What Is a Wire Transfer? Guide to Wiring Money
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What Is a Wire Transfer?
What Information Is Needed for a Wire Transfer?
Your government-issued ID Your bank account number The full name and contact information of the wire transfer recipient The recipient’s bank’s name, address, and phone number The bank account or transit number for the recipient
Where Can I Send a Wire Transfer?
Types of Wire Transfers
Domestic Wire Transfers
International Wire Transfers
Pros and Cons of Wire Transfers
Fast transfer of funds. Wire transfers can be a convenient way to send money, as domestic transfers can take only a few hours and international transfers take a few days. Can send money domestically or internationally. With wire transfers, you have the option of transferring money within the U.S. or to another country. Provided by banks and wire transfer services. You can initiate a wire transfer through your bank or use a third-party service.
Wire transfer fees. Wire transfers can come with fairly hefty fees, especially if you’re wiring money abroad. Exchange rates for international transfers. When transferring money internationally, you’ll also have to account for potentially high exchange rates. Difficult to cancel or get money back. It may not be possible to get your money back after you wire it, especially for domestic transfers. If you’re sending money internationally, you have 30 minutes during which you can cancel the wire transfer. Make sure you’re confident about who you’re transferring the money to so you can avoid becoming the victim of a wire transfer scam.
How Long Does a Wire Transfer Take?
How Much Does a Wire Transfer Cost?
When Should You Consider a Wire Transfer?
Alternatives to Wire Transfers
3 Money Tips
If you’re looking to earn more in interest on your savings account, an online high-yield savings account could be the right fit. Since online banks don’t have as much overhead as traditional brick-and-mortar banks, they’re typically able to offer better rates. To maximize the amount you can save, create a budget, have money directly deposited into your savings account each month, and cut expenses where you can. Consider the 30-day rule when wanting to make a purchase. Rather than buying something instantly, challenge yourself to wait 30 days. If you still want the item after the time period is up, then you can allow yourself to buy it.
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