What is Wire Transfer?

There are numerous ways to send money from one person or company to another. Wire transfer is one of the most commonly used methods for transferring money from one person to another. In order to make a wire transfer, a person needs to visit a bank or the cash office. Wire transfer can be made from one bank account to another. In order to make a wire transfer an individual needs to visit a bank and provide detailed order of making the wire transfer. Banks require IBAN and BIC codes for knowing exactly where they need to send the money.

Bank Wire TransferThe bank which is chosen for sending the money through wire transfer then sends a message through a secure system to the recipient bank, requesting it to process the transaction as per the instructions. Settlement instructions are also included in the message. One should understand that wire transfer may take time. Funds may take a few hours or even days to reach to the bank account of the recipient.

Banks charge certain fees from both the sender and the receiver of wire transfer. People who send money through wire transfer are charged by the bank and they need to pay extra money other than the amount of wire transfer. The recipient bank deducts the fees from the amount received through wire transfer. It signifies that the recipient gets lesser money than actually sent by the sender. Wire transfer is one of the most secure methods of payment. A large number of people use this service for sending payments to other states of their countries or other countries. There is no fixed fee of the bank wire transfer. The amount charged by a bank for doing wire transfer depends largely on its location and policies.

People may also choose to do wire transfer from cash offices. Such wire transfers are generally anonymous. This type of wire transfer is done between those people who trust each other completely. However, people should understand that sending wire transfer to an unknown person is not at all safe. Many scams have occurred in the past related to wire transfer from cash offices. Wire transfer is a very convenient method to send money from one person to another. A person needs to spend a little of his time for sending money through wire transfer.

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Comments

  1. Therefore will be there any support when we involved in dispute??
    Hope it’s still it in India right???

  2. what profit through wire transfer? plz send any other profite.

  3. but wire transfer charges are high as compared to other tranfers

  4. subhash bhandaru says:

    This is Subhash from Hyderabad, India and lately I have been trying to make a living through internet for which I need to subscribe to various money making systems available online by sending them payments. Now I have a verified paypal account wherein my bank account is linked and confirmed with my paypal account. This bank is State Bank of India and I have a savings account with a maestro debit card and paypal does not accept this debit card as it does not carry the logo of visa/master/american express. I have yet another savings account in DCB(DEVELOPMENT CREDIT BANK) which has provided me with a debit card having a visa logo but not accepted by the paypal account to link or confirm as you may know there are about 11 approved Indians enlisted by paypal wherein DCB bank is not present. Out of these 11 approved banks Bank Of India also happens to be there and I have made an effort today to open a savings account coz the debit card what they issue carries the visa/master card logo but on my inquiry with the relationship manager I was suggested to get in touch with their foreign exchange branch to transfer funds abroad further stating that the debit card what they issue will not help me to transfer abroad/ to my paypal account. On getting in touch with the foreign exchange branch I was shocked and surprised to know that they are ignorant about the paypal. And further told me that they do not transfer small funds such as $10 or $49 abroad through outward remittance by foreign currency bank demand draft. Now I had read in one of your articles about transfer money from India to US besides paypal ICICI outward remittance was the best alternate to send money abroad wherein we require to furnish receivers name, account number, name of the bank/branch, SWIFT code, Routing number as well as the address to send across the draft but to my utter dismay on my repeated attempts to various sellers across in US requesting them to furnish me the above details in order to send them a bank demand draft has been in vain as i really could not understand as these concerned people do not come forward to share these banking details probably feeling insecure in furnishing. Kindly understand my plight and suggest a way out with an alternate method of sending across the money enabling me to start off as I can receive my payment in my paypal account and subsequently get it transfered to my bank account to withdraw regards subhash

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