and
they will likely be lower through your own bank. Western Union is the
most famous service for money wire transfers.
2. Advise the bank how much money you wish to transfer and who you
wish to transfer it to. Provide them with the information listed above.
If possible, do so in writing as it is easy to transpose numbers if you
are passing them over the phone.
3. Request a confirmation number or receipt that the transfer has been completed.
It is also possible to transfer money online. Perhaps the most popular website is WesternUnion. Completing a wire transfer over the Internet is done by following the same steps as a bank initiated transfer.
If
you are looking to wire transfer money in a short time frame, make sure
you ask the bank for its deadline and transfer time. Most banks will
transfer money the same day requested, but there is usually a deadline
that you will need to be aware of if you need the money to be received
by a particular time. When you are requesting the wire transfer, ask the
bank when the money will arrive.
Tips & Warnings
1. The information you give to your bank should be in writing to minimize errors.
2. A wire transfer can transfer funds within a day, provided you initiate it prior to your bank's deadline.
3. Make sure the funds are in the account you are wiring from, or the wire will not go through.
4. Banks charge for making wire transfers; always ask how much before proceeding.
5. Wire transfers are not always immediate. Ask your bank when the funds will be transferred and when they will be received.
For information regarding Credit Card Deposits, click here.
