Commonly Asked Questions About Transferring Money Between Banks
What is the Western Union® Direct to Bank Account money transfer service?
The Western Union® Direct to Bank Account money transfer service provides a convenient and straightforward way for senders to transfer funds directly to the recipient's bank account.
What information is required from the sender to send a Direct to Bank Account money transfer?
The sender will need to provide specific bank information based on the recipient's country. Generally, the required details include:
- The recipient's bank name
- The recipient's Bank Code and bank account number
- The desired amount and currency for the transfer
To ensure accuracy, please refer to the Direct to Bank Account - Country Information section for precise requirements in each country.
How can I send money to a bank account?
The option to send money to a bank account is available for select countries. After initiating the transfer, the funds will typically be credited to the recipient's bank account within three banking business days, subject to specific restrictions. Further details can be found in the Terms and Conditions. Once the transfer is complete, advise the recipient to contact their bank or review their bank statement to verify the deposit.
What's a bank code?
A bank code comprises a series of numbers employed globally to identify banks. The length of the bank code varies from 3 to 23 digits based on the country and the specific code type. The term "bank code" may also be known as:
- SWIFT code
- BIC (Bank Identification Code)
- CHIPS (Clearing House Inter-Bank Payment System) - applicable to US and Canada only
- NCC (National Clearing Code)
- BSC (Bank Sort Code)
- IFSC (Indian Financial System Code)
In certain countries, an international bank account number (IBAN) may also be necessary in addition to the bank code. To obtain the bank code and IBAN (if applicable), please contact the recipient.
What's an IBAN code?
An IBAN is used in some countries to identify a customer's bank account. It consists of an alphabetical country code followed by two digits and up to 35 characters representing the bank account. To retrieve the IBAN, kindly obtain it from the recipient.
What currencies are available for payouts?
The Direct to Bank Account money transfer service supports various currencies for payouts.
Payouts will exclusively be disbursed in the local currency. It is imperative for senders to confirm that the recipient's bank account is designated in the local currency to evade potential service disruptions or supplementary fees imposed by the receiver's financial institution.
How long will it take for my funds to arrive?
Typically, direct transfers to the receiver's bank account will be credited within a span of 3 banking business days subsequent to the completion of the money transfer, contingent upon certain limitations. For further particulars, please refer to the Terms and Conditions.
How can I determine if my funds have been dispatched?
The progress of any money transfer can be monitored by availing the transfer status service. All that is required are the tracking number (MTCN) and the sender's name. Simply visit this link to access the service.
What exactly is a BIC code?
A BIC code is an internationally recognized identifier for banking institutions. Functioning similarly to a SWIFT code, the BIC code is composed of either 8 or 11 characters.
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