There's always a time when we have to pay something - whether it's for healthcare, education, groceries, or services - and we have to send the money real fast. When handing out cash or sending a check are not options, you can always send the money through wire transfer.

Wire transfers are quick, cheap, and safe transfers of fund from one bank account to another anywhere in the world. A bank wire transfer is often one the best methods for transferring money between bank accounts. Here are simple and easy steps to transferring money by wire safely.

Preparing the needed information

Before you begin transferring money, you should consider the amount of money you need to transfer. Make sure that your bank account has enough funds to cover transaction fees and any service cost. You'd be surprised to know how much it would cost you for overdrawn accounts.

You also need to provide the bank account number and the full name of the recipient of the money you're sending. Contact your bank and request for the following information: the routing number of your bank or financial institution (American Banking Association or ABA, you can obtain this information from the receiver's bank) and the telephone number and address of the bank.

Almost all international transfers are carried out through SWIFT, a co-operative society that operates an international network to make financial message transfers possible. These messages allow banks to exchange data for money transfer from one financial institution to another.

Completing the transaction

There are several ways to complete the wire transfer. Some banks allow you to complete the transaction through the Internet, whereas other banks require that you contact them by fax or phone. You can also transfer the money by wire in cash offices.

Whatever the method of transaction, always confirm that the transaction happened. You can ask for an e-mailed or faxed transfer confirmation number or you can contact the recipient's bank to confirm fund receipt.

Security

The bank-to-bank type of wire transfer is perhaps the safest method for international money transfer. It requires that each account holder must prove his or her identity and wire information is securely transferred via encrypted communications methods.

Wire transfers completed in cash offices are anonymous and designed for money transfer between entities who trust each other. International money transfers that involve the United States are monitored by the Office of Foreign Assets Control.