What is Bank Wire Transfers?
Direct Wire Transfer
Wire transfer or credit transfer is a method of electronic funds transfer from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Wire Transfers is the business term used for transferring the funds Nationally or Internationally, offline or online using your bank account and receivers bank account information
Difference between Wire Transfers and NEFT?
A nation-wide online and offline funds transfer system, supporting the transfer of funds from any bank branch to any other bank branch, anywhere in Nation is called Domestic Wire Transfer or NEFT.
What are the benefits of Bank Wire Transfers?
- Less Frauds
- Payment Surity
- Acts as the fastest mode of transferring money to the recipient
- It does way with the charges of services that transfer the cash money to your recipients. There is no need to carry cash and only requirement by both sender and receiver is to have a bank account.
- Can be used worldwide across the globe in various countries. It is an ideal option that suits many people who are residing in foreign locations and need to remit money to their home countries.
- No extra charge for making local wire transfers
- Small transaction fees on international transfers
- Allows the transfer of money across the border. In majority of the cases, the recipient gets the money in destination country within a day time.
- As the money transfer is very quick so it does not get much affected by the fluctuations in the exchange rates.
- It has been proven to be a much safe and secure mode of transfer.
Countries Eligible for Wire Transfers
- United Kingdom
- New Zealand
Wire Transfer Methods
- Online Bank Wire Transfers
- Telephone Bank Wire Transfers
- Personal Wire transfer by Visiting Bank