Formulism

  • Increase font size
  • Default font size
  • Decrease font size
Home Banking Articles Bank Wire Transfer Basics

Bank Wire Transfer Basics

E-mail Print PDF

When you need to send money fast, a bank wire transfer is often your best choice. Bank wire transfers are immediate, safe, and reliable. Learn the basics on how they work and how to start using them.

Bank wire transfers are immediate transfers from one bank to another. They are often used for important transactions for the reasons below.

 

Bank Wire Transfer Safety

Each party in a bank wire transfer must be identified by the bank. It is hard to send or get money anonymously, so it’s harder to pull off a scam with a bank wire transfer. In addition, payments are more certain - banks only send money if the sender has available funds, and it is difficult for the sender to pull the money back.

Some transactions are more risky. For example, if you do a bank wire transfer to an office that pays out the proceeds in cash (such as a retail shop in a strip-mall), it is harder to verify who got the money.

 

Speed of Bank Wire Transfers

Bank wire transfers are fast. Because of the certainty mentioned above, transferred funds are considered ‘cleared’ immediately when received. Sometimes it takes a while for the receiving bank to show the proceeds in the recipient’s account, but the money moves quickly.

 

Reliability

The bank wire transfer system is reliable. It has to be robust because it is used for so many important (and large) transactions. As a result, there are redundancies built in to reduce the impact of failures or disasters.

 

How to do a Bank Wire Transfer

To do a bank wire transfer, you have to submit instructions to your bank. You’ll need information about the recipient’s bank and their account number, and you may have to use a special form.

By Justin Pritchard / About.com

 

Top 10 Most Beautiful Currencies in the World

Login Form

What happens to my money if my bank closes down? What happens to my money?
What happens to my money if my bank closes down?
How International Banking Works How International Banking Works
What's really so special about these international banking opportunities?
10 Sneaky Banking Fees 10 Sneaky Banking Fees
Even though your bank offers a variety of convenient services, chances are they're not free and...

Bank Wire Transfer

Do I really need a bank account? Do I really need a bank account?
You may wonder whether you need all your money in the bank?
How Fraud Prevention Works? How Fraud Prevention Works?
Ever absentmindedly tossed out a credit card bill or checked your bank balance from a computer at the library?
cash, credit or debit? cash, credit or debit?
Is it best to shop with cash, credit or debit cards?
5 Ways to Spot a Hacked ATM 5 Ways to Spot a Hacked ATM
These days ATM skimming is as easy as it looks in the movies.But armed with some information, you should be able to spot a suspicious ATM when you see one...
We have 51 guests online
Is The Best Bank Always The Biggest?

Certificates of Deposit

How CDs Work? Certificates of Deposit (CD’s) are one of the safest investment vehicles out there. If you want to be at the low end of the risk/reward spectrum, CD’s might be the right choice...Read More

HOT DEAL