What is a Wire Transfer?
Wire transfer is a method of transferring money from one entity to another. A wire transfer can be made from one entity’s bank account to the other entity’s bank account. Wire transfers are an option when you cannot send a check or cash and you have to send the money quickly. You can send a wire most anywhere in the world. Bank-to-bank wire transfer is considered the safest international payment method. Each account holder must have a proven identity. Chargeback is unlikely, although wires can be recalled. Information contained in wires is transmitted securely through encrypted communications methods.
What does it cost to send?
If you are receiving an incoming wire, please contact us! Please notify our office when the wire will be coming, the amount of the wire and where you want it deposited (savings or checking).
Before beginning the process of transferring money by wire, you should have the following information:
1. How much money do you wish to transfer? When transferring from a credit union account, make sure that you have sufficient funds to cover the transaction, including any service fees.
2. Name, address, telephone number of who will receive the money you are sending.
3. The bank account routing and transit number and account number of the person receiving the money in addition to their financial institution’s name, phone number and address.
4. The wire routing number of the financial institution that holds the account the money is being sent to. It is important to verify the wire routing and transit number of the financial institution. Some financial institutions have routing and transit numbers set up specifically for wires only!
If you need to send a wire or have an incoming wire, please call us for specific wiring instructions or stop by the credit union branch!
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SUNY Fredonia Federal Credit Union 2023