What is a wire transfer?

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2018-12-06

Wire transfers allow people and organizations to send money across the world safely and securely.Find out all you need to know about wire transfers, including the fees involved, how long they take, and how to receive them.

The traditional method of wiring money is between banks or credit unions by using a network like SWIFT (Society for Worldwide Interbank Financial Telecommunication). This is the most secure method of wiring funds.

The term can also refer to any type of electronic money transfer. These can include Automated Clearing House (ACH) payments, money transfer services from companies like Western Union, and even digital payment tools such as PayPal. It is also possible to make wire transfers in cash by visiting a cash office or retail transfer shop.

How to wire money and receive funds

WWiring an amount of money between accounts is a simple process. The sender needs to submit instructions to their bank or credit union using the recipient’s bank account details. You can provide this information to the bank by filling out a form in branch or online.

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