How to Wire Transfer and Send Money from UK to Sri Lanka?

Wire transfers are one of the safest ways to send money from one country to another. In this process, money from one bank or credit union is transferred to another financial institution with the help of an electronic network such as SWIFT or Fedwire. Wire transfers are not only safe but also fast.

If you are planning to send money from UK to Sri Lanka through wire transfer, you need to first understand how this remittance process works. In this type of funds transfer, you either need to go to the bank and initiate a transfer or do it online. If you are doing it online, you need to first log in to your online banking account and look for the wire transfer option.

Second step involves activating the limit for making a wire transfer. There are some banks that require the sender to activate or specify the limit for initiating an international wire transfer. If the transfer is over a certain amount, the sender needs to call the bank and get the large transfer authorized. For authorization, the bank may send an access code to the sender’s cell phone number that is registered with the bank.

Once the limit is set, the sender needs to enter the banking information of the recipient for initiating the transfer. Specific information such as, full name and address, account number, IBAN number (international bank account number) needs to be provided. If the sender doesn’t have details like IBAN number, it is recommended to ask the recipient to call their bank and get the number. The SWIFT or BIC code of the recipient will also be required whether the sender is planning to send money from UK to Bangladesh or any other country.

This code is needed by the sender’s bank to identity which bank the money is being transferred to. The next step involves specifying the currency in which the transfer has to be done. The sender either needs to specify the currency of the recipient’s country or it will appear automatically when the recipient’s bank details are entered. If the currency that appears automatically needs to be changed, the sender can do so by using the drop down menu.

After this, sender has to choose the account from which he or she wants the money transferred and specify the amount. Wire transfers are not done for free. Sender has to pay a certain fee for processing the international money transfer procedure. This fee can vary from one bank to another. The receiving bank may also charge a fee for processing the wire transfer. It is recommended for the sender and receiver to ask about this fee from their respective banks before initiating a transfer. Apart from the fee, it is also necessary to ask the bank how long it will take the money to reach the recipient’s account. Generally, it takes not more than one or two business days for the money to reach.