In order to place a wire transfer, you need information from the bank of the person to whom you are sending the money. If they’ve received transfers before, they likely have a set of instructions that include their account number and wire transfer authorization.

 

You must then go to your bank and give them this routing and account information. There is often a fee associated with transferring money. And, generally, when a person is paying by wire transfer, it is because they are purchasing something internationally. If this is the case, you must also be sure to allow for the exchange rate difference.

 

It is a good idea, once you’ve sent a wire transfer, to send your confirmation of the transaction to the representative at the company you are sending the money. That will remind them to check their wire transfer deposits, because most companies do not keep daily track of wire transfers, because it isn’t their most frequent method of payment.