1. Find the wire transfer page
If you have online banking set up, log into your account, and find the wire transfer section of your bank’s website. This is usually located at the top toolbar of their homepage. You can also Google “wire transfer” and look for your bank in the results. Lastly, call customer service if you are still not sure.
2. Check your online transfer limit
The bank may require you to set an online transfer limit which is typically $5,000. Sometimes, they automatically set a limit. If the amount you need to send is over the daily limit, you need to call the bank and make a request.
In some cases, to verify it is you on the phone, the bank might have some additional security questions for validation. This can be anywhere from a special code sent to your phone to a secure email.
3. Provide bank details
To complete a SWIFT transaction, you’ll need to provide specific data on the recipient. This includes:
- Name and address of the payee’s bank.
- Name, address, and account type of the recipient (checking, savings, etc.)
- Payee bank account number or IBAN (international bank account number).
- Recipient’s BIC/SWIFT code.
4. Enter the amount and currency type
When you enter the payee information, the currency is usually set in the wire transfer form for the currency of that country. If not, select the currency and enter the transfer amount. As a general rule, a bank account in a foreign country is denominated by the local currency.
However, it is not uncommon for foreign banks to offer client accounts in multiple currencies. Especially when it comes to US dollars. Double check you are transferring money in the desired currency. Otherwise, if you send it in the wrong currency it is possible the transfer could be rejected.
5. Pay the processing fee
The bank will tell you how much they’ll charge for a transfer and your exchange rate. Once you know the amount, confirm how you want to pay. This is usually drawn directly from your bank account.