How to Protect Yourself in a Wire Transfer

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When it comes to wire transfers, you have to be very careful. We rely heavily on technology for transfers, but sometimes technology that is supposed to protect you can end up hurting you.

You will likely receive instructions from your escrow company, and they will detail how much money will be needed to transfer for the transaction. You should not receive an account number at this time, just instructions on the amount of money needed.

You will want to double check the amount with the escrow company over the phone.

Once you have double-checked, you’ll want to speak with someone at the bank to find the Fed reference number, and that will tell you the correct account number to transfer the money to.

After checking in with the bank, contact the escrow company and let them know that you’ve initiated the transaction. Communication is the most important part of this whole process. By staying in touch during the escrow process, you can protect yourself much easier.

If you have any further questions about how to safely wire money during a transaction, please don’t hesitate to contact me. I look forward to hearing from you!