Wire money is the fastest and secure method of transferring money internationally. Wire money is the process of sending money from one country to another in the name of one bank to another bank, one institution to another institution, from one business party to another business party. Through wire money, you can send money either through banking institution direct in the bank account of the receiver only by providing necessary information about the bank of the receiver of the money. To send the money through wire money method, the sender of the money is required to pay a specified fee to the facility provider. Wire money is the ultimate solution for sending money through cheques and money orders because sending money through money orders is always a time taking and an unsecured process of money transition from one place to another place.

Sending money through wire money to any country, especially Sri Lanka has a pre specified process which has to be followed with due consideration.

Sending money from Bank to another bank

Sending money in today’s time through a bank is an electronic process in which a sender of the money provides necessary information to the facilitator bank about the receiver’s account and also about the receiver’s bank. Based on the information furnished by the sender of the money, the bank sends the money to the receiver’s banking institution. Once the transfer has taken place, the sender bank will provide a unique transfer code to the sender of the money.

Example

“A” wants to send money to “B” for some reasons.

Step-I: B provides the detail to the A about the bank institution and it bank account

Step-II: A contacts to his banking institution and provide all the detail of B and his bank with the money to be transferred.

Step-III: bank receives all the necessary information from An about B and his bank and verifies all the information to be correct and accurate.

Step-IV: Once the information is checked and stated to be correct, now the bank will transfer the money into the account of B with all safety and security

Step-V: Sender bank will provide a Unique money transfer code to An as a proof of money transfer which can be used in future in case of any problem occurred in the transaction, such as money not received or transferred wrongly due negligence of the bank personnel.

The sender bank will charge a specified fee for sending money to another bank as per the prescribed rate.

Process of international money transfer

Step-I: For sending money from any of the countries to Sri Lanka, you need to have a specified BIC (Bank Identifier Code) The BIS code which is commonly used is SWIFT code.

Step-II: Once you have the BIC and SWIFT code, you are required to fill the money transfer form with due diligence and put all the necessary information as per the demand of the bank in form. Write the BIC and SWIFT code in the form.

Step-III: Once the amount to be sent along with the money sending form is submitted with the bank; now the bank will charge currency converting fee from a sender of money let say US dollar into Sri Lanka currency. You should have enough knowledge about the exchange rate to convert money from one currency to another currency.

Step-IV: Once the money is transfer through the bank of money exchanger, now the sender of the money will be provided with the unique identity number, which is required to be furnished by the receiver of the money at the exchange point.

Step-V: The money transfer agents such as Western Union Money Transfer or Instarem available in Sri Lanka, will match the UIN number provided with the system data and hand over the money to the authorized person with valid ID if found to be true.

So you can now wire money to Sri Lanka or any other country easily.