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A wire transfer invoice is sent by the billing party when they request a bank wire to be sent for a specified amount of funds. The invoice will specify the amount due from the products or services delivered and request that payment is made via a wire transfer.
What is a Wire Transfer?
A wire transfer is a way in which banks can electronically send funds quickly and securely to each other. Anyone with a bank account has the ability to send a wire transfer to another bank account holder. Western Union, a company that is still in operation today, was the first ever to start completing wire transfers (via telegraph). Other than depositing cash, sending a wire transfer is the fastest viable option a bank can send funds, which can be done domestically or internationally. The following information (of the Recipient) is needed when sending a bank wire:
- Bank Name
- Bank Address
- Bank Account Holder’s Address
- Account Number
- Routing Number (within USA)
- IBAN / SWIFT Bank Identifier Code (International)
How Long Does A Wire Transfer Take?
Once processed, a wire transfer shouldn’t take longer than 24 hours to be sent and deposited into another account. When done right, most wire transfers only take a few hours to be completed. When seeking to perform a same-day wire transfer, a wire should be initiated when a bank opens early in the day. Most banks close around 6 pm, which means wires that are initiated late in the day may not be sent until the following business day.
Helpful Tip: Wire transfers sent on the weekend or on Federal holidays will not process until the following business day (Monday – Friday). Always send wires on a business day and early in the day upon a bank’s opening hour.
How to Do a Wire Transfer?
Executing a wire transfer can be completed by phone, in person, or online – however, doing a wire transfer by phone or online may have limits as to the amount that can be sent (due to security). If you plan to do wire transfers online or by phone in the future, first go to your bank and talk about increasing your wire transfer limits to avoid problems. There are slight differences when sending wires from bank to bank within the US (domestic) and sending wires outside of the US (international).
Domestic Wire Transfer
Sending a domestic wire transfer is easier for most people and typically faster than an international wire. Gather the following for a domestic wire transfer:
- Recipient bank name and address
- Recipient bank’s routing code
- Recipient account number
Helpful Tip: When sending a wire from a business bank account, provide the business’s EIN number to the bank so they can verify.
International Wire Transfer
When sending an international wire, it’s important to find out the correct address (official) that is associated with the bank. For example, when sending an international wire coming from outside of the US while incoming to Bank of America – the sender would need the address 222 Broadway, New York, NY 10038, which is Bank of America’s official address for all incoming international wires. Once the funds are received, they will be sent to the account stated on the wire sheet. Gather the following for an international wire transfer:
- Recipient bank name, address and country
- Recipient account number (You may need a country-specific account structure, for example a CLABE or IBAN)
- Recipient bank’s SWIFT/BIC or National ID
- Currency of recipient’s account (foreign currency or U.S. dollars)
- Purpose of wire (a brief description of the reason)