Key takeaways:

• Wire transfers are a reliable and secure way to pay your independent contractors.
• You'll need to provide your bank with the necessary funds to cover the transfer amount, any fees, and any applicable exchange rates before the transfer can be completed.
• While wire transfers are generally fast, the transfer time can vary depending on the location of the recipient and the specific banks involved.

How to send wire transfers to your contractors

Before we begin: Manual wire transfers take a ton of time. And they’re no longer necessary if you want to pay your contractors—no matter where they live. Check out Thera today and see how you can pay your entire team of global contractors in a click.

Now, if you want to learn more about wire transfers, here you are…

Get the necessary information: First, you'll need to collect the necessary information from the recipient, including their bank name, account number, and routing number. Make sure to double-check this information with the recipient to avoid any errors.

Contact your bank: Once you have the recipient's information, you can contact your bank to initiate the transfer. This is usually a quick and easy process.

Provide your bank with the necessary funds: Before the transfer can be completed, you'll need to provide your bank with the necessary funds to cover the transfer amount, any fees, and any applicable exchange rates. Don't forget to factor in any additional fees that may be incurred during the transfer process.

Wait for the transfer to be completed: While wire transfers are generally fast, the transfer time can vary depending on the location of the recipient and the specific banks involved. Be patient and make sure to stay in contact with the recipient during the transfer process.

Celebrate! Once the transfer has been completed, you can celebrate! Your payment has been successfully transferred. Don't forget to confirm with the recipient that they have received the funds.

Wire transfers are a reliable and secure way to pay your independent contractors. By following these steps, you can ensure that your transfer is completed smoothly and efficiently, and enjoy the peace of mind that comes with knowing your payment is secure.

Want a faster way to pay your team? Use Thera

If you’re hiring contractors, you’re probably spending too much time on their payroll, contracts, and tax documents. Which is why we built Thera, which saves you 90% the time you spend on contractor paperwork each month.

With Thera, you can compliantly hire your contractors in 150+ countries, onboard them in minutes, and pay them all at once (in a click). It’s global contractor payroll, finally simplified.

Sound interesting? Click here to book a demo.