Benefits

• A bank wire transfer withdrawal is not only a convenient method of transferring money between bank accounts, it is secure. The transfer is traceable because the identity of both the sender and the receiver is known. There is little room for error since the bank wire settlement instructions are sent electronically. The encryption of the transfer keeps it secure.
  
  

Process

• A company's bank transfers the money out of the company's bank account into the requested account. It only takes minutes to do the transfer because there is very little paperwork. The wire transfer can be withdrawn in a few days. To do a wire transfer you need the recipient's bank account number and his bank's routing number. The transfer form is either faxed or sent online to the recipient's bank for the withdrawal.
  
  

Recommendation

• Only one person's signature is required by a bank. This is the person who has authorization to execute a wire transfer. However, a company's accounting or financial professional will recommend that two signatures for every wire transfer withdrawal sent. This minimizes honest mistakes such as duplicate payments or incorrect amounts. To avoid conflict of interest, the signatures on the check should not be the people who prepare checks, approve invoices, reconcile checks or are accounting staff.
  
  

International Wire Transfers

• To execute a wire transfer withdrawal internationally, in addition to the general requirements of the name on the account you are sending funds to, the account number, full address, the bank branch's transit number and address, and the bank's institution number, you need to provide the receiving bank's "SWIFT" Code. The SWIFT code is the unique identification code for each bank and stands for Society for Worldwide Interbank Financial Telecommunication. It is required for international transfers.