What Should You Know About Wire Transfer?

[Shashank Bhaskar]

The internet era has brought about multiple options for money transfer overseas. This includes writing cheques, adding funds in Prepaid Cards, using the direct transfer app, etc. But Wire Transfer is famous for its speed and reliability. It means electronically transferring funds primarily carried out by banks. Some agencies provide these options nowadays. The core method, however, depends on the institution you opt for.

Before considering this medium to remit money, you need to understand it thoroughly. Here are some facts about it:

Types

The bank networks are spread globally. This lets you send and receive funds both overseas and in India. The banks do not physically handle the funds but communicate the transfer via the Society of Worldwide Interbank Financial Telecommunication network. The remit, intermediary, and recipient bank form the chain in operating Bank Wire Transfer.

Process

For using this method, visit the official website or app of the bank. Once you select the right option, setting up wire instruction takes only minutes. For this, you require the beneficiary’s account number, bank branch, routing code, address, and other related details. Then, the transfer amount gets debited from your account and shows on the recipient’s bank.

Associated charges

The transferring service can be expensive owing to their efficiency and speed. The intermediary bank, meanwhile, adds to the expenses. However, note that the domestic costs are always lower than International Money Transfer. Some banks waive off the service costs and level only the exchange rates. So, ensure to check them before proceeding.

Security

There is the highest safety level possible through this transfer method. Even if you make Wire Transfer Money online, they follow some encryption protocol. Banks have a tight network that is challenging to breach. However, double-check the details provided. The only loophole that makes money fall into the wrong hand. Any error may be a massive loss as such transactions are irreversible.

Transfer time

A Remittance gets done within 24 hours if you initiate them before the bank’s cut-off time. Else, it gets remitted the next business day. On the other hand, international transfers take a long time as several approvals and systems are involved. The speech is affected by local banking practices, funds available, money, public holiday, etc. But it gets cleared within three to four days.

Other things to consider

The process is highly convenient and simple. If you do it safely, there are chances of mistakes. Consider these aspects thoroughly before using the facilities:

• Cross-check any errors or typos before submitting the transfer request.
• Find ways to reduce transactional fees.
• Considering it is an expensive model, only opt for it when sending a high amount.