Article summary
There are all kinds of methods you can use to transfer money to your loved ones. If you want a way that’s quick and easy, then an wire transfer might be right for you.
Whether you’re sending a gift to family members who live just a few houses away or supporting friends in Australia or anywhere else in the world, knowing what’s required for a wire transfer is vital. Following the instructions for a wire transfer correctly makes it easy for money to get to the right people at the right time.
Understand what information is needed for a wire transfer when sending money internationally or domestically through your bank or money transfer service with this guide.
In this article about the wire transfer payment method
• What information do you need for a wire transfer?
• What information do you need to send money using an online money transfer service?
• The Importance of Following the Instructions for a Wire Transfer
•
What information do you need to make a TEF: electronic funds transfer?
Making a transfer from your bank account to another bank account is a common way to move large amounts of money within Spain and abroad. Generally, the sender must provide their full name and phone number. You will also need to give the receiver’s:
- Name and surname
- Phone Number
- Address
- Bank name and banking information
- Current Account Details
You can usually fill out a form at your local bank branch or fill one out online. These are the essential pieces of information, but the requirements for electronic funds transfers may differ when sending money internationally or domestically.
Information Required for an International Wire Transfer
The information required for an international electronic funds transfer includes all of the above and one or more of the following recipient information:
- SEPA (Single Euro Payments Area): the SEPA code is made up of a country code identifier (ES in the case of Spain) next to 16 digits. Normally, before making a wire transfer, it will be requested if both the sender and the recipient are under the SEPA Single Payments Zone.
- IBAN (International Bank Account Number) – up to 34 characters, depending on the destination. The first two identify the country, followed by two check digits and the bank account number (up to 30 digits).
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) and BIC (Business Identifier Code) – These are often used interchangeably, but are standard format codes for identifying banks and financial institutions around the world. SWIFT codes consist of 11 digits containing the bank’s code, country, location, and branch.
- Routing Number: The American Bankers Association (ABA) designed the transit routing number (sometimes referred to as the ABA RTN). This is a nine-digit code that identifies the financial institution from which a transfer is sent (your bank). Electronic payment methods use it to identify the paying bank for bank transfers. This identifier will be required in case of transfers to the United States.
- Routing code: The routing code is an identifier used by the United Kingdom when making transfers between banks to identify both the bank and the branch where the account is located.
- ISFC Code (Indian Financial System Code): is an 11-digit code used to make bank transfers to India. This code allows you to identify the bank branch of the account, where the first 5 digits represent the name of the bank and the last 6 digits define the code of the branch.
- Sort Code: The Sort Code is a code that allows you to identify your bank and is something you can easily find on your bank statement, in online banking or with your bank’s application. The first two digits identify which bank it is and the last four the branch.
Find out more in our guide to SWIFT and BIC codes.
Information Required for a Domestic Wire Transfer
The requirements for wire transfers when sending money domestically to someone or a business in Spain are slightly different. You won’t need a SWIFT code, but these two codes may be required to make a domestic wire transfer:
- Account Number – The bank account number is usually between eight and twelve digits long. They identify the specific bank account to which the money is transferred.
- IBAN (International Bank Account Number) – up to 34 characters, depending on the destination. The first two identify the country, followed by two check digits and the bank account number (up to 30 digits).
What information do you need for an online electronic funds transfer payment method?
The information needed to make a TEF (electronic funds transfer) may vary if you use an online money transfer service instead of a bank. Transferring money through an electronic money transfer service can be faster and more affordable, with costs based on factors including the amount you want to transfer, the destination, and the receiving currency (for international transfers).
The main difference is that the money you send doesn’t have to come from your bank account – you can often cover expenses with a credit/debit card or even cash.
Online TEF (Electronic Funds Transfer) services offer an alternative to bank-to-bank transfers, and you can often send money around the world 24/7. Simply sign up and verify a profile with the provider of your choice and prepare the following information to transfer money based on the method you prefer.
Information Needed for an Online or App Wire Transfer
To send money online or through your provider’s app, you first need to sign up. You can check our website on how to do it now. You can then arrange the money transfer, but you may also need your:
- Login Information
- Credit or debit card details
- Recipient’s first and last name: the same as on the identity document.
- Recipient’s country: Sometimes you’ll need their full address.
- Exchange Rate
Information needed to send money in person
Just like visiting banks, money transfer services often allow you to send money in person. This can be to set up a money transfer early on or to complete a transfer that started online. In either case, you may need:
- Government-issued ID to confirm your identity
- Cash, credit or debit card to pay the total, including transfer fees and exchange rates.
- The recipient’s full name (as shown on their ID), country and address (if requested)
Information needed to transfer money to a mobile wallet
Sending money to a mobile wallet can be quick and convenient. To do this, you may need your:
- Mobile Phone Number
- Recipient’s full name, country, and address
- Receiver’s mobile phone number
Information needed to send money to a bank account
You can also use wire transfer services to send money to a bank account, whether you have a bank account or not. To do this, you will usually need your recipient’s details:
- Name and surname, as they appear on your national identity card.
- Recipient’s first and last name
- Country and, if applicable, full address
- Country and, if applicable, full address of the recipient
- Phone Number
- Account Number
It then depends on whether you’re sending money domestically or internationally. Additional information you need includes:
Within Spain: name of the receiving bank, IBAN code and bank account number.
Outside Spain: IBAN of the recipient and bank identification code (BIC or equivalent in the receiving country) of the receiving bank. More data may be requested depending on the destination.
The Importance of Following Transfer Instructions
Following the instructions on a wire transfer accurately is essential in ensuring that, the money you send reaches its recipient. Double-check that you’ve met all wire transfer requirements for the destination and the bank or money transfer service you’re using. This includes filling in the correct digits of the recipient’s bank account and typing everything correctly.
Making a mistake or skipping a step when following the transfer instructions can mean that the money goes to the wrong account. If an account does not exist, the transfer may be declined and returned, causing a delay. This is especially problematic when transferring money to pay a bill or when there is another type of deadline.
Frequently Asked Questions & Guides
- What is a wire transfer?
- How to make a wire transfer
- What’s the difference between a wire transfer and a bank draft?
