Wire transfer or credit transfer is a method of transferring money from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
Process
Bank wire transfers are often the most expedient method for transferring funds between bank accounts. A bank wire transfer is effected as follows:
The person wishing to do a transfer (or someone they have appointed and empowered financially to act on their behalf) goes to the bank and gives the bank the order to transfer a certain amount of money. IBAN and BIC code are given as well so the bank knows where the money needs to be sent to.
The sending bank transmits a message, via a secure system (such as SWIFT), to the receiving bank, requesting that it effect payment according to the instructions given.
The message also includes settlement instructions. The actual transfer is not instantaneous: funds may take several hours or even days to move from the sender's account to the receiver's account.
Either the banks involved must hold a reciprocal account with each other, or the payment must be sent to a bank with such an account, a correspondent bank, for further benefit to the ultimate recipient.
Banks collect payment for the service from the sender as well as from the recipient. The sending bank typically collects a fee separate from the funds being transferred, while the receiving bank and intermediate banks through which the transfer travels deduct fees from the money being transferred so that the recipient receives less than when the sender sent.
Beneficiary Bank Information:Name of bank:
SWIFT ID:
Street:
Postal Code/City:
Country:
Beneficiary Personal Information: Account #:
First name:
Last Name:
Address:
Postal Code/City:
Country:
Correspondent Bank:
If Bank is located within the European Union then you will need the IBAN code of your Bank account. You must ask your Bank about your IBAN code. That IBAN code contains information about your Bank account.
SWIFT ID:
Street:
Postal Code/City:
Country:
Beneficiary Personal Information: Account #:
First name:
Last Name:
Address:
Postal Code/City:
Country:
Correspondent Bank:
If Bank is located within the European Union then you will need the IBAN code of your Bank account. You must ask your Bank about your IBAN code. That IBAN code contains information about your Bank account.
Anonymous Wire Transfers:
Due to know-your-customer/client (KYC) regulations it is not possible to achieve 100% complete anonymity for wire transfers.
As a representative example of the cost, Bank Of America in August 2011 charged $25 to send a wire and $15 to receive one within the US. For international transfer, it charged $35-$45 outgoing, $20 incoming.
The following table gives the SWIFT MT 103 Basic Format for Wire Transfer
| Tag | Field Name |
| 20 | Sender’s Reference |
| 13C | Time Indication |
| 23B | Bank Operation Code |
| 23E | Instruction Code |
| 26T | Transaction Type Code |
| 32A | Value Date/Currency/Interbank/Settled Amount |
| 33B | Currency/Instructed Amount |
| 36 | Exchange Rate |
| 50a | Ordering Customer |
| 51A | Sending Institution |
| 52a | Ordering Institution |
| 53a | Sender’s Correspondent |
| 54a | Receiver’s Correspondent |
| 55a | Third Reimbursement Institution |
| 56a | Intermediary Institution |
| 57a | Account With Institution |
| 59a | Beneficiary Customer |
| 70 | Remittance Information |
| 71A | Details of Charges |
| 71F | Sender’s Charges |
| 71G | Receiver’s Charges |
| 72 | Sender to Receiver Info |
| 77B | Regulatory Reporting |
| 77T | Envelope Contents |
Correspondent Banks Fees
SWIFT or IBAN wire transfers are not completely free of vulnerabilities. Every intermediate bank that handles a wire transaction can take a fee directly out of the wire payload (the assets being transferred) without the account holders knowledge or consent. There is no legislation or technical means to protect customers from this practice. If bank S is the sending bank (or brokerage), and bank R is the receiving bank (or brokerage), and bank I1, I2, and I3 are intermediary banks, the client may only have a contract with bank S and/or R, but banks I1, I2, and I3 can (and often do) take money from the wire without any direct arrangement with the client. Clients are sometimes taken by surprise when less money arrives at bank R. Contrast this with cheques, the amount transferred is guaranteed in full, and fees (if there are any) can be charged only at endpoint banks.
Anonymous Wire Transfer
It is not possible to make anonymous wire transfers /swifts.
The only solution would be, that you register a company name and account with the current bank and make the wire/swift from your company account. I that case, the only name that would appear is the company name.
Bank-to-bank wire transfer is considered the safest international payment method. Each account holder must have a proven identity. Chargeback is unlikely, although wires can be recalled. Information contained in wires is transmitted securely through encrypted communications methods. The price of bank wire transfers varies greatly, depending on the bank and its location; in some countries, the fee associated with the service can be costly.
Wire transfers done through cash offices are essentially anonymous and are designed for transfer between persons who trust each other. It is unsafe to send money by wire to an unknown person to collect at a cash office: the receiver of the money may, after collecting it, simply disappear. This scam has been used often, especially in the so-called 419 scam.
