ABOUT WIRE TRANSFER
Wire transfer is a means of sending money via the internet. It is one of the easiest ways to keep money safe without being scared of losing the money sent. You can send or receive money from someone without stress, it is extremely fast, secure and reliable.
WHAT IS WIRE TRANSFER
It is an easy way of sending money online. A wire transfer is also an electronic means by which money can be transferred with ease and not having sleepless night over a huge amount of money. For instance, you are planning to purchase some properties with a huge sum of money via cash or cheque, in order not to carry money around wire transfer will save you the stress of that and the risk involved. When you need to do transactions that involve money, wire transfers should come to your mind. It also can be done from bank to bank that is known as the traditional means of sending money so when trying to do a wire transfer, be sure to make it clear so you don’t find yourself using other electronic methods.
How fast does thus wire transfer work?
Wire transfer does take much time to get to its proposed destination or country, its usually within two to three days for both international and within a country transactions. It is fast and can be monitored that is every transaction is tracked giving you enough time to relax and not panic
– cleared funds: since the wire transfer moves fast, you don’t have to wait until the money sent is cleared before you proceed to withdraw it. A cheque can be bounced or be stale at any time that is why it is advisable to trust the wire transfer.
– Time of processing: most times, you will still have to involve a bank staff while doing the wire transfer so that when things want to get too slow, he or she will help in putting things right. Wire transfers can be completed within 24hours and this happens only when the transfer of cash is requested within the early hours of the day.
How it is been used
– when you want to wire money, you have to liaise with your bank, get information about the receiver’s bank account details, instructions will be given too on what you are sending, you will also be needing your bank provided form but most banks will redirect you to continue the process online.
– when receiving money via wire, you will have to provide your bank account information to the company or individual sending it. Incoming wire instructions should be collected from your bank so that you won’t make any error in confirming your number. Most times, when the money is sent, it doesn’t appear in the account but don’t panic because it will definitely appear.
– Fees: it is always best to make use of your checking account when wiring so that you will not have to pay more.
Bank Wire Transfer Safety
The major risk of wire transfer lies between when the money is sent or transferred and when it gets to the receiver, this is a very critical stage since money sent always go from one bank to another until it gets to its final destination. To ensure more safety, your account needs to be verified with a correct address so that your whereabouts can br traced should in case you are needed that is a physical address must be provided.
However, transactions done especially with a foreign account is favorable because it is not easy to penetrate or hack such account. It is better to know or confirm the account you are sending money to because there are lots of fake IDs out there so you won’t fall a victim. You can also call the receiver to play safe.
To receive a real wire fund, make sure you get in touch with a bank staff, ask about the transactions if it has been cleared, or if you aren’t cleared about the whole transaction.
Other Types of Electronic Transfers
There are other types of Electronic Transfers but they aren’t as fast, reliable and secured as the wire transfer and they include:
1. Automated Clearing House Transfers- ACH Transfers is a method where money moves from banks and takes longer days to get to the receiver. It is reversible and is limited to circumstances.
2. Money Transfer services: Here, cash can be passed from both the receiver and sender without going through the online process and when it does, it also takes a few days before it gets to its destination.