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Home-Banking-All about using wire transfer to send money online
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ALL ABOUT USING WIRE TRANSFER TO SEND MONEY ONLINE

Wire transfer is one of the most efficient forms of sending or receiving money
online instantly. This form of transaction is an electronic form that allows for
the transfer of money from one bank account to another using either the SWIFT
network or Fedwire. This term is at times interchangeably used with other types
of online transactions as well. The traditional wire transfers occur either
within a day or within a period of one to three days’ maximum unless there are
some pending authorization issues.



Wire transfers in the case of international transfers can take a slightly longer
period depending on the receiver’s bank account set up.



The main advantage of using an online wire transfer is that the funds are
cleared quickly so that a receiver does not have for a long duration of time to
receive the required money. Generally, there are no holds to a quick money
transfer like those of checks which can be easily rejected due to reasons such
as insufficient funds, and incorrect authorization details. This form of online
transaction enables safety against bad checks.

Banks usually process a wire transfer immediately or within a day in case of any
clearance protocol in the bank. There are just a few processes for the banks to
place through for the quick processing of such transaction, and in the case of
an emergency, a banker could essentially put in a special request for immediate
transfer clearance.

The method of wore transfer is simple on both the sender’s and receiver’s end.

Sender : When a sender wishes to make a wire transfer, they just have to key in
a few details regarding the receiver’s bank account and other simple information
in order to finish the transfer of money. In case of using wire-transfer
services at a bank, a filled-out form has to be submitted for authorization of
payment through the sender’s bank account.

Receiver : All that one has to do to receive the transfer is to provide the
sender with their bank details and other account information for immediate
transactions. While the transfer may have been completed on the sender’s end,
one has to wait for a day or two to get the amount credited into their account.

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