Wire Transfer | How to send and receive Money Fast anywhere with Bank Wire Transfer
Do you have any need to transfer or receive money anywhere as fast as possible, then the right tool to use is the Wire Transfer. Wire transfer offers you immediate, safe and reliable money transfer provided you’re not sending the money to a thief.
When you want to make transactions such as buying a house or a card, wire transfer becomes your shortest.
What is Wire Transfer
Wire Transfer is an electronic transfer way of transferring money. There’re other electronic ways of transferring money but wire transfer is one of them and also a very fast one at that. Wire transfer traditionally goes from one bank or credit Union to another using a network like SWIST or Fed wire. The term can be used for other transfers as well so, clarify the type of transfer if you are asked.
But if someone refers to you as ‘’Bank wire’’, then it means the traditional bank-to-bank transfer. Or it can mean another type of money transfer service may be accepted.
The Speed of Wire Transfer
Transferring money with this tool is very important because if it’s within the United States, money moves the same day. That’s to say that you can achieve the same day money transfer. But if it’s outside the U.S it can take a day or two days to get to the destination.
What about Cleared Funds?
With Wire transfer, money moves very fast. So, a recipient doesn’t have to wait for the funds to clear before claiming or making use of the money. That’s to say that there’s no hold on the money received through wire transfer. So, if you’re selling anything, wire transfer is safer for you than using a check. We’ll know that checks can bounce. However, it can take weeks to discover that your payment is bad.
What is the Processing Time?
Transferring money with Wire transfer can take a day to be completed. However, it depends more on how fast or early you submit your send money request.
But it can take some hours to reflect in your account even if the bank has received the money. It’ll take a bank’s employee some work to complete all the information to make the funds available in the recipient’s account. But if you’re in dire need to use the money, you’ve to make some calls to facilitate the bank activities.
How to Use Wire Transfer
If you want to Wire Money, all you’ve to do is to submit some instructions to your bank. You’ll provide the recipient’s bank account using the banks request form. However, some banks may want you to complete the process online.
You’ll provide the information below:
- Recipients bank name(the bank the money is going to)
- Recipients bank ABA number or other code
- Enter the payee’s account number at the bank
- Any further information is needed will be known by the bank.
Receiving Money by wire
Before you can receive money by wire, you’ve to provide your bank account details to the person sending you’re the money. Ask your bank to give you the ‘’incoming wire instruction’’ to ensure you’re giving the right information. Since it takes the money extra one day to appear in your account, it’ll take about two days for the transfers to be complete unless you call the bank.
Fees for Wiring Money
Banks Charge around $40 for sending a Wire and $10 or free for receiving a wire transfer to your account. But in case you’re using your Credit card to fund your transfer, you’ll then pay cash advance fees, the higher interest rate for the transfer. Therefore, it’s advisable you wire your money directly from your checking account.
How safe is Bank Wire Transfer?
The greatest risk is wire transfer is when you’re sending money. The money goes from one bank to the other. If a thief gets hold of your bank account, it can be used to send your money to any account even overseas or withdraw your cash. And before you know it, it’s too late.
So, if you’re sending money to someone, think well about the person you’re sending money to. It’s always difficult to confirm you received your wired money when sending to organizations. In this case, anybody with a Fake ID might collect the money.
Receiving wired Money: This is a bit safer because one the money is received; it’s in your account and you can withdraw it within one business day. But it’s more difficult if the sender wants to pull back the money. Always speak with someone from your bank to confirm the transactions.