![]() ![]() When you practice due diligence with regards to security, wire transfers can be an easy, convenient way to transmit money. Money is removed from the sender’s bank account and then added to the recipients account. Banks are members of a secure, closed network that collects and settles intra-bank wire transfers. If you are sending a wire in foreign currency, you should also pay attention to the amount of the exchange rate as the amount of the exchange rate can vary among providers. The sender and recipient of the transfer belong to different financial institutions. Familiarize yourself with the fees that apply to your wire transfer before initiating a transaction as the amounts vary depending on the provider, destination, mode of sending money, and amount of money being transferred.Take care to determine that a wire transfer is valid and appropriate as wires are final and cannot be canceled once the transfer is initiated.What else should I know about wire transfers? These methods are similar in terms of security. When sending an international bank wire, you will need to provide the recipient’s name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries (you will be prompted for this).When sending a domestic bank wire, you will need to provide the recipient’s name, address, bank account number, and ABA number (routing number).The information you need to supply varies depending on whether you are using a bank provider or a nonbank provider: Though you can send wire transfers to both domestic and international recipients, fees vary according to provider, destination, and the dollar amount transferred. For this reason, wire transfers are often used to pay invoices, to send funds among family, or for real estate transactions. Though limits vary based on the money transfer provider, they tend to be high. ![]() You need to move large amounts of money.Most domestic transfers are processed on the same day, and international transfers are typically completed within a few days (depends on country). You need to complete a transfer urgently.They are popular for international transfers because they are easy to exchange to a foreign currency, if needed. Wire transfers are common for both domestic use in the U.S. The wire transfer can be facilitated by a bank (sometimes referred to as a “bank wire”) or by a nonbank money transfer provider. The sender is the one who provides all the instructions for the transfer, which may include the recipient’s name, bank, account number, amount, and sometimes a pickup location. When speed and simplicity are top priorities for a money transfer, wire transfers may be a good option.Ī wire transfer is a method of transmitting money electronically between people or businesses in which no physical money is exchanged. Need help? Call our Contact Center at are numerous options for sending money, such as checks, mobile apps, and electronic transfers, for different types of needs. While logged in, click Make a Payment then select your preferences for a recurring transfer, including the start date, amount, and frequency of your automatic payments. Please complete a form at your local branch to request this service, or conveniently set up recurring payments in digital banking. We offers the option to have your Visions credit card payment transferred automatically from your Visions primary savings or checking. To prevent fraud, you should only send money to people you know and trust. Remember to treat money transfer services as if they're cash transactions. Select it from the Transfers/Payments tab of digital banking to begin the set up process.Īlso in digital banking, we offer the option to send money with Zelle® or submit Member-to-Member transfers. ![]() This service is free of charge and lets you move money back and forth between your Visions accounts and those held at other financial institutions. We also offer an External Transfers option. To enroll, simply click on Bill Pay in digital banking and follow the simple set up menu. The service is free and a checking account is required. Our online Bill Pay service can allow you to pay bills or transfer funds from your Visions account to other bank or credit union accounts. Looking to transfer funds to other accounts? We have several options if you're enrolled in digital banking. Funds Transfers to other Financial Institutions ![]()
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