How do I wire transfer money to someone?

Question

I own a small recycling business and I'm in the process of buying a baler from another company in Canada. Everything is set and all I have to do is wire money to their account with a number they gave me. I'm not exactly sure how i'm suppose to do that. Do I just go to my bank and ask them to wire money?

I want to be safe too since its over $40,000.

Answer 1

You need to go to your bank and have them do it for you. Most banks require that you have a money transfer agreement on file before the wire is done. But make sure you have all the right instructions including the corresponding bank info as well as the Swift Code for the Beneficiary's bank up in Canada.

Answer 2

I've wired money via Western Union, which has branches in a lot of grocery stores. But with that amount of money, I'd go to the bank and ask them about it first. I don't know that they can do it, but they may be able to guide you in the right direction since it's such a big chunk of change.

I wired money several times to my sister after she lost her house to Hurricane Katrina, but it was usually only about $600 a pop.