Bank wire transfer
Wire Transfer – bank money transfers of non-cash funds.
The wire transfer is one of the very first types of money senders. The process involves the sender, the recipient and the third party – the intermediary. Agent banks, postal organizations or various payment systems can serve as an intermediary.
Both individuals and legal entities can conduct financial transactions through Wire Transfer. Wires Transfers are carried out not only within one country but also beyond its borders. The sender pays a fee for money transfer, the recipient of the transfer does not need to pay for the receipt.
How to send money through a wire transfer?
In order to transfer Wire, the intermediary-agent may require the opening of a current account. However, many agents for individuals do not consider this stage of the transaction necessary.
The sender simply fills out a form in which he indicates his data, the recipient’s data, the amount and purpose of the transfer Then, he deposits the indicated amount and the commission charged by the intermediary to the cashier. The recipient contacts the nearest bank or post office with an identity document and receives cash.
Is wire transfer safe?
A distinctive feature of the Wire transfer system of wire transfers is a high degree of security of financial transactions and information protection. International statistics indicate that Wires are much less likely to reach the recipient than the amounts sent using other transfer systems.