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An international bank transfer is not a difficult process to undertake. It is indeed relatively simple to do and nearly any bank can process the transaction for you for a fee. Your own bank however, may be the best option for fee savings.
What is Needed
In order to conduct an international bank transfer to another bank, you must first have the IBAN or routing number of the bank you are wiring the money to, and the account number of the person you are sending the funds to.
Step 1 – Gather the Necessary Information
You will need at a minimum, 3 pieces of information from the person you are sending the funds to:
- IBAN or routing number that corresponds to the receiving bank
- account number of the person you are sending the money to at the receiving bank
- the account holders name and phone number
The sending bank will require certain information from you. The amount of information they will need depends largely upon how much money you are sending via wire. Some information they will ask for is:
- your identification
- your current address
- your phone number
- the reason for the transfer
Step 3 – Keep Your Receipts
You will be given a receipt and possibly other paperwork once you have completed the transfer. It is best to keep this documentation in a safe place in case you need it later, such as to verify that you sent the funds in question. It will contain tracking information and a transaction number that will assist in tracking should the need arise.
