Maybe the best - and  fastest - way of getting funds into your bank account is through a  wire transfer. It's secure, it's same day, and it's super-simple. So why don't more folks know hot to set up bank wire transfers?

It’s not like banks are making a big secret out of wire transfers. Big banking giants like Citibank (Stock Quote: C) and Bank of America (Stock Quote: BOA) have streamlined wire transfer services for regular baking customers that are actually cheap. Both banks charge about $8.80 on a $300 wire transfer sent from the U.S. to Mexico – pretty handy if you lose your wallet in Cancun. A similar funds transfer handled by the U.S. Post Office would cost $10; from Western Union (Stock Quote: WU) it’s $10.70; and from a wire-service specialist firm it’s about $12.

Okay, so the price for moving money in and out of your bank account the same day is pretty low. But why else would you use a wire transfer? How about if you’re buying a house and need to move a large chunk of money into the seller’s hands that afternoon (or better yet, you’re the seller and you get the money via wire transfer the same day).

Not only do you not have to be physically at the bank to send or receive a money wire, you can either use a phone or the web site where you bank to get the job done – all at the click of a button. But if you use a non-bank party, like Western Union, and you’re shipping money via bank wire, you’ll have to trek to the closest office and give the Western Union clerk the money upfront (usually in the form of a check or credit or debit card).

Here’s how to receive and send a money wire:

You’ll need the following:
- your bank routing number (the nine-digit number that you’ll find at the bottom left-hand corner on one of your personal checks)
- your account number (usually the nine-digit number located at the exact bottom center of your personal check)
- your phone number (in the rare case that something goes awry).
- the routing number and bank account numbers of the party receiving funds. (The transfer service may need approval from the other party to get this information, and may do so by contacting that person or business directly.)

To get going:
1. Contact the bank associate at your financial institution who handles wire transfers. Provide the bank routing number and your bank account number, and the amount of money being wired.
2. Once the information is in hand, the wire specialist will transfer the money to a bank at the other end of the wire (or, vice-versa, if you’re the one receiving the money wire) and the money will end up in the intended bank account the same day.

Depending on what time you started the money wire process, the cash should hit the other account sometime that afternoon – and almost always before 5 PM the same day.

Make sure to always ask for a written confirmation, via email, fax or by snail-mail, of the details of the transaction.

Bank wire transfers are easy to complete and are growing more affordable, as bigger banks look to get in on the action. And that’s a pretty good deal to move money around where you want – all on the same day.

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