Wire transfers offer a way to send money electronically from one person or entity to another. I🃏t’s possible to wire money between banks in the U.S., international financial institution📖s, and non-bank money transfer providers.

A wire transfer may be preferable when moving larger amounts of money or anticipating a large payment. Wire transfers incur a fee and processing times vary.&nbs๊p;

What Is a Wire Transfer?

A wire transfer is an electronic transaction initiated through a bank or non-bank transfer provider. A wire transfer authorizes the provider to move funds from an individual's account to someone else’s using an electronic payment network.

Banks may limit the number of wire transfers or the amount of money per transfer. Banks and non-bank money wire providers can charge fees to 澳洲幸运5官方开奖结果体彩网:send and receive wire transfers. Typically, 澳洲幸运5官方开奖结果体彩网:international wire transfer fees are higher than domestic wire transfers.

No physical currency changes hands when wiring money to an individual 𒐪or a business. A wire transfe🔯r can be a fast and convenient way to move money. Wire transfers may be completed in hours or a few days.

How to Wire Money

Making a down payment on a house, funding a brokerage account, settling tax bills, or paying tuition are common reasons to use a wire transfer. Individuals may use their bank where they already have a checking account, savings account, or othe🦹r accounts to wire money. Depending on the bank’s policies for wire transfers, users can initiate a transfer online, or in person by visiting a branch. 

The other option is to 🐻use a non-bank transfer provider, such as Western Union or MoneyGram. These companies send money via wire transfer to a bank account, but the receiver may opt for cash or send it to a mobile payment app. When transferring money, the provider commonly requires:

• A government-issued ID
• Proof of funds to ensure that money transfers are not related to illegal activity.
• Funding purpose information such as a home purchase
• Transfer recipient’s name and address
• Transfer recipient’s bank name and address if transferring money to a bank account
• The bank account number and 澳洲幸运5官方开奖结果体彩网:routing number for the recipient
• The recipient’s mobile number if wiring money to a mobile wallet app

The Bottom Line

Wire transfers are commonly used to transfer payments for large purchase like a down payment on a home or college tuition. Individuals can use wire transfer services at their financial institution or through an entity like Western Union. Wire transfers can be used for domestic or international transactions.