In order to send a wire transfer to the United States, there are specific details that your bank will need in order to successfully complete the transaction. Thus, to ensure that the beneficiary receives funds in their account in a timely manner, it’s extremely important that you have the information listed below with you in hand before going into the bank to do a wire transfer.
Note: The ABA is 9 digits and consists of only numbers. Whereas the Swift code is 8 or 11 digits and may be made up of both numbers & letters.
Once you have this information, you will be able to send the funds to the U.S without any issues. However, it’s crucial that you double check this information so that there are no hurdles with carrying out the transaction successfully.
Once you have all the required information, you may go into the nearest branch of your bank and go to a teller. Once you provide the teller with all the information, he/she will be able to send a wire transfer to the U.S from your account.
If you are unable to go into the bank, you may call your branch and speak to a manager and ask him whether you can send a wire transfer over the phone. Some banks may allow you to do that if you send a signed document by fax or email confirming the transaction.
Tip: If you use KnightsbridgeFX, you may be able to send an online bill payment in Canadian Dollars from certain banks such as BMO, RBC, Tangerine, National Bank, Desjardins and some credit unions and they will be able to send the funds to the U.S free of charge.
Although it is convenient to go to your bank and do a wire transfer, it’s important to keep in mind that banks charge a fee ranging from $20.00-$100.00 depending on the amount you are sending.
In addition to this, if you don’t have a USD account, they will also convert the funds for you at a much higher exchange rate leaving you with little or no savings on the transaction.
Tip: You may use KnightsbridgeFX, to send the funds to the U.S. Not only do they provide you with a better exchange rate than your bank but can also send the wire free of cost to anywhere in the United States.
Wire transfers are fairly quick and may be completed within 24hrs to one business day if they are sending to the U.S. The time mostly depends on how quickly your bank processes the funds and sends them to the recipient.
There might also be additional charges for sending a wire. This may include the receiving fee from the bank that the funds are being sent to. Furthermore, there can be a charge from an intermediary bank that might accept funds on behalf of your bank in the States.
Although it is awfully convenient to send funds through wire transfers to the U.S, it’s important to note the various options and transaction fees that come with it.
If you’re looking to wire transfer money between the U.S. and Canada – Knightsbridge FX has the best exchange rates for Canadian to U.S. currency at a rate that’s lower than the big banks. We can assist you from the different cities in Canada, including Bowmanville currency exchange. Give us a call today at 1.877.355.5239 or fill out a form here for a free non-obligation quote.
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