How much Do You Know about Money Transfers?

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Wire transfer is almost always the answer when in sending or receiving money fast. And why not, it gets the job done! It is reliable, fast and completely safe! And for big and more serious transactions such as buying a house or a car, doing a wire transfer may be the sole options since the funds can be instantaneously received by the vendor. In fact, even when using the services of money lender Singapore, you’ll be surprised that the money you requested can be wired to your bank account as well.

What is it exactly anyway?

Wire transfer can be described as any kind of electronic money transfer. Normally, if someone requested for bank wire, they wanted a domestic or traditional bank-to-bank transfer. When you say traditional money wire, this goes from one bank to the other using a network.

On the other hand, the term wire transfer is applicable to several other kinds of transfers. To give you an example, US consumers may wire money to folks abroad via international wire transfers which is otherwise known as remittance transfers. Aside from banks, financial services firms and credit unions may act as providers for money transfers. This is the reason why it is vitally important to have clarity of the requirements when someone requested for a wire transfer.

The Fee for Wire Transfer Transactions

When compared to other electronic payments, bank wires may cost money which ranges from 15 to 50 dollars for every transaction. The fee on the other hand is variable depending on which bank you are doing business with and to whether the wire is incoming or outgoing or international or domestic and let us not forget, the amount to be transferred.

Generally speaking, domestic income wires will fall at lower end of the spectrum while the outgoing international wires will likely be the most expensive service. Aside from that, some banks are waiving domestic incoming fees depending on the account.

How Fast Wire Transfers are?

Money wires are extremely useful for the money can be moved within few days. Of course, this depends on where it is going.

The processing time may take few minutes. But within the US territory, the transfers may be processed within the same day, which will be based on how early you have submitted the request. As for international transfers, two days would be the most time needed to process the transaction.