A traditional wire transfer is a method to transfer funds electronically from one bank to another bank. We typically get a lot of questions about how they work so we tried to answer some FAQ’s about wire transfers today on the blog.
How do I make a wire transfer?
All TS Bank clients can make wire transfers by visiting a TS Bank location and filing out a wire form. TS Bank clients can also call in to the client contact center to request a wire by calling 844.487.3030. If you are not a TS Bank client, you will not be able to make or receive a wire transfer.
What information do I need to make a wire transfer?
You must be considered an authorized signer on your TS Bank account and sufficiently prove your identity before a wire transfer will be authorized. You will also need to provide the information for the bank receiving the transfer. This includes the receiving bank’s name, address, routing number along with your account number and the name on the account.
What are the advantages of sending a wire?
When funds are deposited into an account via check, financial institutions must first validate the funds from the delivering bank. This process can take several business days, during which you may not have access to these funds. With a wire transfer, the funds are available immediately after the deposit is made into the receiving account. This is why TS Bank requires extra security measures to make a wire transfer.
What is a SWIFT code?
Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a unique code required by banks on an international wire transfer.
Is there a deadline for requesting wires?
All TS Bank outgoing domestic wire requests must be completed by 3:00 pm CST and all outgoing international wire requests must be completed by 1:00 CST in order to be processed the same day.
Is there a fee for wire transfers?
The outgoing domestic wire fee at TS Bank is $28.00. The outgoing international wire fee at TS Bank is $40.00. TS Bank does not charge a fee for incoming wires.
If you are looking to send a wire to TS Bank, you can find the form here. Questions? Call our client contact center at (844) 487-3030.