You meet someone, typically through an online app or social media site, and begin a relationship. Many scam artists try to entice consumers to wire funds instead of mailing a check or using a credit card because wires can’t be canceled or reversed once initiated. To protect yourself from wire transfer fraud, consumers do need to be hypervigilant about knowing the people to which they are sending funds. They are secure transactions initiated by authorized personnel at First National Bank. Compared to putting a check in the mail, wire transfers are considered a safe way to transfer money. Wire transfers are an easy way to send money to individuals and businesses. Wire transfers can be sent to persons almost anywhere in the world. There are factors that could delay the credit to the beneficiary, including: local bank holidays, delays by an intermediary bank or other local conditions. The beneficiary’s bank will generally receive the funds 1 to 2 days later. If you are transferring funds to an international account, your account will be debited the same day and First National Bank will send the payment out immediately. Most domestic transfers are processed on the same day (there is a daily cut-off time). You need to send money quickly and securely.They are popular for international transfers because they are easy to exchange to a foreign currency, if needed. Wire transfers are common for both domestic use in the U.S. To send a wire transfer through First National Bank, you must be a current First National Bank customer who has a checking, savings or money market account with the bank.

Identity of the beneficiary financial institution.Beneficiary’s name, account number, and address (street, city, and state or for international wires, street, city and country).The person initiating the transaction, known as the remitter, provides all the instructions for the transfer, including: Wire transfers can be domestic (sent between accounts within the same country) or international (sent to a bank account that is based in another country). Wire transfers allow people in distant locations around the globe to safely transfer money across geographical locations.

Small Business Administration (SBA) LoansĪre you taking advantage of all the banking conveniences First National Bank has to offer? Simplify Your BankingĪ wire transfer is the electronic transfer of funds between individual or business accounts.

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