In order to wire money to an individual, the best approach is to go to a company like Western Union, which will then take physical money from one person and wire it to another Western Union in the location of the individual receiving the wire transfer. Find out how some banks use wire transfer services with help from a registered financial consultant in this free video on wiring money.
This is financial advisor, Patrick Munro, talking about how to wire money to an individual. Basically wiring money is a quick and urgent way to get dollars from one individual to another in the case of a financial crisis. If someone calls you and they need money and they're on the other side of the country, the best way to do this is to go to a company such as Western Union. Basically what you'll do is give dollars across the counter to the Western Union individual. They will in turn take their wire apparatus and find out where the other individual is and wire it to another Western Union operation in that town and what they can do then is go down to the Western Union office in the other city and pick up their dollars some time in the same day. Banks also offer this service if the other individual has a checking account and you have the routing number for that checking account. So there is two ways to wire money, either through Western Union or through a bank if you have the routine and account information of where it would go to. Both involve a fee because of the fact that this is a service. This is financial advisor, Patrick Munro, talking about how to wire money.