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What is the process to pay through wire transfer?
When you want to send or receive money faster, a wire transfer (popularly known as a bank transfer) might be the right or the best tool for the job. This type of transfer is reliable, safe, and immediate (as long as you are not transferring money to a thief). For significant transfers such as making fee payments to the college, wire transfers are the right way to go. For online wire transfers, you will need to do the following:
- Visit the official website of your bank and log in by using your credentials i.e. user ID, password, and captcha code
- After logging in, look for the wire transfer option
- Activate your wire transfer limit because some banks need you to mention a limit for international wire transfers i.e. college fee transfers. Beyond limit transfers, you will need to contact your bank to legalize the same
- To complete your international wire transfer, you will need some essential bank details from the recipient (the college) of the transfer. These include the name and address details of the recipient’s details, bank details, account number or International Bank Account (IBA), SWIFT/BIC code, etc. (ask your college if anything is missed)
- Pay the bank’s charges for processing your international (college fee) wire transfer
- It generally takes 1-2 business days for the transfers to go through