How To Send And Receive A Wire Transfer

How To Send And Receive A Wire Transfer

For sending or receiving money in the quickest way possible, you may find that a wire transfer offers the best solution. Wire transfers are speedy and reliable, and your money is safe until it reaches its recipient.

Read on to know more about wire transfers:

What is a wire transfer?

They are essentially an electronic way of transferring money, and in their most traditional sense, they are sent from one bank or credit union to another via a SWIFT or Fedwire network, however, the term ‘wire transfer’ is often used in reference to other forms of transfers, so clarify the type before taking any further action.

Just how fast are wire transfers?

At their fastest, transfers will move within a day, maybe two, and same-day transfers are available in the US, while for international transfers the time taken will be a little longer, but never usually more than 5 days.

As a recipient of a transfer, how long will I have to wait for the money to clear?

The good news is that because wire transfers move the money so quickly, recipients of the transfer shouldn’t find themselves having to wait for the funds to clear before they can claim them or spend the money, since there is usually no holding time placed on money that is received by wire transfer.

This makes wire transfers much safer than other forms of payments, especially for those who sell products or services, since there is no way that a transfer can bounce like a check can, and with a bad check, it can sometimes take days, if not weeks to discover that the payment was defunct.

Once I’ve submitted a request to send money by wire transfer, how long will it take?

It is often the case that wires are completed within a day, but it may still not show in the recipient’s bank account that the money has arrived for a good few hours, as the banking staff will need to complete work at their end before the funds can be made available.

If you are in a real hurry for the money that has been sent to you by wire transfer, then you can usually make a call to the bank and speed the process up a little.

How to use a wire transfer?

Simply contact your local bank branch, either by phone or by dropping in, and submit the required information. This will of course include the recipients bank account details, and while some banks enable you to do this online, others will require you to complete a printed form.

Receiving money by wire of course means that you will have to give your bank account details to the sender; asking your bank for ‘incoming wire instructions’ will ensure that you use the correct numbers.

What does it cost to send a wire transfer?

Sending a wire usually costs around $40, while receiving one is much less at $10, or in some cases, it may even be free. Be warned that if you send a wire transfer using your credit card, you’ll not only have to pay cash advance fees and a higher interest rate, but fees for the transfer, too. Bearing that in mind, it makes sense to send a wire transfer from your checking account directly.

Wire transfers are generally thought to be one of the safest and most reliable ways to send money, and once the money has arrived in the recipients account, it’s usually theirs to use within one working day. Once money has been sent by a transfer, it’s also tricky for the sender to retract that payment once it has been transferred.

For more detailed information about wire transfers, get in touch with your local bank or financial advisory service.

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