A wire transfer is an electronic payment service that can be one of the fastest means for sending and receiving funds into a bank account.  Receiving a wire transfer does actually require work by the recipient other than to ensure that the sender has accurate information regarding the bank and bank account holder.

To receive the wire transfer, you need to provide the individual or business that is sending the wire transfer your bank account number and the wire transfer routing number for the bank where your account is held.  Also make sure the sender has the correct full name or names on the bank account where the funds are being sent and the address of the bank.

If the funds being sent are from an overseas location, the sender will also need the SWIFT code for your bank.  A SWIFT code is a unique identification code f used by financial institutions for international wire payments and transactions.  The SWIFT code is used in conjunction with the bank routing number.

Most banks will charge a fee for conducting wire transfers including a fee for receiving a wire transfer.  For details regarding the cost for receiving a wire transfer, refer to the banks account fee schedule or call your local bank branch.

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