Chapter 12: Collecting Payments
If you need to send or receive a large sum of money TODAY, the only real option outside of crypto is a wire transfer. Wire transfers typically land within 30 minutes, and are most common for large, timely transfers (>$100,000). Wire transfers can also come in handy for international payments, since other forms of payment often take longer to process overseas. In order to send a wire transfer, you will need the following information about who is to receive it:
Recipient’s Name:
Recipient’s Address:
Bank Name:
Bank Address:
Account Number:
Routing Number:
For international wire transfers you will also need to include the receiving bank’s SWIFT BIC, plus the International Payments System Routing Code for certain countries. Both of these things can be Google’d rather easily if necessary. If you’re receiving a wire transfer, you will need to send all this information to whoever is sending it to you.
When sending a wire transfer, be absolutely sure that all of the information is inputted correctly, since once it’s sent, it cannot be undone. For larger transfers (>$100,000), many banks will require you go in person to a branch to conduct the wire - at least that’s been my personal experience.
Wire transfers also always have a fee associated with them, generally $30. Different institutions have different rules on who pays this fee, so be aware of that ahead of time. The fee may also vary depending on the institutions involved and what country they’re located in.