One way to send money is through a wire transfer. Generally secure and convenient, a wire transfer involves electronically transferring funds from one person to another, all without physically exchanging cash or a check.
Wire payments are commonly facilitated by banks, although certain apps and online platforms may also offer this service.
Learn the basics of sending money via wire transfers, wiring money domestically and internationally, and potential pros and cons.
The process of wiring money typically involves the following steps, whether done through a bank or an app/online platform:
The process may vary depending on the platform being used, amount being sent, and the recipient’s account details. Fees may apply depending on the wire transfer provider.
There are generally two main types of wire transfers: domestic wire transfers and international wire transfers.
Domestic wires refer to the transfer of money between bank accounts within the same country. They are used for transactions within the sender's country, where both the sender and recipient have bank accounts. Domestic wire transfers typically process within 24 hours but can take up to several business days to complete, depending on the bank or financial institution being used and amount being transferred. Fees may be charged for domestic wire transfers.
International wire transfers involve the transfer of funds between bank accounts in different countries. They may require additional steps and potentially will involve intermediary banks to facilitate the transfer between different banking systems and currencies. Fees and processing times may vary depending on the bank or financial institution being used, the amount being transferred, and the countries the accounts are in.
Before wiring money to someone, consider the possible advantages and disadvantages associated with wire transfers.
Some of the possible benefits of wire transfers include:
Some of the possible drawbacks of wire transfers include:
Learn about transferring money online.
Save cash back offers from top brands. Plus send money, track packages, and more.
We use cookies to improve your experience on our site. May we use marketing cookies to show you personalized ads? Manage all cookies